The global renewable energy market was valued at $1.25 trillion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 8.7% to reach $2.0 trillion by the end of 2029.

There recently has been a significant increase in government and regulatory support for renewable energy generation to reduce dependency on other nations and on conventional emissions-intensive energy sources. These policies, some of which are described below, have encouraged both energy producers and consumers to embrace renewable energy sources despite higher initial investments.