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Renewable Electricity Generation Market to Grow by USD 215.77 Billion (2024-2028) as Tax Incentives Drive Growth; AI-Driven Market Transformation Report – Technavio

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NEW YORK, Nov. 1, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global renewable electricity generation market size is estimated to grow by USD 215.77 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.5%  during the forecast period. Tax incentives for renewable electricity generation projects is driving market growth, with a trend towards integration of renewable energy and storage. However, high initial cost of infrastructure and technology  poses a challenge.Key market players include Acciona SA, Adani Green Energy Ltd., BP Plc, Brookfield Business Partners LP, Canadian Solar Inc., Constellation Energy Corp, Duke Energy Corp., Enbridge Inc., GE Vernova Inc., Iberdrola SA, Innergex Renewable Energy Inc., Invenergy, Orsted AS, Plug Power Inc., Schneider Electric SE, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd., Tata Power Renewable Energy Ltd., and Vestas Wind Systems AS.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Renewable Electricity Generation Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 11.5%

Market growth 2024-2028

USD 215.77 billion

Market structure

Fragmented

YoY growth 2022-2023 (%)

11.2

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 43%

Key countries

China, US, India, Germany, Japan, Canada, Italy, UK, Mexico, and South Korea

Key companies profiled

Acciona SA, Adani Green Energy Ltd., BP Plc, Brookfield Business Partners LP, Canadian Solar Inc., Constellation Energy Corp, Duke Energy Corp., Enbridge Inc., GE Vernova Inc., Iberdrola SA, Innergex Renewable Energy Inc., Invenergy, Orsted AS, Plug Power Inc., Schneider Electric SE, Siemens Gamesa Renewable Energy SA, Suzlon Energy Ltd., Tata Power Renewable Energy Ltd., and Vestas Wind Systems AS

Market Driver

The integration of renewable energy and storage is a significant trend in the renewable electricity generation market. Renewable energy sources, such as solar and wind, are intermittent, making the combination with advanced storage solutions crucial for ensuring a stable and reliable electricity supply. An example of this trend is the Green River Energy Center in Utah, which boasts a 400 MW solar production capacity paired with a 1,600 MWh battery storage system. This large-scale project’s integration of solar power generation and storage addresses the challenge of renewable energy’s variability, enhancing grid stability and reliability. The European Bank for Reconstruction and Development’s Europe and Central Asia Renewable Energy Scale-up (ECARES) program, a USD2 billion initiative, is another global effort to add 15 GW of renewable energy capacity and reduce carbon emissions significantly. By financing enabling policies, institutional frameworks, and grid integration, the program supports the clean energy transition and improves energy security and affordability. These hybrid projects, such as the Green River Energy Center, demonstrate the feasibility and benefits of combining renewable energy with storage, paving the way for future advancements in the industry. The ability to effectively store energy addresses a major challenge of renewable energy, making the market for renewable electricity generation poised for growth during the forecast period. 

Renewable electricity generation is a growing business trend as industries and consumers seek alternative energy sources for various reasons. Renewable energy, such as solar, wind, hydropower, and biogas, offers several benefits including flood control, clean drinking water, and irrigation support. These sources also produce low-cost electricity and help reduce greenhouse gas emissions and carbon footprint. The demand for renewable energy is increasing due to emissions regulations and the need for low-carbon fuels. Solar power projects, including solar PV installations and solar industry growth, are leading the way with commercial, industrial, and residential applications. Utility projects and unconventional power generation from sunlight, wind, rain, tides, waves, and geothermal heat are becoming more viable and cost-effective. Renewable energy production is essential for energy security and reducing reliance on fossil fuels like coal, oil, and natural gas, which contribute to climate change. 

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 Market Challenges

The renewable electricity generation market, particularly in the geothermal and ocean energy sectors, faces significant challenges due to high initial costs for infrastructure and technology. These projects demand substantial capital investment, especially for offshore installations, transmission infrastructure, and ongoing maintenance. Marine energy projects, such as tidal and wave energy systems, require complex engineering solutions to withstand harsh marine environments, adding to the expense. Ocean Thermal Energy Conversion (OTEC) technology, in particular, necessitates specialized equipment and deep-sea infrastructure construction, making it costly to develop. Financing for these projects remains limited due to perceived risks, including technological readiness, uncertain regulatory frameworks, and a lack of proven commercial-scale operations. This hesitancy creates a financial barrier that impedes progress. Regulatory hurdles, involving coordination between multiple government agencies, can lead to delays and unclear permitting requirements for offshore energy projects, further increasing costs and complexity. Addressing these challenges is crucial for the successful scaling and commercialization of geothermal and ocean energy projects, enabling them to contribute more significantly to the global renewable energy mix. The high initial costs associated with these projects are expected to hamper the growth of the global renewable electricity generation market during the forecast period.Renewable energy generation is a growing business sector focused on harnessing sunlight, wind, rain, tides, waves, geothermal heat, and other natural sources to produce electricity. However, challenges exist. Environmental impact is a concern, but renewables offer a low-carbon economy solution, reducing greenhouse gas emissions from fossil fuels like coal, oil, and natural gas. Climate change and energy security drive the need for renewables, as fossil fuel reserves are finite. Renewable energy targets and feed-in tariffs encourage investment. Smart grids and energy efficiency tools help manage energy demand and distribution costs. EVs, V2G, and renewable power sources like hydroelectric, wind, solar, geothermal, and bioenergy are key players. Power outages and emissions intensity are challenges, but renewable energy plants offer energy self-sufficiency and a path to energy independence. Gas-based power and coal-based power generation face increasing competition. The renewable industry continues to innovate, driving down costs and improving efficiency.

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Segment Overview 

This renewable electricity generation market report extensively covers market segmentation by  

Type 1.1 Solar1.2 Wind1.3 Hydropower1.4 Biomass1.5 OthersEnd-user 2.1 Residential2.2 Industrial2.3 CommercialGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Solar-  The renewable electricity generation market is experiencing substantial growth, with solar power being a major contributor. Solar power projects are becoming increasingly common to meet the demand for clean and sustainable energy. One notable example is the Green River Energy Center in Utah, which combines solar production with energy storage, boasting a 400 MW solar capacity and a 1,600 MWh battery storage system. In Europe, solar power projects are also on the rise, such as eight Finnish PV projects with a combined capacity of 282.77 MW, including the Loukkaanaro solar park, a 20 MW ground-mounted installation in Utajarvi, set for completion by 2025. These projects demonstrate the importance of integrating solar power with energy storage for maintaining a consistent electricity supply and reducing CO2 emissions. The solar power segment in the global renewable electricity generation market is characterized by large-scale projects utilizing advanced technologies for energy reliability and sustainability. This trend towards solar power adoption is expected to continue, making it a crucial component of the renewable energy mix in the future energy landscape.

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Research Analysis

Renewable electricity generation refers to the process of producing electricity from natural sources such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass feedstock. Renewable energy is becoming increasingly important as the world transitions away from fossil fuels like coal, oil, and natural gas to reduce greenhouse gas (GHG) emissions. Renewable power sources, including solar power generation and wind energy, offer several advantages over traditional coal-based power generation, such as lower emissions, sustainability, and energy self-sufficiency. However, renewable energy plants face challenges such as environmental impact, electricity distribution costs, power outages, and the need for emissions regulations. Hydropower systems and unconventional power generation from tides, waves, and geothermal heat are also part of the renewable energy landscape. The renewable energy industry is growing rapidly, driven by increasing demand for low-carbon fuels and the need to address climate change. Renewable energy can also provide additional benefits such as flood control and the potential for energy independence. Despite these advantages, renewable energy still faces challenges, including the intermittency of some sources and the need for energy storage solutions.

Market Research Overview

Renewable electricity generation refers to the process of producing electricity from natural sources such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass. These sources offer a sustainable alternative to traditional fossil fuel-based power generation from coal, oil, and natural gas. Renewable energy is essential for addressing climate change, reducing greenhouse gas emissions, and promoting a low-carbon economy. Smart grids and energy efficiency measures, including electric vehicles and vehicle-to-grid technology, play a crucial role in integrating renewable energy into the power system. Hydroelectric power, wind power, solar energy, geothermal energy, and bioenergy are the primary renewable power sources. Renewable energy targets, feed-in tariffs, and emissions intensity regulations encourage the development of renewable energy plants and the transition away from coal-based power generation. The renewable energy industry includes various sectors, including industrial, commercial, and residential, and encompasses utility-scale projects and small-scale installations such as solar PV systems and biogas plants. Renewable energy demand continues to grow, driven by the need for low-cost electricity, energy security, and the search for alternative energy sources. The renewable energy sector also offers significant economic opportunities and contributes to flood control, clean drinking water, and irrigation support. However, challenges such as electricity distribution costs, power outages, and emissions regulations must be addressed to ensure a smooth transition to a renewable energy future.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeSolarWindHydropowerBiomassOthersEnd-userResidentialIndustrialCommercialGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

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Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it!  AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

 

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SOURCE HUAWEI

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Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

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Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen: 

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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Pillsbury Notice of Data Breach

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NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html

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SOURCE Pillsbury Winthrop Shaw Pittman LLP

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