A recent Allied Market Research report projects that the global market for clean energy will be worth a whopping $2.5 trillion by 2033. Titled ‘Renewable Energy Market Size, Share and Trend Analysis Report: Global Opportunity Analysis and Industry Forecast 2024–2033,’ the report estimates that the renewable energy market will expand at a compound annual growth rate (CAGR) of 8.5% between 2024 and 2033, growing from a $1.1 trillion valuation in 2023 to $2.5 trillion a decade later.
Green energy has become a major priority for dozens across the globe, attracting tens of billions of dollars in investment as countries scramble to reduce their greenhouse gas emissions. Consequently, renewables like solar, wind, geothermal, and hydropower now generate 30% of the world’s electricity. By 2023, the world’s increasing reliance on renewables had brought carbon dioxide emissions from energy generation down by 12% from peak levels in 2007.
Surging demand for energy has also been a key driver in the world’s growing appetite for clean energy. According to the report, the Asia-Pacific region has consistently recorded notable energy demand growth thanks to population growth coupled with industrial development and swift urbanization. To ensure they can meet their growing demand for energy without becoming reliant on fossil fuels and polluting the environment, countries in the region are instead turning to clean energy.
The International Energy Agency’s Global Energy Review 2025 notes that global demand for energy increased by 2.2% last year, with developing and emerging nations accounting for more than 80% of the growth in energy demand. Technology companies in the West also had notable increases in energy consumption due to their cloud and artificial intelligence (AI) data centers. A large portion of the growth in energy demand was ultimately covered by energy generated from renewable sources.
This green energy consumption was also bolstered by strong policy support, international climate agreements such as the Paris Accord, and subsidies that lowered the cost of renewable infrastructure. And with the cost of battery storage systems, solar panels, and wind turbines declining, green technology has become incredibly accessible to both developing and developed countries.
Renewable energy adoption within the energy-intensive industrial sector will have a significant effect on global carbon emissions. Since these sectors typically consume the largest amount of fossil fuels and are responsible for at least a third of global emissions, eliminating fossil fuel use could help lower emissions by a wide margin. Additionally, electrification in transportation is allowing the sector to slowly reduce its reliance on fossil fuels, moving the world closer to achieving its climate targets.
Companies like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) have a role to play in this transition by availing their innovative solar energy solutions to as many global markets as possible at costs that can be managed in those markets.
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