How big is the Renewable Energy Industry?
The renewable energy industry has experienced remarkable growth over the past few decades, transforming from a niche sector into a major player in the global energy market. This expansion is driven by factors like increasing environmental awareness, technological advancements, and government policies designed to support its growth. Let’s explore the current size, growth trends, and future prospects of the renewable energy industry.
The Renewable Energy Industry
As of 2025, the renewable energy industry is a multi-billion-pound market. According to recent estimates, “42.3% of the UK energy mix was from renewables in the 12 months to January 2025.”(Cladco Decking) This growth is fuelled by substantial investments in renewable technologies, which have become more cost-effective and efficient over time.
You might be wondering, what are renewable energy sources? This refers to sources of energy that are natural such as wind, solar, and wave. These sources of energy are crucial for reducing greenhouse gas emissions, combating climate change and promoting sustainable development as they provide an alternative to damaging fossil fuels.
Growth Trends in the Industry
One of the most notable trends is the increasing share of renewables in global power production.
“By 2025, it is expected that more than a third of the world’s electricity will come from renewable sources.” (Energy Digital)
This shift is driven by several factors, including declining costs of renewable technologies, rising demand for clean energy, and supportive policy frameworks like the Clean Power 2030 Action Plan.
Future Prospects of the Renewable Energy Industry
The future of the renewable energy industry looks promising, with continued growth and innovation on the horizon. Several key factors will drive this expansion:
- Technological Advancements: Innovations in renewable technologies, such solar panels and advanced wind turbines, will continue to reduce costs and improve performance.
- Policy Support: Governments worldwide are implementing policies to promote renewable energy adoption. These include subsidies, tax incentives, and renewable energy mandates.
- Corporate Commitments: Many corporations are setting ambitious renewable energy targets as part of their sustainability strategies or developing sustainable products to cater to growing demand.
Here at igus®, we have not only developed sustainable products that never require lubrication or maintenance, but we are at the forefront of technological advancements, helping other businesses meet a range of requirements whether this be improved operation or increased efficiency in production with our high-performance polymer components.
Motion plastics® for renewable energy
Tailored to meet each customer’s needs, our products can improve your technology all while reducing costs.
The renewable energy industry is not just a trend though; it is a fundamental shift in how the world generates and consumes energy. The industry is expected to continue growing and with a combination of technological advancement, supportive policies, corporate commitments, and increased environmental awareness it’s creating a solid foundation for the future.
As we move forward, the renewable energy industry will play a crucial role in addressing global energy challenges, reducing greenhouse gas emissions, and promoting sustainable development, so getting on board with these changes sooner rather than later is key for business competitiveness and success down the line.
The journey towards a cleaner, greener future is well underway, and the renewable energy industry is at the forefront of this transformation.
Here are some writer’s picks to learn more around sustainability:
