Renewable power generation in North America has seen significant growth over the past decade, with actual values increasing from 301.53 Terawatthours in 2013 to 814.03 Terawatthours in 2023. Year-on-year growth has averaged at 9.17% for the last five years, although there has been some fluctuation due to market dynamics and policy changes. Specifically, in the last two years, growth rates have been 8.68% in 2022 and 7.94% in 2023. The projected Compound Annual Growth Rate (CAGR) from 2023 to 2028 is 4.89%, indicating a potential modest deceleration compared to the historical CAGR.
Future trends to watch for:
- Further technological advancements in renewable energy.
- Policy shifts and government incentives aimed at promoting renewable energy sources.
- Increasing investments in infrastructure for grid integration and stability.
- Corporate commitments to sustainability and renewable energy procurement.
- Emergence of new players and innovative business models in the renewable energy sector.