Global renewable energy infrastructure markets projected to grow through 2035

Multiple market research reports indicate significant growth across various energy and semiconductor sectors through 2035. The utility-scale solar repowering market is expected to expand from 2 billion USD in 2025 to 140 billion USD by 2035, representing a compound annual growth rate (CAGR) of 21.6 percent. This growth is driven by the need to upgrade aging solar panels, inverters, and tracking systems to improve efficiency.

Similarly, the geothermal heat network market is projected to grow from 3 billion USD in 2025 to 16 billion USD by 2035, with a CAGR of 18.3 percent. This trend is fueled by decarbonization policies and the transition from fossil fuels to sustainable district heating and cooling systems.

The steam turbine market is also forecast to rise from 25.5 billion USD in 2025 to 33.7 billion USD by 2035. Growth in this sector is supported by the modernization of power infrastructure and the diversification of energy sources, including biomass and geothermal power.

In the semiconductor industry, the analog IC market is predicted to grow from 90.44 billion USD in 2025 to 134.9 billion USD by 2032, driven by demand from the automotive, AI data center, and industrial automation sectors.