Financial development and demographic changes have an important impact on the non-hydro renewable energy industry, and this impact is significantly different in countries at different stages of development. This paper studies 10 developed countries and 10 developing countries using annual data from 1990 to 2018. Through the panel cointegration estimation method, the paper evaluates the impact of financial development and demographic changes on the non-hydro renewable energy industry. The empirical results show that the stock market and bank intermediary have a significant role in promoting the growth of the non-hydro renewable energy industry in developing and developed countries. The bond market has a significant positive impact on the growth of the non-hydro renewable energy industry in developed countries only. Foreign direct investment in developing countries significantly promotes the growth of the non-hydro renewable energy industry, while in developed countries it has a negative impact. Population aging has a significant inhibitory effect on the growth of the non-hydro renewable energy industry in developing and developed countries.