In the context of quantum field theory, how does the concept of spontaneous symmetry breaking explain the generation of particle masses, particularly in the Standard Model of particle physics? Specifically, discuss the role of the Higgs mechanism in imparting mass to gauge bosons and fermions, and elaborate on how this mechanism aligns with the principles of gauge invariance and renormalization. Additionally, explore the implications of spontaneous symmetry breaking for cosmological phenomena, such as the early universe's phase transitions and the formation of cosmic structures. How do current experiments and observations support or challenge this theoretical framework?