The global renewable energy market is poised for high growth over the forecast period on account of several factors such as depleting fossil fuel supplies, increasing cost of production, and environmental & ethical concerns. Increased Green House Gas (GHG) emissions from conventional energy sources are expected to increase renewable energy sources’ utilization. Key renewable energy sources include wind, solar, hydro, geothermal, and biofuel. Increasing aid from governmental institutions, coupled with favorable policies and regulations has played a pivotal role in renewable energy market growth.
Rising climate awareness among people all over the world has led to an increase in concerns regarding the carbon footprint. Renewable energy sources are viable greener substitutes to the carbon-based energy sources and go a long way in fostering world's determination to implement sustainable development goals by 2030. These concerns worldwide are set to fuel the market. Along with this greater focus of the world in harnessing energy from non-conventional sources like solar, wind, and tides among others by developing advanced technology and cutting cost presents the higher potential for the growth of the market. International Solar Alliance (ISA) is a step towards this goal in the future.
Solar and wind sources together account for a significant share of produced energy. The solar renewable energy market can be bifurcated on the basis of cell material into crystalline silicon and amorphous thin-film. Several inhibitors, such as the high cost of solar panels and lack of uniform sunrays’ incidence is expected to play a deterrent role in solar energy adoption. The liberalization of energy policies in Spain has resulted in high solar photovoltaic cell demand in the country. Key applications of solar photovoltaic electricity include automotive, consumer electronics, grid-connected power supply, residential & commercial power supply, space applications, and water pumping. The wind power market can be segregated based on windmill axes orientation into horizontal and vertical wind turbines. The U.S., China, Germany, Italy, India, and Spain constitute key regions in the wind renewable energy sector.
Bio-fuels consist of two major fuels, namely biodiesel and bioethanol. Brazil and the U.S. are key bioethanol producers, whereas European nations such as Germany and France are key biodiesel producers. Key renewable energy market players include Vestas Wind Systems, Calpine Corporation, Enel Green Power, Suzlon Energy Ltd., GE Energy, Siemens, and Enercon.
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