Renewable energy is also known as clean energy. It is generally derived from the natural sources that are continually replenished. It is derived from natural sources for instance wind and sunlight. Geothermal, solar, wind, hydropower, bioenergy, and ocean power are few of the major sources of renewable energy. At present, renewable energy is used in electricity, heating, cooling, and transport sectors. Several factors are responsible for the use of renewable energies, the most important of which is global warming from the emission of carbon dioxide (CO2) from the burning of fossil fuels.
As per analysis, “Global Renewable Energy Market: By Type (Hydroelectric energy, Geothermal energy, Wind energy, Solar energy and Biomass energy); By End-user (Commercial, Residential and Industrial); and Region – Analysis of Market Size, Share & Trends for 2014 – 2019 and Forecasts to 2030” renowned players operating in the global renewable energy market include Northland Power, Atlantic Power Corporation, Canadian Solar, Boralex, TransAlta Corporation, NextEra Energy, Inc, Algonquin Power & Utilities Corp., TransAlta Corporation, Brookfield Renewable Partners L.P, Innergex Renewable Energy and among others. Renewable energy trends are changing significantly and key companies are focusing on using different sources to generate electricity. Many leading companies are currently focusing on geothermal energy, which has the ability to meet base load requirements.
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In terms of type, renewable energy market can be bifurcated as solar energy, hydroelectric energy, biomass energy, geothermal energy, wind energy and others. Wind energy is the most widely used and mature renewable energy, followed by solar energy. The global demand for the renewable energy is rising at considerable pace. Additionally, in terms of end-user, market can be bifurcated as residential, commercial and industrial.
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Increase in legislative & financial initiatives, followed by growth in electricity consumption, increase in government initiatives & employment opportunity, growth in carbon footprint and rise in demand for renewable energy are some major factors, which are responsible for growth of the renewable energy market. However, the development of new resources requires huge initial investments to build the infrastructure. These investments make the electricity supply more expensive, especially in the first few years. Initially, developers need to find the publicly acceptable sites with good quality resources and with access to the transmission lines. Additionally, the workers/people need to be trained to install, operate, and control or maintain the new technologies. Some require operating experience under certain climatic conditions before the performance can be optimized. This factor is likely to sluggish the growth of the renewable energy market throughout the forecast period.
By regional analysis, the Asia-Pacific is a leading region in global renewable energy market owing to increase in investment in renewable energy projects across the region. The North-America and Europe regions are estimated to witness higher growth rate due to growth in industrialization, rise in problem of the energy crisis coupled with growth in energy consumption over the forecast period. It is predicted that future of the global renewable energy market will be bright as a result of increase in research & development (R&D) activities, rise in integration of renewable grids with smart grid technology, and rise in awareness about carbon footprint management during the forecast period.
Global Renewable Energy market report also contains analysis on:
- Renewable Energy Market Segments:
- By Type
- Hydroelectric energy
- Geothermal energy
- Wind energy
- Solar energy
- Biomass energy
- By End-User:
- Commercial
- Residential
- Industrial
- Renewable Energy Market Dynamics
- Renewable Energy Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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