Renewable energy is energy generated from natural resources such as sunlight, rain, wind, tides, waves, and geothermal heat. Its facilities generally require less maintenance than traditional generators. It often provides energy in four important areas: air & water heating/cooling, transportation, electricity generation, and rural (off-grid) energy services.
The key benefits are included a cost-effective, clean source of power that can be built on existing farms, low maintenance, reduce electricity bills, environment-friendly and abundant supply. Besides this, some of the drawbacks are included environmental damage, wind reliability, expensive to set up, noise & visual pollution, etc.
According to study, “Global Renewable Energy Market Size study, by Type (Hydro & Ocean Power, wind energy, solar energy, bioenergy, and geothermal energy) End-user (commercial, residential and industrial & others) and Regional Forecasts 2018-2025” the key companies operating in the global renewable energy market are ENEL GREEN POWER S.P.A., Shenzhen Energy Group Co Ltd., ABB LTD., Mitsubishi Heavy Industries, Alstom SA, Tata Power Company Ltd., CPFL Energia S.A., IHI Corporation, General Electric, TERRA-GEN LLC.
Based on the type, the renewable energy market is segmented into wind energy (onshore wind energy and offshore wind energy), bioenergy, hydro & ocean power (tidal energy and wave energy), solar energy and geothermal energy. Bioenergy segment includes bio-ethanol and biodiesel. The solar energy segment includes sub-segmented into silicon, crystalline thin film, and others. The solar energy segment holds the major share in the market owing to the rise in government initiatives promoting solar energy. Based on the application, the market is segmented into heating, electricity, and transportation. In addition, based on end-user, the market is segmented into residential, commercial, industrial and others. The commercial segment is estimated to witness higher growth rate due to growth in demand for energy during the forecast period.
The renewable energy market is driven by a rise in awareness about the carbon footprint management, followed by an increase in government funding & continuous technological advancements, rise in problem of the energy crisis, significant increase in research & development (R&D) activities, rise in integration of renewable grids with smart grid technology, growth in carbon footprints, increase in the shift towards low-carbon or no-carbon technologies, for instance, solar, wind, and hydropower, growth in concern about safety & security of the environment and rise in emissions of greenhouse gases (GHGs). However, high manufacturing costs and the limited presence of fossil fuel may impact the market. Moreover, the rise in electrical vehicle is a key opportunity for the market. Furthermore, the inception of the new business models is a major trend for the market.
Based on geography, the Asian-Pacific region dominates the renewable energy market owing to the increase in demand for energy, rapid industrialization & urbanization, and rise in government efforts to promote renewable energy in the region. Whereas, European and North-American regions are anticipated to witness higher growth rates due to growth in stringent government environmental policies enforced on the industrial sector along with government initiatives to promote renewable energy over the forecast period. In upcoming years, it is projected that the future of the market will be bright on account of growth in need for cleaner power resources during the forecast period. It is expected that the market will be reached at US $2,152.9 billion by 2025.
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