Global Renewable Energy market is expected to observe growth in the future due to rising emissions of greenhouse gases and carbon dioxide for a generation of energy after the utilization of fossil fuels.
Renewable energy is accumulated from natural resources or sources that can be naturally replenished such as wind, sun, geothermal heat, waves, etc. Renewable energy usually provides energy in areas such as transportation, electricity generation, water, and air heating/cooling, and rural energy services (off-grid). Renewable energy offers lower emissions of carbon dioxide and other types of pollution by replacing dirty fossil fuels in the power system. Sources of renewable energy are wind energy, solar energy, Biomass energy, geothermal energy, hydroelectric power energy, etc. The renewable energy industry is an emerging industry and a part of the energy industry that focuses on advance and appropriate renewable energy technologies. Renewable energy is a more labor-intensive centered industry than fossil fuels, thus, a transition towards the industry promises more employment opportunities.
Global Renewable Energy market is expected to observe growth in the future due to rising emissions of greenhouse gases and carbon dioxide for a generation of energy after the utilization of fossil fuels. Moreover, fossil fuel is present in scarce amounts on the Earth due to which it has fluctuating prices which fosters the renewable energy market. Continuous government initiatives and funding in the renewable energy sector as well as advancement in technologies are also accelerating the growth of the global market.
Global Renewable Energy Market: Segments
Hydroelectric segment to grow with the highest CAGR during 2019-30
Global Renewable Energy market is segmented by type into Hydroelectric energy, Geothermal energy, Wind energy, Solar energy, and Biomass energy. The hydroelectric energy segment held the largest market share of XX.X% in the year 2018 and is anticipated to dominate the global market throughout the forecast period. Hydroelectric energy is a type of energy that channels the power of water in motion that generates electricity. Biomass energy is generated using plants such as soy, corn, etc. which can be converted into electricity or burned to create heat.
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Industrial segment to grow with the highest CAGR during 2019-30
Global Renewable Energy market is segmented by the end-user into commercial, residential and industrial. The industrial segment held the largest market share of XX.X% in the year 2018 and is expected to maintain this trend throughout the forecast period since 75% of the feedstock for the chemical and petrochemical industry is contributed through the medium of carbon, this significantly impacts the carbon emissions and operating costs of the business. This encourages the industries to incline towards alternative ensuring sustenance.
Renewable Energy sources such as wind, solar, hydroelectric, etc. are sustainable in nature. It generates energy that is not associated with any greenhouse gas emissions unlike fossil fuels, also reduces air pollution to some extent. Renewable energy provides a diversified supply of energy eliminating the dependence on imported fossil fuels which environment friendly and replenishable in nature.
Government initiative and employment opportunity
With the rise in climate awareness and environmental benefits of renewable energy, the government has introduced several regulations and policies and also provides aids for renewable energy since the sources are viable green substitutes to the carbon-based green energy sources that are contributing to sustainable development. Renewable energy also leads to economic development and creates jobs in installation, manufacturing, etc., being a labor-intensive technology.
Covid-19 impact on Global Renewable Energy Market
Coronavirus (Covid-19) has adversely affected a majority of industries due to the disruption of business operations and disturbance in the supply chain due to the situation of lockdown which was undertaken to break the chain of the spread of the disease and maintain social distancing. The power sector is among one those sectors that have suffered due to the concurrent pandemic, decline in demand for power has been observed along with slow recovery and reduced collection which would unfavorably impact the services of distribution companies further hampering renewable energy market. In addition to this, a dearth of manpower for the maintenance of renewable energy plants would also impact the global market. However, this period has also added to several positive aspects such as work from the home policy which is the new normal for the renewable energy industry.
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