Investments in Renewable Energy Industry on a Rise

As the awareness regarding the shortfalls of conventional energy sources, including fossil fuels, is growing, the demand for cleaner alternatives for generating energy is increasing as well. This is resulting in the growth of the renewable energy market. Renewable energy is obtained from natural processes or resources that are replenished continuously. Renewable energy technologies have been registering significant growth and are now cost competitive in a number of off-grid, grid, and remote applications all across the globe. 

Owing to the several positive attributes of renewable energy, investments in the field are growing as well. For example, clean energy investment reached more than $45 billion in 2004, and rose to $279.8 billion in 2017, according to the Statista report released in 2004. The U.S. alone is responsible for contributing a substantial amount ($64 billion) for clean energy initiatives in 2018. Other than investments, technological advancements are also projected to lead to the growth of the market in the years to come. 

Rising demand for microgrid and AI, energy storage, falling costs of installations of renewable energy solutions, and digitalization are driving the global domain. The pairing of storage systems with renewable energy sources ensure that a steady and smooth power supply, even under harsh weather conditions, is provided to the user. Furthermore, Microgrids offer energy independence, protection, and efficiency during emergencies. AI with microgrid controller further enables continuous adaptation and enhancement of operation. Additionally, digital services can be leveraged for optimizing energy system settings. 

Renewable energy is of different types, namely solar energy, wind energy, bioenergy, hydropower, and others, out of which, the demand for solar energy has been considerably high in the past. The cost of solar energy solutions is decreasing at a rapid pace, owing to which, their people are not facing any budgetary constraints when it comes to adopting the technology. Moreover, governments are also providing support in the form of feed-in tariff and incentive for installing energy systems. 

Renewable energy finds application in utility, residential, industrial, and commercial sectors. The demand for renewable energy is expected to rise considerably in the utility sector in the years to come. This is due to the increasing requirement for decreasing CO2 emissions. Other than this, the adoption of renewable energy is also increasing in residential and commercial sectors because of the reduced cost of solar photovoltaic cells. 

Geographically, Asia-Pacific is holding a considerable share of the renewable energy market because of the rising environmental concerns about fossil fuels, economic growth in a number of emerging economies, including India and China, and swift rate of urbanization. In addition to this, several countries are moving towards an auction system, which is a comparative selective process, as compared to the conventional feed-in tariff mechanism. These factors are leading to the growth of the regional market. 

In conclusion, the market is being driven by the rising concerns regarding the environment, technological advancements, and awareness regarding the negative impact of fossil fuels across the globe. 


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