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 t...