Market Scenario —
The Global Renewable Energy Market is predicted to generate a robust CAGR during the forecast period (2016-2027) owing to environmental degradation, asserts Market Research Future (MRFR). The concept of using renewable energy as a replacement for conventional fossil fuel like diesel and gasoline is rising rapidly across the world. Renewable sources such as hydropower, solar, wind, biomass, and geothermal offer sustainable energy services. The feasibility of using renewable resources and technological advancements to generate energy is the key to use renewable energy successfully.
A leading renewable energy and energy efficiency company, Ameresco, Inc. has recently announced their acquisition with Maximum Solar, which is a Massachusetts based firm. The firm specializes in solar maintenance and operations. Ameresco will be expanding their maintenance and operations services to the owners of commercial-scale photovoltaic solar facilities with the help of this acquisition.
The prominent players operating the global renewable energy market are
• Pelamis Wave Power
• Yingli Solar
• Vestas Wind Power A/S
• Calpine Corporation
• Enel Green Power
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Drivers and Constraints Impacting the Market
The Global Renewable Market is stimulating at a rapid pace majorly owing to the increased demand for energy across the globe. With the decline in non-renewable energy resources such as natural gas, petroleum, and coal, the market is considered to expand during the assessment period. Moreover, the rising concern associated with environmental security and safety is considered to contribute to market growth. Constant technological advancements have resulted in the use of the latest technologies in order to extract energy from renewable sources. This has triggered the renewable energy market across the globe. Additionally, high funding from the government due to environmental safety has created opportunities for market growth. Several countries around the world have started to use renewable energy for the production of power mainly due to ever-increasing environmental issues like the depleting ozone layer and climatic changes. Also, with the accelerating demand for electricity, government incentives, and decarbonization goals, the market is considered to propel throughout the appraisal period.
On the flip side, the high investment required for initial infrastructural setup is considered to be a major restraint to the market growth in the coming years. Moreover, high risk associated with the investments in the market is likely to dampen the market growth.
Global Renewable Energy Market: Segmental Analysis
The Global Renewable Energy Market has been segmented on the basis of type, application, and end-user.
By mode of Type : Wind Energy, Solar Energy, Bioenergy, Geothermal Energy, Hydropower Energy, and Others.
By mode of Application : Construction, Automotive, Chemical & Petrol, and Transportation.
By mode of End-users : Commercial, Residential, and Industrial.
Geographically, the renewable energy market spans across regions namely, Europe, North America, South America, Asia-Pacific, and the Middle East and Africa.
Among all the regions, the North American region is considered to dominate the global renewable energy market. The growth is credited to the favorable government regulations in this region. The implementation of renewable energy is anticipated to grow in this region, thereby offering the market with further scope in the future.
The Asia Pacific region is considered to showcase a significant growth rate during the assessment period owing to the presence if economies such as China. China is predicted to dominate in clean energy. China is likely to invest in a holistic approach towards renewables by paying for infrastructure that enables energy to integrate into the grid and set up incentives for the high energy consuming industries.
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