Renewable Energy Technologies Market

Renewable Energy Technologies Market - Global Industry
Insights, Trends, Outlook, and Opportunity Analysis,
Renewable energy technologies convert the energy that is collected from renewable sources
of energy such as the Sun, wind waves, and geothermal energy amongst others into
electricity, fuel, and heat. Renewable energy technologies are used for vital purposes such as
generation of electricity, especially for rural electrification in emerging economies such as
India and China amongst others, for heating and cooling of water, and for transportation.
Sources of renewable energy are present in most of the geographical areas, as compared to
non-renewable sources of energy, which are present only in few countries in limited
quantities. Renewable energy, being an efficient source of energy, is widely being adopted.
Thus, various countries are entering into energy security agreements so as to protect the
environment and boost the economic growth. The consumption of renewable energy is
rapidly increasing and this could lead to a decrease in the consumption of coal and oil by
2020. Renewable energy is expected to play an important role in the near future, owing to the
increasing demand for energy globally.
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Market Dynamics
The changing climatic conditions that has resulted in global warming, unstable oil prices, and
increasing government support for the use of renewable sources of energy are spurring
renewable energy legislations, incentives provided by governments, and commercialization
of these sources of energy. Rising government spending, regulations associated with the use
of non-renewable sources of energy, and policies are some of the major factors that are
expected to drive growth of the renewable energy technologies market. According to a 2016
projection by the International Energy Agency (IEA), solar energy is expected to meet most
of the global electricity demand in the next 50 years, thus reducing the greenhouse gas
emissions from non-renewable sources of energy that harm the environment.
High costs associated with the installation of devices such as solar panel is expected to hinder
growth of the renewable energy technologies market globally. For instance, in the case of
geothermal energy, unavailability of land and seasonal imbalances are factors that may affect
growth of the market.
Market Trends
The solar energy segment is expected to be the most dominant technology type in the global
renewable energy technology market over the forecast period. This is due to the surplus
availability of sunlight and the ease with, which the sunlight can be converted into energy
with the help of modules. Hence, many economies are harnessing solar energy to meet their
energy requirements. According to the International Energy Agency (IEA), China installed
around 34 GW of solar based modules in 2016 so as to become a leading player in this
segment. Furthermore, according to the Japanese Ministry of Economy, Trade and Industry,
Japan witnessed growth of approximately 4.3% in solar energy production in 2016. The
European Union aims on meeting approximately 12% of its energy requirements by using
solar energy by the year 2020.
Market Outlook
The IEA expects renewable energy to equal coal and natural gas electricity generation costs
by 2040. A number of countries such as Denmark, Australia, Germany, and the U.S. are
increasingly adopting renewable sources of energy, in order to suffice the energy demands.
For instance, according to the IEA, in 2015, wind energy met around 42% of the total
electricity demand in Denmark, 23.2% in Portugal, and 15.5% in Uruguay. Solar water
heaters play an important role in contributing towards the adoption of renewable energy for
heating, with China contributing to around 70% of the global total of solar water systems.
Globally, the solar water heating systems meet a portion of the water heating needs of over
70 million households.
At the national level, numerous government policies play a vital role in the development and
adoption of renewable energy technologies, although uncertainty in adoption of the policies
hampers the growth of the market. The number of countries that have pledged to meet
renewable energy targets and support policies again increased in 2016 from 173 to 176. By
the end of 2016, the top countries with completely installed renewable energy capacity
included China, the U.S., Brazil, and Germany. China was home to more than one-quarter
of the world’s renewable power capacity standing at 564 GW
Key Players
Major players operating in the renewable energy technology market include Innergex
Renewable Energy Inc, Infigen Energy, Goldwind, First Solar, Inc., Aventine Renewable
Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, LTD.,
Vestas Wind Systems A/S, SMA Solar Technology, AG, and Ocean Power Technologies,
Inc. amongst others
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The research report on renewable energy technologies market categorizes the global market by energy type (Solar, Wind, Tidal, Geothermal, Hydroelectric, and Others), by application (Residential, Non Residential, and Others), and by region