As already mentioned, the renewable energy market holds great future potential. It is because nothing in the world can be operated without energy and renewable energy sources are found in ample amounts across the globe. Thus, the industry is all set to tread forward on a remarkable and successful journey. During the forecast period of 2018-2022, the market is expected to earn above USD 2,152,895 million. The CAGR for this period is estimated to be 4.4%.
There are many growth drivers that collectively contribute to the success & development of the market. Hike in environmental dilapidation & depletion of renewable power sources can be characterized as two major growth drivers for the market.
Sources that from which energy can be generated are available readily and are affordable at the same time. This is another factor that further promotes the development of this industry.
Additional growth propellers for this industry are government’s nod of approval in the favor of renewable energy sources and the rising demand for energy.
Another major benefit of renewable energy is that it has helped in creating approximately 7.4 million jobs across the world. It is because many industries associated with energy production are investing in solar power, wind energy, hydroelectricity and biofuels. As renewable energy is becomes proficient and cheaper with each passing day, it would not be wrong to conclude that the future looks bright for this industry.
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Renewable Energy Global Market – Competitive Analysis
The global market for renewable energy seems to be highly competitive. To maintain the market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, product launch, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D, collaborating with EPC contractors and, most of all, in acquiring other firms.
Industry News/ Innovations/Latest Update:
In November, 2017 – GE Renewable Energy announced that it has now installed more than 60 gigawatts worth of onshore wind energy capacity across the globe, made up of over 35,000 wind turbines in 36 countries. GE Renewable Energy has now installed enough onshore wind energy capacity to power the equivalent of more than 15 million residential homes.
In November, 2017 – Enel Green Power North America completed construction of the 300 MW Rock Creek Wind Farm in Atchison County, Missouri. Rock Creek will produce enough energy to power approximately 100,000 Missouri homes and marks EGP-NA’s first project in the state.
In June, 2017 – Yingli Green Energy Holding Company Ltd. (NYSE: YGE), one of the world’s leading solar panel manufacturers, announced that, Tempress Systems B.V., part of the Amtech Group celebrated the opening of Europe’s largest bifacial PV solar plant of close to 400 kilowatt-peak (kWp) capacity in the Netherlands, using n-type PANDA Bifacial modules manufactured by Yingli Solar. The plant is located next to the headquarters of Tempress in Vaassen, The Netherlands.
The global waste to energy market has reached a milestone recently and it has been in the form of ethanol fuel production from sugar cane residues. This innovative technology has revolutionized the way people operate cars. It holds great future potential if utilized appropriately.
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Vestas Wind Systems, Calpine Corporation, Enel Green Power, Suzlon Energy Ltd., GE Energy, Siemens, Enercon., Pelamis Wave Power and Yingli Solar are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global renewable energy market.
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