Renewable Energy Market Highlights:-
Renewable Energy refers to the energy generation using renewable sources such as solar, wind, water, and tidal. Increasing population worldwide, along with the increasing industrialization & urbanization is prompting the demand for energy more than ever. At the same time, growing ecological concerns are promoting the utmost utilization of clean & sustainable energy. Solar energy is the most abundant renewable energy type, and hence, is considered the most crucial for meeting the energy demand of the planet in the future.
Renewable energy generation is integral in distant remote areas where grid connections can be neither feasible nor cost-effective. Harnessing the power of renewable sources, renewable energy can provide constant & reliable power in remote areas. Increasing demand for clean and renewable energy resources, worldwide, as a result of increasing environmental concerns and carbon footprints, is driving the Renewable Energy Market growth. Simultaneously, the global power demand is ever growing, and the world is striving to develop new renewable energy resources. All these factors commutatively foster the demand for renewable energy at the global level.
Recognizing the potential of the market to evolve further, Market Research Future (MRFR), in its recently published study report foretells that the global renewable energy market is expected to garner an exponential growth by 2027, registering a phenomenal CAGR during the forecast period (2017 – 2027). The increasing prices of natural gas and electricity are nurturing the market growth.
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Global Renewable Energy Market – Competitive Analysis
The Renewable Energy Market appears to be highly competitive owing to the presence of numerous well-established vendors. The Renewable Energy Market demonstrates a high potential growth due to which several new entrants are expected to get attracted to this market during the anticipated period.
Top Key Players:
Enel Green Power, Calpine Corporation, Vestas Wind Power A/S, Yingli Solar, and Pelamis Wave Power are some of the prominent players profiled in MRFR Analysis and are at the forefront of the competition in the global renewable energy market. Profiling them in its analysis, MRFR explores strategies that keep them at the forefront of the competition.
Industry/ Innovation/Related News:
July 30, 2018 – Kauaʻi Island Utility Cooperative (Kauai utility), an electric cooperative announced its plans to launch the community-based renewable energy program, which would allow customers to receive compensation for participating in eligible renewable energy projects that provide electricity and electric services. Kauaʻi is seeking to pay developers and eventually power subscribers for the renewable energy they generate and support. The company has also sent out a request for proposals looking for developers who want to build a renewable energy facility.
July 26, 2018 – Iberdrola SA (Spain), a public multinational electric utility company and the first major utility to embrace green power announced that it is cultivating its roots as a grid operator to insulate it from new rivals seeking a foothold in the electricity business. The company officials further mention that selling power directly to environmentally-conscious companies and running grids that earn a predictable return are at the heart of the Iberdrola’s strategy.
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Global Renewable Energy Market – Geographical Analysis
Europe too is expected to emerge as one of the promising markets for the renewable energy owing to the factors such as technological advancements and the boosting manufacturing sector in the region.
Globally, the North America renewable energy market is expected to retain its dominance throughout the forecast period. Factors substantiating the market growth in this region include favorable government regulations and the integration of Renewable Energy projects.
Asia Pacific region is emerging as one of the lucrative markets for renewable energy growing rapidly. Factors such as the increasing demand for power, fuelled by the growing population, industrialization, urbanization is supporting the market growth in the region. Also, improving economic conditions along with the awareness towards the benefits of renewable energy sources are acting as a key driving force for the market growth in the APAC region.
- Renewable energy manufacturers
- Renewable energy Suppliers
- Research and Development (R&D) Companies
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