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.To Get Report Page: https://www.coherentmarketinsights.com/ongoing-insight/renewable-energy-technologies-market-1655
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.
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.
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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