The Global Renewable Energy Technologies Market Continues To Grow Owing To the Rising Concerns over Environmental Damages and Governmental Policies Related To the Usage of Renewable Energies

 

Renewable Energy Technologies Market

Renewable energy technologies are very important for the future and they will play a large role in saving huge expenditures on utility bills. This includes using appliances that require electricity and those that don't. One of the most popular ways to change the way of powering the home is by using a windmill or solar power generator. There are many different renewable energy technologies and they all have their pros and cons. One of the major advantages of windmill technology is that it is completely free and doesn't create any pollution which is especially important when you consider global warming. While there are some concerns about the environmental impacts of nuclear power, renewable energy technologies are still the most promising because they are much cleaner and do not have the harmful impact on the environment that other forms of energy production have.

Market Dynamics                                               

The main driving factors influencing the growth of the renewable energy technologies market are the immense climatic change that has resulted in the commercialization of renewable energy sources, unstable oil prices, global warming, incentives provide by governmental bodies, and rapid growth in governmental support for using renewable energies. Governmental bodies all over the world have increased regulations and expenditure related to non-renewable energy sources to make the renewable energy sources more consumer friendly. For instance, according to the United States Environmental Protection Agency (EPA), in 2019, solar energy comprised 2% of the net energy usage in the region. According to Energy Information Administration (EIA), in 2019, the total wind power generation in the U.S. was about 300 billion kWh and the wind turbines were the source of approximately 7.3% of the net U.S. electricity generation in the utility-scale.

However, the high cost of renewable energies and the hassle to make a proper structure especially in developing nations are the main restraining factor hindering the growth of the market.  Moreover, some other factors such as availability of power, resource location, power quality issues, information barrier, and political issues are expected to hinder the market growth of renewable energy technologies.

The renewable energy technology market is distributed in five regions that include North America, Europe, Asia-Pacific, Middle East, and Africa, and Latin America. Among these, Asia-Pacific is expected to hold a bigger share of the market owing to the rapid demand for energy for industrialization processes in emerging economies such as India. For instance, the Bhadla Solar Park in India, claims to be the largest solar power plant across the globe and generates 2250 MW of electricity. The renewable energy technologies market in North America is estimated to witness a significant rise in the market owing to the changing governmental policies related to conserving the environment and reducing carbon footprints.

Competitive Analysis

Major players operating in the renewable energy technology market include Ocean Power Technologies Inc., AG, SMA Solar Technology, Vestas Wind Systems A/S, Yingli Green Energy Holding Co LTD., SunPower Corporation, Anwell Technologies Ltd., Aventine Renewable First Solar Inc., Goldwind, Infigen Energy, and Innergex Renewable Energy Inc.

In July 2019, National Grid acquired Geronimo Energy for US$ 100 million. Likewise in May 2018, ReNew Power acquired Indian Energy Limited for US$ 5.545 million. In April 2018 ReNew acquired Ostro Energy Private Limited.


Location: India

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