Renewable energy is energy which obtained from renewable resources, which are naturally replenished, such as sunlight, wind, rain, tides, waves, and geothermal heat. Renewable energy is extensively used in electricity generation, for fluid heating or cooling, transportation, and in rural energy services. Rapid deployment of renewable energy and energy efficiency is resulting in significant energy security, climate change mitigation, and economic benefits.
Rising demand for fuel and energy is a key factor fueling growth of renewable energy market owing to its abundant availability. In addition, renewable energy is environment-friendly, clean and free of harmful gases resulting in minimal impact on environment, which is another factor expected to drive growth of the global renewable energy market over forecast year. Furthermore, developed and developing nations are taking efforts to minimize their reliability on fossil fuels, which is fueling the use of renewable energy in the near future.
Unavailability of renewable resources due to unpredictable and inconsistent weather is a key factor restraining growth of the global renewable energy market. In addition, it is difficult to generate large quantities of electricity with renewable energy as compared to traditional generators, which is other factor expected to hamper growth of the global renewable energy market.
The global renewable energy market report has been segmented on the basis of source type, applications, and region. On the basis of region, the global renewable energy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in Europe accounts for largest share in terms of revenue in the global renewable energy market owing to the availability of new forms of energy such as ocean energy and offshore wind energy across the region. Asia Pacific is expected to account for second highest share in terms of revenue owing to mandates issued by government for minimizing the emissions of greenhouse gas in the region.
Key players in the global renewable energy market include Siemens Gamesa Renewable Energy, S.A., E.ON SE, Vestas Wind Systems A/S, Iberdrola Renovables Energía, S.A., Vestas Wind Power A/S, Enel Green Power, NextEra Energy Resources, LLC., Sinovel Wind Group Co., Ltd., Suzlon Energy Limited, and Calpine Corporation.