With energy security being the need of the hour, nations across the world are trying to reduce their dependence on perishable fossil fuels. With availability, accessibility and affordability of fossil fuels showing significant variations depending upon geography, nations have concurred that a switch to renewable energy generation would best serve their purpose of gaining energy security. Renewable energy is energy acquired from non-perishable resources in the form of heat, electricity or other forms. Some of the most dominant forms of renewable energy in the world today are wind energy and solar energy. There are other forms of renewable energy generation as well such as biomass, geothermal and ocean energy. Currently in terms of technology maturity, wind energy is by far the most mature form of renewable energy generation available in the market currently. This is closely followed by solar, which is currently witnessing a growth spurt in terms of annual installations globally.
Methods of generation such as biomass have been in existence since long back, and finds significant use in certain regions of the world. Geothermal energy is a form of renewable energy generation which is capable of supplying base load requirements: a quality which is mostly available from fossil fuel burning power stations. The ocean energy segment mostly comprises of wave and tidal energy. Other forms of ocean energy include salinity gradient and ocean thermal energy. Wave and tidal energy are likely to exhibit significant growth in terms of annual capacity installations, especially in Europe and Asia-Pacific. One of the major problems associated with renewable energy is the intermittent nature of generation is provides. This result in significant difficulties associated with integrating renewable energy generation into the utility grid. Another major restraining factor for renewable energy includes the fact that it generates electricity at relatively higher tariffs. Electricity being a price sensitive commodity is generally subject to merit order dispatch schemes under which the low cost generation gets the first preference in terms of feeding to the utility grid.
This is likely to result in difficulties for the renewable energy project developers in terms of recovering their expenditure and generating decent returns on investment. However gradually all of these issues with renewable energy generation is being addressed. Rapid technology development and manufacturing capacity up-scaling has led to rapid reduction in renewable energy generation equipments. Both the solar and wind energy sector are currently reaping the benefits of economies of scale and tremendous technology maturity. This trend is likely to be replicated in new forms of renewable energy generation such as ocean energy in the future. Another major problem with renewable energy was its intermittent nature which is gradually being addressed by a rapidly developing smart grid infrastructure and power storage technologies.
Also the requirements and mandates issued by various regulatory bodies around the world for reducing greenhouse gas emissions is also likely to significantly fuel the demand for renewable energy generation in the future. Regionally, the Asia-Pacific market is likely to remain the most attractive for renewable energy within the forecast horizon. Europe is likely to close follow and is also likely to emerge as the technology leader for new forms of renewable energy such as offshore wind and ocean energy. Some of the major market players in the renewable energy business include Vestas Wind Power A/S, Calpine Corporation, Enel Green Power, Pelamis Wave Power and Yingli Solar among others.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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