Clean energy is becoming progressively more competitive with newly built conventional power plants. In Europe, decreasing wholesale prices initiating from slow demand of power, overcapacity, low CO2 costs and rising penetration of renewable are some of the factors responsible for declining investment in clean energy market. As a result, policy incentives are required to drive progress in clean energy technologies. Surge in the industrialization all over the world have created innovative technologies that have a major and positive effect on human life. Rise in the rates of pollution, environmental concerns as well as human health has urged the need for maximizing the energy production cleaner energy sources. Furthermore, high rate of pollution due to burning conventional fuels such as petroleum and coal can be decreased by increasing the utilization of cleaner energy sources, thus creating an enormous demand from the global clean energy market. Emerging technologies in clean energy market can capture new niche markets through the implementation of new business models. Therefore, market creation, technology penetration and developments of emerging technologies are some of the key measures of progress in the deployment of clean energy.
Clean energy market can be segmented based on the industries in which clean energies are organized. Bio fuels, wind power, solar power are some of the most commonly pursued avenues. Huge demand of clean energy is expected to capture for these segments, creating the scope for rapid growth in clean energy market. The end users responsible for this huge demand include power generation, industrial, transportation and commercial sectors.
North America is one of the leading regional segments in clean energy market, followed by Europe. On the other hand, Asia Pacific and Rest of the World (RoW) are showing rapid growth in the clean energy sector. China is expected to experience considerable growth rates in upcoming years. China has supported clean transport technologies to improve urban air quality. Other countries such as India, Australia and Brazil are bolstering value chain for clean energy. In addition, India and China are projected to witness substantial profits in global clean energy market, due to rising manufacturing output thereby augmenting the demand for clean energy technologies. India is currently focusing on grid and line loss applications to improve the value chain for clean energy technologies.
Stringent regulations by government organizations such as Environmental Protection Agency (EPA) and International Maritime Organization (IMO) against the carbon emissions is one the leading factors driving the clean energy market. In addition, the support from the governments in the form of subsidies and tax benefits on the utilization of clean energy is also positively effecting the deployment of clean energy technologies. Lack of awareness among the end users regarding the potential benefits of clean energy is one of the major restraints to the clean energy market. Lack of aftermarket services for repairing of clean energy equipments such as solar panels and wind turbines is another restraint to the market.
Some of the leading market players in the global clean energy market include the companies such as Amereco Biofuels Corp., Diversified Energy Corporation, Suntech Power Co. Ltd., First Solar Inc., GE Energy, Suzlon Group, Pure Earth Energy Resources LLC. and Siemens Wind Power among others.