Renewable Energy Building Blocks
- Renewable energy building block is a collection of various energy forms, which exist across the globe. Rise in growth of renewable energy across the globe is anticipated to drive the renewable energy building blocks market. Increase in emission of greenhouse gases, particularly CO2, owing to the high utilization of fossil fuels for generation of energy is likely to augment the demand for renewable energy sources in coming years.
- Limited presence of fossil fuel on the earth and fluctuation in prices of fuels are also expected to propel the renewable energy building blocks market
- According to the Renewable Energy Policy Network, about 10 countries generated 15% of their electricity with the use of solar photovoltaic system and wind power in 2017
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Major Drivers of Global Renewable Energy Building Blocks Market
- The energy market has been witnessing rapid changes. Cost reductions, innovation, and policy frameworks are driving the demand for renewable energy across the globe. Need to tackle climate change and advance sustainable development are further strengthening the momentum of the energy transition. As a result, many countries are striving to accelerate the deployment of renewables.
- According to the Federal Ministry for Economic Affairs and Energy, based in Germany, the share of renewables in electricity consumption grew steadily from around 6% in 2000 to around 36% in 2017. At the end of 2017, the number of photovoltaic installations stood at 1.6 million. These installations produced around 43 gigawatt of electricity, thus making photovoltaic the second largest source of renewable electricity.
- The global renewable energy building blocks market has been expanding due to the increase in competitiveness of solar photovoltaic manufacturers and rise in demand for electricity in developing countries. Increase in awareness about the technology used for reducing carbon dioxide emissions and growth in government policy across the globe are also expected to drive the renewable energy building blocks market.
- Higher dependency on renewable energy is also likely to decrease greenhouse gas emissions and air pollution, thereby mitigating climate change and improving human health
- Growth in renewable energy is also expected to augment the economic growth and development. This, in turn, is attracting investment and support for the transitions to a clean energy future.
Lack of Awareness to Hamper Renewable Energy Building Blocks Market
- The renewable energy building blocks market is likely to be hampered by the lack of awareness about renewable energy building blocks
- Lack of political support is also projected to inhibit the market in the near future
- Commercialization or building of any plant for generation of energy from renewable sources entails significant investment. Thus is expected to adversely affect the renewable energy building blocks market.
Renewable Energy Building Blocks Market Segmentation
- Based on type, the global renewable energy building blocks market can be segmented into wind power, solar energy, bio-based, and others (including hydropower and municipal waste). The wind power segment held major share of the market in 2018. It was followed by the solar energy segment.
- According to the Federal Ministry for Economic Affairs and Energy, wind power held 16.3% of renewable energy, while solar energy accounted for 6.1% share of the gross electricity generation in Germany in 2017
- Rise in awareness about to the benefits of solar energy panels, which are used for heating and cooling of water, and increase in usage of solar energy in lamps and street lights are expected to drive the solar energy market in the near future
- Based on end-use, global the market can be divided into residential, commercial, industrial, and others. Residential and commercial segments are anticipated to dominate the market. This high share can be ascribed to the rise in construction activities across the globe. Also, the rise in reconstruction of commercial buildings is likely to create lucrative opportunities for solar energy across the globe.
- Depletion of fossil fuels such as coal is likely to compel miners of coal to shift their focus on the production of renewable based materials for electricity generation. This is anticipated to drive the lucrative renewable energy building blocks market in the near future.
Asia Pacific Likely to Hold Major Share of Global Renewable Energy Building Blocks Market
- Geographically, the global renewable energy building blocks market can be split across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Increase in government initiatives and rise in investments in the development of renewable feedstock in countries of Asia Pacific are the key factor propelling the demand for renewable energy building blocks in the region
- The market in Europe and North America is expected to expand at a significant pace by the end of the forecast period, owing to the rise in regulation on decreasing the global warming potential and decline in carbon footprint across these regions. This is anticipated to drive the demand for renewable energy across these regions.
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Key Players in Renewable Energy Building Blocks Market
The global renewable energy building blocks market is dominated by large number of players across the globe. Key players operating in the renewable energy building blocks market include:
- ABB Ltd.
- Koninklijke DSM N.V.
- General Electric
- The Tata Power Company Limited
- Innergex Renewable Energy Inc.
- Enel SpA
- Xcel Energy Inc.
- Geronimo Energy, LLC
- Invenergy LLC
- ACCIONA, S.A.
In 2017, Innergex Renewable Energy Inc. acquired Alterra Power Corp. The acquisition included two geothermal facilities in Iceland. The move was in line with the company’s strategy of geographical diversification. The acquisition helped Innergex Renewable Energy Inc. add 485 MW of renewable energy assets to its line of portfolios.
Global Renewable Energy Building Blocks Market: Research Scope
Global Renewable Energy Building Blocks Market, by Type
- Wind power
- Solar energy
- Others (including Hydropower and Municipal Waste)
Global Renewable energy building blocks Market, by End-use
Global Renewable energy building blocks Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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- Market segments and sub-segments
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The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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