Renewable Energy Building Blocks: Introduction
- 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 the near future.
- 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
Key Drivers and Restraints 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 energy transition. As a result, many countries are striving to accelerate the deployment of renewables.
- 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 likely to lead to a decrease in greenhouse gas emissions and air pollution, thereby mitigating climate change and improving human health. Growth in renewable energy is expected to augment the economic growth and development. This, in turn, is attracting investment and support for the transition toward a clean energy future.
- 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. This is anticipated to adversely affect the renewable energy building blocks market.
Global 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 2020. 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 estimated 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. High share of these segments can be ascribed to the rise in construction activities across the globe. Increase in reconstruction of commercial buildings is projected 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 renewable energy building blocks market in the near future.
Global Renewable Energy Building Blocks Market: Regional Segmentation
- Based on region, the global renewable energy building blocks market can be split into 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 factors 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.
COVID Impact on the Global Renewable Energy Building Blocks Market:-
- The outbreak of the COVID-19 pandemic has disrupted the supply chain as well as availability of manpower due to the lockdown in various countries. This has led to a decrease in production of renewable energy building blocks and low demand from end-users. In turn, this is adversely affecting the global renewable energy building blocks market. However, governments of some countries have lifted lockdown restrictions. This has led to an increase in production of renewable energy building blocks. Thus, the market is likely to expand in the near future led by governmental support and steady rise in demand.
Key Players Operating in Global Market
- 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.
Global Renewable Energy Building Blocks Market: Research Scope
Global Renewable Energy Building Blocks Market, by Type
- Wind Power
- Solar Energy
- Bio-based
- Others
Global Renewable Energy Building Blocks Market, End-user
- Residential
- Commercial
- Industrial
- Others
Global Renewable Energy Building Blocks Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- South Korea
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
