Market Challenges And Opportunities
Market Dynamics
- The changing climatic conditions that has resulted in global warming, unstable oil prices, and increasing government support for the use of renewable sources of energy are spurring renewable energy legislations, incentives provided by governments, and commercialization of these sources of energy. Rising government spending, regulations associated with the use of non-renewable sources of energy, and policies are some of the major factors that are expected to drive growth of the renewable energy technologies market. According to a 2016 projection by the International Energy Agency (IEA), solar energy is expected to meet most of the global electricity demand in the next 50 years, thus reducing the greenhouse gas emissions from non-renewable sources of energy that harm the environment.
- High costs associated with the installation of devices such as solar panel is expected to hinder growth of the renewable energy technologies market globally. For instance, in the case of geothermal energy, unavailability of land and seasonal imbalances are factors that may affect growth of the market.
Market Taxonomy
On the basis of energy type, the global renewable energy technologies market is segmented into:
- Solar
- Wind
- Tidal
- Geothermal
- Hydroelectric
- Others
On the basis of application, the global renewable energy technologies market is segmented into:
- Residential
- Non-Residential
- Others
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