RENEWABLE ENERGY TECHNOLOGIES MARKET ANALYSIS

Renewable Energy Technologies MarketSize and Trends

Market Trends

• The solar energy segment is expected to be the most dominant technology type in the global renewable energy technology market over the forecast period. This is due to the surplus availability of sunlight and the ease with, which the sunlight can be converted into energy with the help of modules. Hence, many economies are harnessing solar energy to meet their energy requirements. According to the International Energy Agency (IEA), China installed around 34 GW of solar based modules in 2016 so as to become a leading player in this segment. Furthermore, according to the Japanese Ministry of Economy, Trade and Industry, Japan witnessed growth of approximately 4.3% in solar energy production in 2016. The European Union aims on meeting approximately 12% of its energy requirements by using solar energy by the year 2020.