Renewable energy is a non-exhaustive source of energy and acts as a substitute of conventional energy obtained from finite sources such as oil and gas. Renewable energy includes wind, solar, hydroelectricity, geothermal and others
The prime drivers of the renewable energy market is the infinite nature of renewable energy, attractive economics such as lower operations and maintenance cost, energy security, reduction of geopolitical risks associated with oil and gas, and equitable development of the nation. The environmental driver of the market is the concerns over emissions associated with oil and gas fired plants and enactment of regulations such as the Kyoto protocol.
Government support for renewable energy such as compulsory acquisition agreements, competitive advantage of renewable energy over oil and gas fired plants, alternative to large investments needed to serve energy demands in inaccessible regions, growing demand for clean renewable energy, and others.
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Advances in structural and material engineering are changing the face of the industry. Technical advances such as development of light weight wind towers and turbine blades, introduction of auto-shut down in case of discrepancies in operation parameters, developments in complimentary technologies such as energy storage devices, lightweight materials, greater efficiency in solar voltage conversions and others. The development of offshore wind energy and the foray of the oil and gas industry in the wind energy sector due to the presence of in-house natural skill set needed to develop and install structures in the sea has provided impetus for the growth of the market. Major oil and gas companies like Shell and Statoil are developing offshore wind power plants to power offshore fossil fuel platforms is expected to cruise the market.
Technical constraints such as dependence on minimum average wind speeds, variability of output due to fluctuations in wind speeds, high dependence in sites and wind speed lack of wind speed and wind distribution profiles, power reducing effects of large objects in the vicinity such as buildings, trees are hampering the wind energy sector.
Technical constraints of the solar energy sector include higher cost per kW energy, tariffs variations in countries for feeding the main grid, large land requirements, variability of solar power depending on the season and others.
Environmental constraints include reduction of serenity of sites, restrictions on turbines installation and permit in many countries, safety and installation requirements, bird deaths due to turbine blades, and others. High installation cost is another restraint on the market particularly with hydroelectricity.
Major Key Players:
Some of the leading players in the renewable energy market are Enel Green Power, Calpine Corporation, Vestas Wind Power A/S, Suzlon Energy Limited (India), Siemens AG (Germany), Enercon GmbH (Germany), General Electric (U.S.), Pelamis Wave Power, Yingli Solar and others.
To generate a more accurate understanding of the renewable energy market, the report has been segmented by energy sources
Based on energy sources, the market has been segmented by Solar Energy, Wind Energy, geothermal Energy, Bio Energy, hydropower Energy and others.
Based on application, the market has been segmented as automotive, construction, transportation and chemical & petrol chemical and others.
Based on end user the market has been segmented as residential, commercial and industrial.
Based on regions, the market has been segmented as North America, Europe, Asia Pacific and Middle East and Africa.
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North America led by Europe is expected to dominate the renewable energy market due to the favorable government regulations and large demand. Europe accounts for the largest market led by Germany, France and the Scandinavian nations of Iceland, Norway and Finland.
Asia-Pacific is expected to be the fastest growing market owing to faster development of the sector owing to governmental support and geopolitical needs in these regions. However the wind energy sector has reached a plateau state in China and India due the exhaustion of sites. Thus solar energy represents a large market opportunity and equity.
Middle East and Africa is expected to account for the lowest share of the market owing to lower industrialization and traditional dominance of the oil and natural gas sector in these regions. However the Gulf economies of UAE, Israel, and Jordan possess poor oil and gas reserves and are attractive targets for investment.
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