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| Source:www.fightingillinienergy.com |
Renewable
energy includes sources of energy that replenish faster when compared to fossil
fuels such as coal and petroleum. The sources of renewable energy are sun,
hydro, wind, geothermal, and biofuel.
Renewable
energy market is one of the most dynamic industries in the current economic
scenario. The global renewable energy sector is expected to grow with a CAGR of
7.5% and is expected to reach a size of $614.92 billion by 2015. The growth is
boosted with increasing investments in the sector by governments, venture
capitalists, and corporate.
The
demand for energy, energy sustainability and energy conservation are increasing
among public. Increasing awareness about Green House Effect increases the
utilization of renewable energy sources.
Governments across the world are providing
their support, policies, and regulations, and investments for boosting growth
in the renewable energy market.The renewable
energy market is divided into segments as solar photovoltaic (solar PV), wind,
hydropower (dams), biofuels and geothermal.
Biofuels market
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| Source:greentechtown.com |
The
biofuels market consists of two major fuels; i.e. bioethanol and biodiesel. Of
these, bioethanol has the largest share. In 2009, the U.S. and Brazil were the
leading producers of bioethanol with an estimated production of 41 billion and
26 billion liters respectively.The bio-fuels
market is segmented by products such as bio-ethanol and bio-diesel and
geographic break down covers the U.S., Brazil, France, and others.
Hydro power
Hydro
power is one of the largest sources of renewable energy in the world. It
fulfills about 16% to 20% of global demand for electricity depending on
capacity factors. More than 60 countries use hydro power as the major source
for electricity generation; with China leading the pack followed by Brazil,
Canada, and the U.S.
Hydro
power market is segmented on the basis of geography such as Americas, Europe,
Asia Pacific, and Rest of the World.
Geothermal energy
The
geothermal energy market is classified into two segments: direct use and
electricity/power generation. In geothermal power generation, the Americas lead
in terms of globally installed capacities (43%) in 2010; followed by
Asia-Pacific (41%).Major countries involved in geothermal power generation are
the U.S., The Philippines, and Indonesia due to naturally available geothermal
resources.
The
market for geothermal energy is segmented by applications such as power
generation and direct use and the geographic break down covers Americas,
Europe, Asia-Pacific, and rest of the world.
Solar photovoltaic market
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| Source:www.wired.co.uk |
The
solar photovoltaic market witnessed a relatively small growth rate in terms of
demand due to the global slowdown in 2008-2009. The only region to witness huge
demand during this period was Spain owing to liberalization in that country’s
energy policies. India has much favorable conditions to use this technology as
it has 360 days of prominent sunlight across its geography.The applications of
solar PV electricity include consumer products, automotive applications, space
applications, grid connected power supply, residential and commercial power
supply, and water pumping.
The
solar energy market is segmented by products such as crystalline silicon, thin
film, and others and geographic break down covers Americas, Asia, Europe, and
Rest of the World.
Wind energy
The
global wind energy market growth is supported with addition in capacities year
on year. In other words, we can say that this market is still in the growth
phase. Globally, U.S. had the largest installed capacity in 2009 with a share
of 22%. It was followed by China, which held 16% share of the global installed
capacity. The other major countries in the wind energy market are Germany,
Spain, India, and Italy.
Wind
power market is segmented by technology as horizontal and vertical axis wind
turbines and geographic break down covers the U.S., Europe, Asia, and Rest of
the World.
The
major factors for considering this market analysis includes policies and
regulations, market dynamics, competitive landscape, company profiles of major
players and patent analysis for each of the renewable power sources.
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| Source: www.dailymail.co.uk |
However
there are some inhibitors and challenges while installing renewable energy
sources. Major
inhibitors identified for the market are high capital cost, intermittent energy
supply from sun and wind, insufficient feed stock for bio-fuels, and
accessibility and availability issues with geothermal energy.
Some of the burning
issues in this market are
·
environmental concerns and geo-pressured
resources,
·
social and political concerns over installation
of hydro power project, and
·
insufficient food-based feedstock for bio-fuels
production.
