Renewable Energy Technologies Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Renewable energy technologies convert the energy that is collected from renewable sources of energy such as the Sun, wind waves, and geothermal energy amongst others into electricity, fuel, and heat. Renewable energy technologies are used for vital purposes such as generation of electricity, especially for rural electrification in emerging economies such as India and China amongst others, for heating and cooling of water, and for transportation. Sources of renewable energy are present in most of the geographical areas, as compared to non-renewable sources of energy, which are present only in few countries in limited quantities. Renewable energy, being an efficient source of energy, is widely being adopted. Thus, various countries are entering into energy security agreements so as to protect the environment and boost the economic growth. The consumption of renewable energy is rapidly increasing and this could lead to a decrease in the consumption of coal and oil by 2020. Renewable energy is expected to play an important role in the near future, owing to the increasing demand for energy globally. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/1655 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.