Impressive investments into Renewable energy sector
Expert Insights: The global new investment in renewable power and fuels excluding large hydropower projects totaled USD 279.8 billion in 2017 which will drive significant growth of the market.
Renewable Energy Trends:
Wind power had its third most active year ever, with more than 52 GW added which is about 4% less than in 2016 for a total of 539 GW. The offshore wind sector had its best year yet, as total capacity increased 30%. Biofuels production and use are very concentrated geographically, with more than 80% of production and use taking place in the United States, Brazil, and the EU combined 53% in 2017, global biofuels production rose around 2.5% compared to 2016, reaching 143 billion liters (equivalent to 3.5 EJ). China has become the world's largest bioelectricity producer, as a generation grew 23% in 2017 to 79.4 TWh, and capacity increased from 12.1 GW to 14.9 GW.
The depletion of natural resources and fossil fuels have boosted the adoption of renewable energy across the globe. The adoption of renewable energy resources is propelled by factors such as a decline in costs of renewable energy equipment, government initiatives towards clean energy, need of energy security and independence, and increase in demand from corporate buyers.
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The global renewable energy market is segmented by type and end user. By type, the market is further segmented as Hydro & Ocean Power, Wind Energy, Solar Energy, Bioenergy, and Geothermal Energy. Hydro & Ocean Power is further divided as Wave Energy, Tidal Energy, and Other. Moreover, Wind Energy is bifurcated Offshore and Onshore wind energy production. Solar is further categorized into Solar PV and CSP. Bioenergy is segmented as Bio-alcohol, Biomass, Bio-diesel, and Others.
By geography, Renewable Energy market is segmented as North America, South America, Europe, Asia-Pacific, and Rest of the World. The market value in North America was 346 USD million in 2017, while the market value in Asia-Pacific for the same year was 103 USD million. China remained the perennial leader in commissioning new hydropower capacity, accounting for nearly 40% of new installations in 2017, and was followed by Brazil, India, Angola, and Turkey.
Siemens Wind Power GmbH & Co.KG, Sinovel Wind Group Co., ENERCON GmbH, Nordex SE, Senvion S.A., Enel Green Power, Siemens Gamesa, Renewable Energy, S.A., Ltd, Suzlon Energy Limited, UpWind Solutions, Inc., and Vestas Wind Systems A/S are key companies of the market. Key companies are making efforts to reach the untapped market, which will help them maintain their dominance throughout the forecast period from 2018 to 2025.
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