Renewable Energy Technologies Market
                     Renewable Energy Technologies Market New Business Opportunities to 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.
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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.
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.
Market Outlook
•The IEA expects renewable energy to equal coal and natural gas electricity generation
costs by 2040. A number of countries such as Denmark, Australia, Germany, and the
U.S.  are increasingly adopting renewable sources of energy, in order to suffice the
energy demands. For instance, according to the IEA, in 2015, wind energy met around
42% of the total electricity demand in Denmark, 23.2% in Portugal, and 15.5% in
Uruguay.  Solar  water  heaters  play  an important  role  in  contributing  towards  the
adoption of renewable energy for heating, with China contributing to around 70% of
the global total of solar water systems. Globally, the solar water heating systems meet
a portion of the water heating needs of over 70 million households.
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Key Players
Major  players  operating  in  the  renewable  energy  technology  market  include  Innergex
Renewable  Energy  Inc,  Infigen  Energy,  Goldwind,  First  Solar,  Inc.,  Aventine  Renewable
Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, LTD.,
Vestas Wind Systems A/S, SMA Solar Technology, AG, and Ocean Power Technologies, Inc.
amongst others.
Market Taxonomy
On the basis of energy type, the global renewable energy technologies market is segmented
into:
•Solar
•Wind
•Tidal
•Geothermal
•Hydroelectric
•Others
On the basis of application, the global renewable energy technologies market is segmented
into:
•Residential
•Non-Residential
•Others
On the basis of region, the global renewable energy technologies market is segmented into:
•North America
•Europe
•Asia Pacific
•Latin America
•Middle East
•Africa
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