Renewable Energy Sources Market is Touching New Development Level | Suzlon, Canadian Solar, Tata Power Solar Systems, Hindustan Power
Published Via 11Press : Renewable Energy Sources Industry Background: Renewable energy sources are the source of sustainable energy. Natural resources that regenerate more quickly than they are consumed are the source of renewable energy. The sun and the wind are two examples of such sources that are constantly supplied. We are surrounded by numerous forms of renewable energy. Transportation, space and water heating and cooling, and electricity generation can all be powered by renewable energy. Although renewable energy sources and green energy are usually linked, there are some slight differences between the three types of energy. Green energy comes from renewable resources, whereas clean energy doesn’t produce pollutants like carbon dioxide. Recycling-friendly energy sources are renewable energy sources.
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Even if there is a great deal of overlap among various energy sources, not all renewable energy sources are perfect or environmentally benign. For instance, some hydropower plants actively contribute to environmental degradation and deforestation.
Highlight of the Report:
| Attributes | Details |
| Study Period | 2018-2029 |
| Base Year | 2022 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Canadian Solar, Tata Power Solar Systems, ReNew Power Ventures, Suzlon, Daqo New Energy, Brookfield Renewable, Adani Renewables, Algonquin Power & Utilities Corp, Hindustan Power, Plug Power |
The market for renewable energy sources is significantly influenced by the rising concern over climate change and the need to minimize greenhouse gas emissions. Governments, businesses, and consumers are all quickly realizing how much better for the environment renewable energy is than fossil fuels. Producers in the renewable energy sector contribute to climate change mitigation by developing sustainable and clean energy sources. The desire to reduce carbon footprints and transition to a low-carbon economy is what fuels the demand for renewable energy technology. Government subsidies also encourage manufacturers to develop and erect renewable energy machinery, such as solar panels, wind turbines, and bioenergy systems. The advantage goes to manufacturers who can offer Renewable Energy Sources solutions that complement business sustainability goals.
Major players such as:
- Canadian Solar (Canada)
- ReNew Power Ventures (India)
- Suzlon (India)
- Daqo New Energy (China)
- Brookfield Renewable (Canada)
- Tata Power Solar Systems (India)
- Adani Renewables (India)
- Algonquin Power & Utilities (Canada)
- Hindustan Power (India)
- Plug Power (New York)
Breakdown by Application:
- Electricity Generation
- Water Heating and Cooling
- Transportation
By Type:
- Solar Energy
- Wind Energy
- Hydroelectric Energy
- Tidal Energy
By End User:
- Residential
- Commercial
- Industrial
- Manufacturers of renewable energy sources place a high priority on technological advancement while creating and enhancing energy generation systems.
- To increase the effectiveness, dependability, and affordability of renewable energy sources including solar, wind, hydro, geothermal, and biomass, they make investments in research and development.
- Manufacturers may provide cutting-edge solutions that satisfy the changing demands of the market by relentlessly pushing the limits of technology.
- Key firms may promote market expansion, assist in the transition to a clean energy future, and establish themselves as market leaders for renewable energy sources.
- Lifespan, a new digital product portfolio from General Electric that helps customers to maximize the performance and operations of their fleet’s renewable assets, was released on May 16, 2022.
- The Lifespan product line is fully integrated and independent of technology.
- It was developed in collaboration with operators to optimize operations.
- Due to fragmented systems, compartmentalized and inconsistent data, escalating and unpredictable costs, and personnel and component shortages, operators of renewable energy face numerous challenges.
- In order to increase revenues and save expenses across their fleets as they grow as a result of the energy shift, owners and operators will need to give up conventional tools and practices.
- Additionally, lifetime will offer an in-depth analysis of fleet and site performance, real-time command and control, and the option to convert to condition-based maintenance to maximize energy production.
- In order to manage rapidly expanding fleets, operators will be able to connect with the data and insights they need to effortlessly drive action across all elements of their company.
Regulatory Insights:
- The Central Electricity Regulatory Commission hereby adopts the following regulations for the development of the market in power from renewable energy sources through renewable energy certificates.
- This action is taken in the exercise of the powers granted under Section 178 and Section 66 read with a clause of Section 178 of the Electricity Act, 2003, and all other powers enabling it in this regard.
- The Commission may announce a date for the effective date of these Regulations in the Official Gazette.
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Influencing Trend:
- As countries and businesses search for greener and more sustainable alternatives to fossil fuels, there is an increase in the demand for renewable energy sources globally.
- Because of this increasing demand, manufacturers in the renewable energy sector have many opportunities.
- They can capitalize on this trend by growing their manufacturing capacities and developing cutting-edge technologies to meet the rising market demands.
- To keep up with market trends, producers in the renewable energy sources market must concentrate on technological advancements, cost-cutting strategies, energy storage options, and international market expansion.
Market Growth Drivers:
- The market for renewable energy sources is significantly influenced by the rising concern over climate change and the need to minimize greenhouse gas emissions.
- Governments, businesses, and consumers are all quickly realizing how much better for the environment renewable energy is than fossil fuels.
- Producers in the renewable energy sector contribute to climate change mitigation by developing sustainable and clean energy sources.
- The desire to reduce carbon footprints and transition to a low-carbon economy is what fuels the demand for renewable energy technology.
- Government subsidies also encourage manufacturers to develop and erect renewable energy machinery, such as solar panels, wind turbines, and bioenergy systems.
- When attempting to achieve business sustainability goals, manufacturers who can offer solutions for renewable energy sources have an advantage over their competitors.
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Restraints:
- Wind and solar energy are sporadic energy sources that are affected by the time of day and the weather.
- Businesses find it difficult to deal with this intermittent power since they need to maintain a reliable and steady power source for their industrial processes.
- It can also be challenging and expensive to integrate renewable energy into existing power networks, needing infrastructural modifications and grid balancing procedures.
- The market for renewable energy sources is becoming more and more competitive due to the large number of providers vying for market share.
- This competition’s impact on prices could result in lower manufacturer profit margins.
- Making unique value propositions is essential since it may be challenging for businesses to differentiate their products or services in a crowded market.
Opportunities:
- With the increase in world population, so does the demand for energy to power our homes, places of work, and communities.
- Innovation and increased use of renewable energy sources are necessary to maintain a sustainable energy level and stop climate change.
- According to the International Energy Agency (IEA), renewable energy sources will produce 30% more electricity globally by 2024 than they do now (26%).
- The capacity of solar energy is anticipated to rise by 600 gigawatts (GW) by 2024, nearly tripling Japan’s installed total electricity capacity.
- By 2024, it is expected that Renewable Energy Sources would have increased by 1200 GW overall, which is equal to the US’s entire electrical capacity.
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