Clean energy is derived from natural sources such as wind and sunlight. Solar, geothermal, wind, bioenergy, hydropower, and ocean power are some of the major sources of renewable energy. Currently, clean energy is utilized in heating, electricity, cooling, and transport sectors. Clean energy collectively provides around 7% of the world’s energy demand. Clean energy is relatively more expensive than fossil fuel. Several factors are responsible to drive the usage of renewable energies, the most crucial being the attribution of global warming due to carbon dioxide (CO2) emission from the combustion of fossil fuels. The concern about the reduction of greenhouse gas emissions, increase in search for energy security along with the aversion to traditional nuclear power, and lack of progression in the application of the nuclear power are expected to drive the demand for geothermal power market during the forecast period. Governments of various developing and developed countries have focused on promoting clean energy sources due to increase in output efficiency, less pollution, and low maintenance costs.
Key Trends
The key trends in clean energy technology are the use of renewable energy sources, the development of more efficient ways to use energy, and the use of cleaner energy sources.
Renewable energy sources, such as solar and wind power, are becoming more popular as technology improves and the costs of these sources decrease. In addition, more efficient ways to use energy are being developed, such as better insulation and energy-efficient appliances. And finally, cleaner energy sources, such as natural gas and nuclear power, are becoming more popular as alternatives to fossil fuels.
Key Drivers
There are various renewable sources of energy such as wind, hydropower, solar, geothermal, and bioenergy. The rising awareness regarding the harmful effects of the fossil fuels on the environment, rising government initiatives to promote the adoption of clean and green energy, rising public and private efforts to curb carbon emission, and growing adoption of the green energy among the consumers are the major factors that are expected to foster the growth of the global clean energy market. The rising industrialization and urbanization in the developing countries across the globe is expected to drive the demand for the various clean energy sources like geothermal energy and solar energy during the forecast period.
The increasing developments in the technology are resulting in the decline costs of the clean energy and the increasing competitiveness of the battery storage systems is positively impacting the growth of the clean energy market. The government in various developed and developing economies is offering subsidies to the corporate sector to shift towards the clean and green energy in order to promote sustainability and preserve the environment. These factors are prominent in the growth of the clean energy market across the globe.
Key Players
The clean energy market includes players such as ABB Ltd (Switzerland), Acciona, S.A. (Spain), Enel S.p.A. (Italy), General Electric Company (U.S.), Innergex Renewable Energy Inc. (Canada), INVENERGY (U.S.), Siemens Gamesa Renewable Energy, S.A. (Spain), Suzlon Energy Limited (India), Tata Power (India), and Xcel Energy Inc. (U.S.).
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