Key
green energy technologies include solar photovoltaic (PV),
hydropower, bio-fuels, wind energy, and geothermal. Demand for green
energy has gained significant traction over the past decade led by
growing environmental issues associated with conventional sources of
energy and need for energy security. The recent spurt in government
support and favorable regulations across countries such as China,
Germany, the U.S., India, France and the UK has led to increasing
investments in the renewable energy market. According to the European
Commission, the European Union aims to obtain 20% of energy from
green sources by 2020. This led to high growth in adoption of green
energy technology in Europe during the last few years. Higher mix of
green energy in the energy portfolio would enable the region to
significantly reduce GHG emissions and decrease dependence on
imported energy. A gradual shift in investments over the coming years
towards a green energy portfolio is necessary to avoid and major
damage to climate.
In-depth
research report on Global Green Energy Market with Full TOC at :
http://www.transparencymarketresearch.com/green-energy-market.html
Transparency
Market Research, a leading U.S. based market research firm, analyzes
the global market for green energy and expects a compounded annual
growth rate (CAGR) of 8.3% for the period 2013 to 2019. According to
this research, during the coming years, the adoption of green energy
is anticipated to be driven by the increasing government regulations,
increased reliability and reducing cost for green energy.
Growth
in demand for newer technologies, services and processes is
anticipated to emerge out of the ongoing shift towards greener energy
resources. Additionally, energy consumption has been growing
globally. According to the World Energy Outlook, energy consumption
would rise by almost 60% over the next 25 years; developing countries
are anticipated to account for majority of the growth. This has
raised the concerns related to energy security. Use of green energy
sources provides a sustainable way to address the energy security
issue. Thus, energy security issue is anticipated to be key driver
for the growth of green energy market during the coming years.
Furthermore, there has been a significant reduction in prices of
green energy such as wind and solar due to technology upgrades and
increased competition. The levelized cost of electricity (LCOE) for
green energy technologies such as solar and wind are increasingly
becoming more competitive to traditional non-renewable energy
sources. The reduction in costs associated with providing green
energy has made it economically more viable.
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Despite
cost reductions in recent years, the green energy sources are still
relatively costlier. Particularly, a larger upfront cost associated
with green energy sources as compared to conventional sources is a
major hindrance to growth. Also, the competiveness of green energy
sources against traditional non-renewable sources also depends on the
policy framework and the market in which it is being operated. Often,
governments across the globe offer subsidies on traditional energy
sources which make it difficult for green energy to compete
cost-effectively. The key players in green energy market are
increasingly investing in research and development efforts to enhance
efficiency and decrease cost of green energy products. Europe was the
biggest market for solar power, while Germany was the major country
dominating the solar energy market in 2012. Major installations of
solar power plants have been taking place in countries such as China,
Japan, India and Australia. Further, demand for solar power is also
boosted by growing adoption of the technology by residential
end-users. The U.S. had the leading total installed capacity for wind
energy in 2012, followed by China. Other major economies for high
wind energy capacity installations include Germany, India, Spain and
Italy.
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