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Renewable energy, frequently referred to as clean energy, emanates from processes or sources that are natural and that are continuously recharged. For instance, sunlight or wind keeps shining and blowing even if the obtainability relies on time and weather. While renewable energy is frequently considered a contemporary technology, making use of the power of nature has been utilized for transportation, heating, and lighting. The wind has energized boats to sail the sea and windmills to grind the grain.

Now that there are growingly innovative and cost-effective ways to seize and retain wind and solar energy, renewables are becoming a more significant power source accounting for more than one-eighth of generation by the US. The augmentation in renewables occurs at large and small scales, from rooftop solar panels on homes that can sell power back to the grid to colossal offshore wind farms. Even some whole rural communities depend on renewable energy for lighting and heating.

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Growing global warming is attributable to an increase in the usage of renewable energy

Many factors are accountable for pushing the usage of renewable energies, the most critical being the diagnosis of global warming due to the CO2 emissions from the kindling of fossil fuels. The worry about the depletion of greenhouse gas emissions, growth in search for security of energy and repulsion to conventional nuclear power, and the shortage of advancement in the application of nuclear power are anticipated to drive the renewable energy market.

Falling costs have been a substantial component in the burst of renewable energy. Since 2010, the cost of solar photovoltaic electricity has plummeted by 85%, and the costs of both offshore and onshore wind electricity have been slashed by about half. These renewable sources are now cost-competitive, with electricity powered by fossil fuels.

The Asia Pacific to rise as a region having a substantial market share

Asia Pacific renewable energy market size is projected to grow during the forecast period and is responsible for a significant portion of the market share. The region is responsible for more than half of the global energy consumption due to the growth in industrialization and population. The renewable energy market has evolved considerably in countries like India and China. China became the world’s most extensive producer of bioelectricity and one of the prominent players in hydropower, onshore, wind power, and solar photovoltaic.

Hydropower advancements have a direct impact on developing countries

Depending on the type, the hydroelectric power segment was the biggest revenue generator due to a significant amount of hydropower advancement in Brazil. The rise in investment in off-grid energy generation and rural electrification in developing countries like China, India, and Brazil has escalated the demand for hydropower plants that are small. 

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The renewable energy market has been negatively influenced because of the covid-19 pandemic. The pandemic gravely impacted wind turbine manufacturing in countries like Germany and China. In the high wind season, organized sustenance has become a prominent issue in industry players due to the decreased labor force and social distancing restrictions.

Some of the major players operating in the global market include ABB Ltd., ACCIONA, Canadian Solar Inc., EDF, Enel SPA, First Solar Inc., General Electric, co., Geronimo Energy, Iberdrola SA, Innergex, Nordex SE, Orsted A/S, Siemens Gamesa, Sunpower Corp., The Tata Power Company Limited (Tata Power), Vestas Wind Systems, and Xcel Energy Inc.

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In April 2021, Walmart declared the execution of the 6.5 MW solar energy systems across seven California stores advanced by Sol Customer Solutions. The portfolio involved a combination of solar energy systems positioned on parking lot carports and rooftops, which fared around USD 10 million. The Bank of America constituted a tax equity partner.

Renewable energy market: By type

Renewable energy market: By end-use

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