Renewable Energy Industry

Future Scope of Renewable Energy Industry

Renewable energy is energy derived from renewable resources that are naturally replenished on a human timescale, including climate-neutral sources such as sunlight, wind, rain, tides, waves, and geothermal energy. The term often also includes biomass, the climate-neutral status of which is being discussed.

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Some of the key players of Renewable Energy Industry:

ABB Ltd., General Electric (GE), The Tata Power Company Limited (Tata Power), Innergex, Enel Spa (Enel), Xcel Energy Inc. (Xcel Energy), EDF, Geronimo Energy, Invenergy, and ACCIONA, Vestas Wind Systems A/S, UpWind Solutions, Inc., Senvion S.A., and Sinovel Wind Group Co., Ltd., ENERCON GmbH

Renewable energies often provide energy in four important areas: power generation, heating / cooling of air and water, transport and rural (off-grid) energy services. Based on REN21's 2017 report, renewable energies contributed 19.3% to human energy consumption worldwide and 24.5% to their electricity generation in 2015 and 2016. This energy consumption is made up of 8.9% from traditional biomass, 4.2% from thermal energy (modern biomass, geothermal and solar heat), 3.9% from hydropower and 2.2% from wind, solar, geothermal and other forms of biomass shared biomass. Global investments in renewable technologies totaled more than $ 286 billion in 2015.

In 2017, global investment in renewable energy was $ 279.8 billion, with China accounting for $ 126.6 billion or 45% of global investment, the US $ 40.5 billion and Europe $ 40.9 billion. USD. There are an estimated 7.7 million jobs in the renewable energy industry worldwide, with solar photovoltaics being the largest employer for renewable energy. Renewable energy systems are quickly becoming more efficient and cheaper, and their share of total energy consumption is increasing. As of 2019, more than two-thirds of the world's newly installed electricity capacity was renewable. The growth in consumption of coal and oil could end by 2020 due to the increasing uptake of renewables and natural gas.

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