The Renewable Energy Market is poised for high growth over the forecast period on account of several factors such as depleting fossil fuel supplies, increasing cost of production, and environmental & ethical concerns. Increased Green House Gas (GHG) emissions from conventional energy sources are expected to increase renewable energy sources’ utilization. Key renewable energy sources include wind, solar, hydro, geothermal, and biofuel. Increasing aid from governmental institutions, coupled by favorable policies and regulations has played a pivotal role in market growth.
Solar and wind sources together account for a significant share of produced energy. The solar renewable energy market can be bifurcated on the basis of cell material into crystalline silicon and amorphous thin-film. Several inhibitors such as high cost of solar panels and lack of uniform sunrays’ incidence is expected to play a deterrent role in solar energy adoption. Liberalization of energy policies in Spain has resulted in high solar photovoltaic cell demand in the country. Key applications of solar photovoltaic electricity include automotive, consumer electronics, grid connected power supply, residential & commercial power supply, space applications, and water pumping. The wind power market can be segregated based on windmill axes orientation into horizontal and vertical wind turbines. The U.S., China, Germany, Italy, India, and Spain constitute key regions in the wind renewable energy sector.