Published on : Aug 11, 2016
The depleting fossil fuels has left governments, industries, and people looking for other alternative options for sources of energy. An increasing number of countries are increasing their investments in the renewable energy market. Green energy such as solar photovoltaic, hydroelectric, bio-fuels, geothermal, and wind have become popular. This is because the prices of installing and operating green energy plants are significantly lower than conventional sources of energy.
According to a report published by Transparency Market Research (TMR), the global green energy market is expected to rise from US$470.1 bn in 2012 to reach US$831.9 bn by 2019. It is anticipated to expand at a CAGR of 8.30% from 2013 to 2019.
Hydroelectric Power to be Key Energy Type Segment in Future
The hydroelectric power segment led in the market not only in the past but is also expected to lead in the coming future Large pre-installed base capacity is behind the success of the hydroelectric power energy segment. However, the solar PV sgement is likely to be the fastest growing renewable source of energy in the future. The increasing demand for solar PV is owing to increased efficiency and declining costs. Solar PVs are also being increasingly installed by small-scale industries and consumers.
Asia Pacific to Lead in Global Green Energy Market
Asia Pacific is expected to replace North America in terms of being the key revenue generator in the coming years. The demand for energy is rapidly increasing in Asia Pacific owing to technological improvements and higher spending power of the people in the region. This has created a critical need for generating power in an eco-friendly manner. The government of various countries such as China, Japan, and India are striving hard and investing huge amounts on green energy technology.
Countries such as Thailand, Malaysia, the Philippines, and Indonesia are also expected to come in the forefront and adopt green energy options in the future.