Published on : Jan 12, 2016
Around the world, the awareness regarding global warming and other climate change problems is rising. People are becoming more aware regarding the undeniable need to address climate change. The effects of global warming can be witnessed across the globe. Moreover, several countries are now struggling with major air pollution issues that are causing hundreds of thousands of deaths. In China, the issue of smog choking has particularly gained a lot of attention. This growing awareness regarding climate change and the need to address is projected to benefit the global green energy technology market significantly in the coming few years.
This trend has led to countries participating in several major climate change initiatives such as the Kyoto Protocol and Mission Innovation. Besides this trend, several other trends are driving the demand for green energy technologies. The rising need for energy security is another key driver of the global green energy technology market. The amount of fossil fuels is depleting. These were the primary source to generate electricity in the past. However, the rising focus on renewable energy is changing the market dynamics. Every year, the share of the solar sector in the world energy market is rising. Other sectors such as wind energy and hydro power are also witnessing rising share.
The global green energy technology market will also benefit from the growing reliability on green energy sources and associated technologies. Gone are the days when solar or wind technologies were considered unreliable. In many regions of the world, major projects implemented by government and other organizations are focused on the generation of electricity using solar and wind. Moreover, many small businesses and homeowners are increasingly setting up technologies for their personal or business use. Green energy makes sense both in the business and environment sense. For example, solar panels help consumers get off the grid and they also don’t emit any greenhouse gas emissions making them safer for the environment and thereby to the human health.
The global green energy technology market driven by the aforesaid trends and will enjoy significant growth in the coming few years. Nevertheless, there are still many challenges the market has to overcome to ensure an even stronger growth. One of the key restraint of the global green energy technology market is the higher relative costs associated with green energy technologies.