Sustainable Energy is the form of energy that is used in an appropriate manner in order to reduce environmental risk and without compromising its future needs. Using sustainable energy to meet the requirement for electricity, heating, and cooling power for transport is considered as one of the biggest challenges. The global renewable energy industry is expected to grow significantly owing to the increasing emission of greenhouse gases due to the utilisation of fossil fuels which as a result boosts sustainable energy market growth. The Indian renewable energy sector is ranked fourth to be the most attractive industry. India occupies 4th rank in wind power energy while 5th in solar power energy capacity.
The global renewable energy market is experiencing an upsurge and is expected to reach USD 1,512.3 billion by 2025 registering a CAGR growth of 6.1 %.
Global sustainable energy market segmentation by Type:
- Hydroelectric Power
- Wind Power Energy
- Solar Energy
- Geothermal Energy
Hydroelectric Power Energy is considered to be the most advanced, efficient, and cost-effective source of energy, and it covers the largest share of energy production in the Asia-Pacific region and is expected to dominate the energy production sector. Whereas Geothermal energy sources are also said to be reliable because the amount of heat extracted during energy production is much less than the heat below the earth thus, the low emission feature is one of the major drivers for the renewable energy sector. The solar energy industry is additionally expected to witness the highest growth rate during the forecast period.
- Increased Gas emission
- Limited Fossil Fuels
- Huge Investment
- Government Funding
- Continuous Technology Advancement
The major driver for the sustainable energy market is gas emission and limited fossil fuels which are used as the energy production source but fossils are limited and its environment impact is also noticeable.
The rapid industrialization is boosting the renewable energy industry, as in 2019 renewable energy sources replaced coal by providing 23% of total US power generation. Using sustainable energy for electricity generation is presently a well-focused area in this sector. The funds provided by government in order to meet the needs of electricity, heating power and cooling are prompting the growth of energy production sectors and province vast range of opportunities for future.
Based on the regional segmentation Asia-Pacific region had emerged as a global leader in 2017 and expected to continue its dominance because of raising industrialization in the region. Presence of developing countries like China and India boost the energy production owing to the raising population and industrialization.
Countries like China are aiming to reduce their dependency on availability of fossils and preferring to adopt renewable sources for energy production. North America is also evolving as a result of presence of progressive and leading companies in the region and the Increasing demand for clean energy.
The global sustainable energy market is experiencing huge growth and expansion presently and is expected to continue the same because of the rapid industrialization and future opportunities made by government in order to promote the use of renewable energy sources, but the high investment need is restraining the growth of market in some regions while, in others renewable energy sources are being adopted to overcome the shortage of fossil fuels in order to fulfil their electricity requirement. According to reports the investment in India’s sustainable energy industry is also doubled which shows its high inclination towards this sector which is expected to drive the sustainable energy market growth during forecast period.