COVID-19 Impact on Renewable Energy Market and How It Is Influencing Our Environment?

The corona pandemic is creating a hindrance to global economic growth. The nationwide lockdown called in corona infected countries has disrupted the operations in various industries. The power sector is among the segments severely influenced because of across the country lockdown reported in COVID-19-infected nations.

• As per the IEA Oil Market Report – April 2020, worldwide oil demand is relied upon to fall by a record 9.3 MB/d year-on-year in 2020.
• Europe has confronted a record breakdown in power costs. In numerous European nations, power costs have turned negative.
• Europe has confronted a record breakdown in power costs. In numerous European nations, power costs have turned negative.

The IEA estimates the worldwide oil is down around 90,000 barrels per day in 2019. The global renewable energy market size is projected to grow to USD 226.1 billion by 2021. As a sustainable power source is a best and eco-friendly substitute to oil, the demand for sustainable power source and related projects is probably going to surge in near future.

The wind energy market is anticipated to grow as the world’s critical source of sustainable power generation by 2025 and is to expect a major role in decarbonizing the power segment and improving flexibility. Harvesting energy from wind has been done for a long while, yet just over the most recent years that it increasingly grew concerned about worldwide environmental change. The use of wind power has arrived at a point where it has become a noticeable contributor to the world’s renewable energy sources.

The exhausting petroleum derivative sources, declining cost of wind power generation, developing affectability toward natural issues, and backing from different governments over the world favoring the wind energy market.

APAC dominates the renewable energy market because the region has dominated the sustainable power source market with the utmost grown limit of around 1000 gigawatts and producing more than 2000-terawatt hour of electricity. China is the ruling nation in the region, with a greater part share in power generation from renewable sources.

China and India are two major renewable energy markets in the region, making it dominate the market development in the APAC region. Most of the global solar PV manufacturers are based in China. These organizations are expected to open their operations in light of restricted COVID-19 cases in China. This is probably going to drive the renewable power source market in the region where North America and Europe are still under severe lockdown guidelines.

Rising atmospheric awareness globally has prompted increment in concerns with respect to the carbon impressions. The sustainable power source is a reasonably greener substitute to the carbon-based energy sources and goes far in cultivating the world’s assurance to execute sustainable energy sources objectives by 2030. These worries overall are set to fuel the market. Moreover, the prominent focus of the world in extracting energy from modern sources like the Sun, wind, and tides among others by creating advanced innovation and reduced cost presents a higher potential for the development of the market. The wind energy market is the most rigorously growing market segment in the renewable energy market industry. COVID seems to be hampering the growth of the market due to the disruptions in the supply chain and delay in projects due to nationwide lockdowns in the infected countries, although these effects are short term. Furthermore, apart from the hindrance created by COVID, APAC seems to be dominating the renewable energy market due to its vast producing capacity and industrial favoring infrastructure.