Renewable energy is basically the energy derived from various natural sources such as wind, sunlight, and water. As these energy sources are continuously replenished, the energy produced from these sources is called renewable energy. These energy technologies are rapidly growing all over the world, on account of their eco-friendly characteristics and greater cost-effectiveness in various remote, off-grid, and grid applications across the globe. Furthermore, the adoption of renewable energy reduces the requirement of fuel imports, which, in turn, helps the government of many countries in reducing their expenditure on imports.
The increasing concerns raised over the soaring pollution levels and global warming are the key factors responsible for the ballooning popularity of renewable energy throughout the world. Besides these, the increasing power generation capacities and falling costs of renewable energy sources and the growing usage of battery storage are also contributing massively toward the increasing demand for renewable energy across the world. Furthermore, the soaring investments being made in clean energy are pushing the utilization of renewable sources for power production.
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Hence, with the growing adoption of renewable energy across the world, the global renewable energy market will exhibit huge expansion in the upcoming years. Solar energy, wind energy, bioenergy, and hydropower are the most commonly used types of renewable energy all over the globe. Out of these, the utilization of solar energy is currently very high, on account of the rapidly declining costs of the photovoltaic (PV) panels and other components used in solar power systems. In addition to this, the governments of many countries are providing incentives and introducing feed-in tariffs for promoting the adoption of solar energy.
Globally, the renewable energy market is currently exhibiting rapid expansion in Asia-Pacific, as per the observations of P&S Intelligence, a market research firm based in India. This is attributed to the rising environmental concerns raised over the usage of fossil fuels for energy generation, increasing urbanization, and the rapid economic growth of various developing nations of APAC such as India and China. Furthermore, several countries in the region are rapidly adopting the auction system, which is a competitive selection process as compared to the conventional feed-in-tariff policy mechanism and implementing regulations for promoting the use of renewable energy.
Therefore, due to the growing pollution levels, rising enactment of favorable government policies in several countries, soaring investments being made in the clean energy industry, and the declining prices of various devices used in renewable energy systems, the adoption of renewable energy will increase tremendously all over the world in the future years.
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