Renewable Energy Market

1. Renewable Energy Market Renewable source of energy is generated from processing natural resources such as wind and sunlight. The energy is being used in transportation, heating, lighting, cooling and more. It collectively contributes approx seven per cent of the global demand for energy. However, people prefer fossil fuels more than renewable energy resources as it cheaper. The global renewable energy market size is predicted to increase steadily in the next years, reaching 1.1 trillion dollars by 2027. Environmental concerns about fossil fuels, growing urbanisation, and economic expansion in emerging nations are all key factors influencing market growth projections. Increased usage of technological breakthroughs such as automation, artificial intelligence, and blockchain will further boost renewable capacity deployment by lowering costs and making new energy infrastructure integration easier. This will contribute to increasing the renewable energy market size. There are many types of renewable energy. Some of them are mentioned below: 1. Solar Energy: Solar cells, are built of silicon or other materials that convert sunlight into electricity directly. Homes and businesses can generate electricity via distributed solar systems, either on rooftops or as part of community projects. Solar farms, which use mirrors to focus sunlight across acres of solar cells, may power thousands of homes. 2. Wind Energy: Wind energy is generated with the help of a turbine. The turbine is moved by wind, and the energy is captured by an electric generator and produces electricity. In many places of the country, the wind has become the cheapest energy source, accounting for just over 6% of the total United States generation. 3. Geothermal Energy: Radioactive particles in rocks at the planet's core cause the earth's core to be very hot. Hydrothermal energy is created by pumping very hot water from deep into the earth and then passing it through a turbine to make electricity. 4. Biomass Energy: Organic biomass includes crops, waste wood, and trees, all of which come from plants and animals. When biomass is burned, chemical energy is released as heat, which may be used to power a steam turbine to generate electricity. However, there are many reports indicating that it causes more harm to the environment than fossil fuels.

2. 5. Tidal and Wave Energy: Tides in the ocean are created by the gravity of the moon and sun as well as by the rotation of the earth then the energy is captured for generating energy. It is an expensive system to install. Renewable energy also sometimes referred to as clean energy help to maintain and healthy environment. Renewable source of energy is in the growing stage. As technology advancement increases, the cost is expected to reduce and contributes toward a clean energy future. Some popular companies that make Communication Technology Market Reports are Strategy Here (USA), ASE Market Intelligence (UK), Cascade Insights (USA), SIS International Research (USA), Aware (UK), Evalueserve (Switzerland), Competia (Canada), Die Denkfabrik (Germany), Fletcher/CSI (USA), Fuld + Company (USA), Aqute Intelligence (USA) and many more.