Fatpos Global has published a research named “Renewable Energy Market – Analysis of Market Size, Share, and Trends for 2014 – 2018 and Forecasts to 2030,” which predicts that the market would be worth USD 2252.72 billion by 2030. According to a Fatpos Global report, the market is expected to grow at a 7.08 percent CAGR between 2019 and 2030.
According to the study, the Global Renewable Energy market is predicted to develop in the future due to growing emissions of greenhouse gases and carbon dioxide for energy production after the usage of fossil fuels.
Furthermore, since fossil fuels are rare on Earth, their costs fluctuate, promoting the renewable energy industry. Continuous government efforts and financing in the renewable energy industry, as well as technological advancements, are also propelling worldwide market development.
“Renewable energy sources such as wind, solar, hydroelectric, and others are naturally sustainable. It creates electricity that, unlike fossil fuels, is not connected with any greenhouse gas emissions, and it also helps to decrease air pollution to some level. Renewable energy offers a diverse source of energy, reducing reliance on imported fossil fuels that are environmentally favorable and replenishable in nature. Being a labor-intensive technology, renewable energy also contributes to economic growth and job creation in installation, manufacturing, and so on,” stated a Fatpos Global senior analyst.
Renewable energy is derived from natural resources or sources that can be regenerated naturally, such as wind, sun, geothermal heat, waves, and so on. Renewable energy is often used to power transportation, electricity production, water and air heating/cooling, and rural energy services (off-grid).
By replacing filthy fossil fuels in the power grid, renewable energy reduces carbon dioxide and other forms of pollution emissions. Renewable energy sources include wind energy, solar energy, biomass energy, geothermal energy, hydroelectric power energy, and others.
The renewable energy business is a growing sector of the energy industry that focuses on advanced and suitable renewable energy technology. Renewable energy is a more labor-intensive business than fossil fuels, therefore a shift to the industry offers more job prospects.