Renewable energy is the energy that does not get vanished and can be used again and again. Rising problem of the energy crisis has led to the increase in the usage of renewable energy. Some of the major renewable energy sources are sun, wind, water, and biogas. They have zero tendencies for carbon emission.
Key players in the global market for renewable energy are Enel Green Power, Vestas Wind Power A/S, Calpine Corporation, Yingli Solar, and Pelamis Wave Power.
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The global renewable energy market is likely to have a huge growth in coming future. Rising concern about the safety and security of the environment is the main reason that has driven the growth of the global market. Similarly, growing problem of the energy crisis is also boosting the growth of the global renewable energy market. Additionally, cost effective bills of the energy are also driving the global market growth. Moreover, increased job opportunities are also powering the growth of the global renewable energy market.
On the other hand, growing unawareness among the people is the main reason hampering the growth of global renewable energy market. High cost for the installation of the renewable energy devices and set up is one of the reasons that are decreasing the growth of the global market. In addition to this, high cost of ownership is also one of the significant reasons that are restraining the growth of the global market. The huge transportation charges are also one of the main reasons that are hindering the growth of the global market.
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Based on the types of types, the global renewable energy market is mainly classified as solar, biofuels, geothermal, hydropower, and wind power.
The solar energy is further divided on the basis of products into the crystalline thin film, silicon, and others. The biofuels are further segmented on the basis of products into as biodiesel and bioethanol. The geothermal energy is further bifurcated on the basis of applications direct use and power generation. The wind power is further classified on the basis of technology into as vertical and horizontal axis wind turbines.
On the basis of area, the global market is bifurcated into Latin America, Europe, North America, Asia-Pacific, and Rest of the World.
Area-wise, the global market for renewable energy is significantly segmented into North America, Asia-Pacific, and Rest of the World. Rising concern about the safety and security of the environment is boosting the global market in the U.S and Canada. Growing problem of the energy crisis in countries such as Indian and China is lowering the global market in Asia Pacific. Increasing demand from the industry for renewable energy devices has elevated the global market in Germany and France.
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