Worldwide Renewable Energy Markets, Technologies, Trends, and CAGR Projections, 2017-2023 - Solar Power (PV, CSP) Expected to Be One of the Fastest-Growing Renewable Technologies

  • Aug 21, 2019
  • PR Newswire

DUBLIN, Aug. 20, 2019 /PRNewswire/ -- The "Renewable Energy: Technologies and Global Markets" report has been added to's offering.

Renewable energy sources have had a strong decade of growth. In 2009, they contributed about 10% of global primary fuel supplies. However, the market environment for renewable energy is likely to be more challenging in the years ahead.

As the prices for some renewable energy sources become more competitive, suppliers will be forced to compete. As the price of natural gas declines, the wind power industry, in particular, will be challenged to find ways to lower prices, even as future projects focus on more expensive offshore installations.

Solar power, with its much larger customer and manufacturing base, will be able to respond more quickly, although declining prices and margins will be difficult for suppliers just as the declining business volume will be for the wind power industry. The workhorse of renewable energy - hydro-power - will continue to grow mainly due to contracts signed and financing secured before the recent recession.

China's 13th Five-Year Plan aims to reduce emissions of harmful gases into the atmosphere by producing electricity using renewable resources. The country is expected to remain a key driving factor for the Asia-Pacific market over the forecast period. Additionally, increasing governmental interventions to promote electricity generation using renewable resources in India are expected to contribute to the growth of the regional market over the forecast period.

Regional demand for renewable electricity in Europe is expected to increase mainly due to government policies, particularly in Germany, France, and the U.K.

Efforts to reduce or minimize reliance on conventional energy resources such as oil, natural gas and coal due to growing environmental hazards caused during their use for power generation are expected to remain a key driving factor for the global market. In addition, governmental support in the form of tax benefits and financial incentives in nations such as the U.S., Germany, Iceland, France, the U.K., China, and India is expected to drive production of renewable energy. However, the high costs associated with renewable energy production are expected to hinder market growth over the forecast period.

Hydroelectric has emerged as the leading renewable energy technology, followed by wind power. However, hydroelectric is one of the slowest-growing renewable resources as the industry has shifted its focus toward developing other high-growth technologies such as solar, wind, and ocean. Solar power, including solar photovoltaic (PV) and concentrated solar power (CSP), is expected to be one of the fastest-growing renewable technologies.

Chapter 2 Summary and Highlights

Chapter 3 Global Renewable Energy Market Overview

Chapter 9 Liquid Biofuels for the Transportation Sector

Chapter 10 Factors Influencing Demand for Renewable Energy

Chapter 12 Challenges to Renewable Energy Adoption

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