- What you need to know...
- With the changing geopolitical scenario in the oil and gas supply markets in the Middle East, renewable energy is turning out to be a bright area in the global energy economy.
- In the past couple of years, renewable market growth rates were higher when compared with conventional fuel market rates due to the rise in penetration of renewable energy and development of this market.
- Renewable energy is being utilized in power generation, transport fuels, rural/off-grid power supply, and heating and cooling.
Renewable Industry Briefing
Historically, small hydropower, biomass, and biogas have been the dominant renewable technologies. However, in the past 15 years, wind and solar have become prevalent and are expected to be the leading renewable power sources during the forecast period.
Apart from small hydropower, the growth of all the other renewable technologies is expected to be significant, and wind and solar are expected to make the largest contribution to the total installed renewable energy capacity.