Renewable Energy Technologies Market Industry Outlook By 2026 With Top Vendors Innergex Renewable Energy Inc, Infigen Energy, Goldwind, First Solar, Inc., Aventine Renewable Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, L

Renewable energy technologies convert the energy that is collected from renewable sources of energy such as the Sun, wind waves, and geothermal energy amongst others into electricity, fuel, and heat. Renewable energy technologies are used for vital purposes such as generation of electricity, especially for rural electrification in emerging economies such as India and China amongst others, for heating and cooling of water, and for transportation. Sources of renewable energy are present in most of the geographical areas, as compared to non-renewable sources of energy, which are present only in few countries in limited quantities. Renewable energy, being an efficient source of energy, is widely being adopted.

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Market Dynamics

The changing climatic conditions that has resulted in global warming, unstable oil prices, and increasing government support for the use of renewable sources of energy are spurring renewable energy legislations, incentives provided by governments, and commercialization of these sources of energy. Rising government spending, regulations associated with the use of non-renewable sources of energy, and policies are some of the major factors that are expected to drive growth of the renewable energy technologies market.

Market Trends

The solar energy segment is expected to be the most dominant technology type in the global renewable energy technology market over the forecast period. This is due to the surplus availability of sunlight and the ease with, which the sunlight can be converted into energy with the help of modules. Hence, many economies are harnessing solar energy to meet their energy requirements. According to the International Energy Agency (IEA), China installed around 34 GW of solar based modules in 2016 so as to become a leading player in this segment.

Market Outlook

The IEA expects renewable energy to equal coal and natural gas electricity generation costs by 2040. A number of countries such as Denmark, Australia, Germany, and the U.S. are increasingly adopting renewable sources of energy, in order to suffice the energy demands. For instance, according to the IEA, in 2015, wind energy met around 42% of the total electricity demand in Denmark, 23.2% in Portugal, and 15.5% in Uruguay.

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Key Players

Major players operating in the renewable energy technology market include Innergex Renewable Energy Inc, Infigen Energy, Goldwind, First Solar, Inc., Aventine Renewable Anwell Technologies Ltd., SunPower Corporation, Yingli Green Energy Holding Co, LTD., Vestas Wind Systems A/S, SMA Solar Technology, AG, and Ocean Power Technologies, Inc. amongst others

Market Taxonomy

On the basis of energy type, the global renewable energy technologies market is
segmented into:

Solar
Wind
Tidal
Geothermal
Hydroelectric
Others

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