Renewable energy is basically the energy derived from various natural sources such as wind, sunlight, and water. As these energy sources are continuously replenished, the energy produced from these sources is called renewable energy. These energy technologies are rapidly growing all over the world, on account of their eco-friendly characteristics and greater cost-effectiveness in various remote, off-grid, and grid applications across the globe.
Furthermore, the adoption of renewable energy reduces the requirement of fuel imports, which, in turn, helps the government of many countries in reducing their expenditure on imports.
“As per the Statista report in 2004, clean energy investment totaled just over $45 billion, which increased to $279.8 billion in 2017”. This huge rise in investments has caused a sharp surge in the global clean energy industry over the last few years. Out of all the countries in the world, the U.S. is making considerably huge investments in the renewable energy sector. The country made investments worth $64 billion in various renewable energy initiatives in 2018.
Utility, industrial, commercial, and residential sectors are the major application areas of renewable energy. Amongst these, the utility sector is presently registering significantly high usage of renewable energy systems, because of the huge requirement of clean energy for reducing CO2 emissions in several countries.
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The utilization of clean energy is also being observed to be very high in the commercial and residential sectors, primarily because of the declining prices of PV cells and the subsequent reduction in retail electricity costs across the world.
Therefore, due to the growing pollution levels, rising enactment of favorable government policies in several countries, soaring investments being made in the clean energy industry, and the declining prices of various devices used in renewable energy systems, the adoption of renewable energy will increase tremendously all over the world in the future years.
