Renewable Energy Market Dynamics:
A study says that the COVID-19 pandemic and the resulting lockdowns brought the whole world’s economies to a standstill and dealt quite a blow to the supply chain dynamics to all industries worldwide. Due to this pandemic, renewable energy industry also suffers from various setbacks. Through this article we will try to give you a proper picture of renewable energy industry after COVID-19.
Major Growth driver of the RE industry is the never ending fuel and energy demand and limited source of fuels. Other then this the global warming will also be the door opener for the RE industry. Increasing heat in environment required an immediate action to turn everyone face towards renewable. The growing cost of the fuel also makes renewable energy sources look more and more desirable.
To reduce the carbon footprint, every country is going with renewable energy and taking that in consideration. As per the market traction toward the RE industry, investors are also coming in picture and showing their interest. After consequent boost in investments, this will bring the desired opportunities flooding into the renewable energy market boost the renewable energy market value.
High cost involvement for generating renewable energy is a major challenge. Although the technology advantages creates a way to get out of this problem in a lover cost. Due to COVID-19 we are facing many challenges like miss management of supply chain and unavailability of raw material due to witch the delay comes in place for installation.
Global renewable energy market segmentation by source
- Wind power
- Solar energy
- Geothermal energy
Global renewable energy market segmentation by application
- Electricity generation