Future Scope of Renewable Energy Market
As the majority of the population stays at home and works from home, the demand for energy from the residential and commercial sectors is constantly growing. As a result, adopting new technology is projected to be cost-effective for both businesses and end consumers.
With the rising investments in the industrialization and urbanization, the demand for the sustainable energy is growing significantly across the globe. The growing concerns related to the climate change and increasing pollution levels is driving the adoption of the renewable energy. At present, around 7% of the energy consumed is renewable energy across the globe. With rising investments in the solar, wind, and hydroelectric power infrastructure, the demand for the renewable energy is expected to foresee a burgeoning growth in the forthcoming future.
Renewable energy resources currently account for 26% of global power production, but the IEA predicts that this figure will rise to 30% by 2024. The revival comes after a global downturn in 2019 as a result of dropping technological prices and increased environmental concerns.