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. Thus, various countries are entering into energy security agreements so as to protect the environment and boost the economic growth. The consumption of renewable energy is rapidly increasing and this could lead to a decrease in the consumption of coal and oil by 2020. Renewable energy is expected to play an important role in the near future, owing to the increasing demand for energy globally.
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
On the basis of energy type, the global renewable energy technologies market is segmented into:
On the basis of application, the global renewable energy technologies market is segmented into:
On the basis of region, the global renewable energy technologies market is segmented into:
Key companies operating in the renewable energy technologies market are undertaking various strategic alliances such as collaboration deals and plant capacity expansions to survive in the competitive business environment and expand their business presence across the globe.
In May 2018, ReNew Power, Indian renewable energy project developer has acquired 100% stake in Indian Energy Limited (IEL) for value of US$ 5.545 million.
Additionally, in April 2018, ReNew announced the acquisition of Ostro Energy Private Limited, independent power producer and wholly own subsidiary of Infrastructure India Plc (IIP Group). This transaction was one of the largest renewable energy acquisition deals in India and increased the operational wind power generation capacity of ReNew Power to 1,800 MW.
In July 2019, National Grid completes the acquisition of North America-based leading energy developer, Geronimo Energy for US$ 100 million. Geronimo Energy was founded in 2004 and has developed over 2,200 megawatts of solar and wind energy projects which are currently under construction or are operational.
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