Renewable Energy Initiatives Spread Around the Globe With Evolving Technology

NEW YORK, Feb. 13, 2019 /PRNewswire/ -- During the 2015 United Nations Climate Change Conference, the parties represented at the meeting passed the Paris Agreement. The agreement's aim remains to strengthen the global response to the threat of climate change. Beginning in 2020, the agreement will provide mobilization and provision of financial resources, a new technological framework and enhanced capacity in order to combat environmental concerns, according to the United Nations Framework Convention on Climate Change. Countries are mainly investing in renewable energy sources such as solar, water, wind, heat, and biomass. Renewable energy is generated from natural processes that are constantly replenished, causing significantly less damage to the environment than petroleum and coal. The problematic issue is driving demand for more efficient and cheaper alternatives to combat growing concerns. According to data compiled by Allied Market Research, the global renewable energy market was valued at USD 1.41 Trillion in 2016 and is expected to reach USD 2.15 Trillion by 2025. Additionally, the market is projected to register a CAGR of 4.9% throughout the forecast period from 2017 to 2025. Triad Pro Innovators, Inc. (OTC: TPII), Vivint Solar, Inc. (NYSE: VSLR), Ballard Power Systems Inc. (NASDAQ: BLDP), Clean Energy Fuels Corp. (NASDAQ: CLNE), Pacific Ethanol, Inc. (NASDAQ: PEIX)

Currently, the industry's growth is being hindered by the high cost of expenses to manufacture products. However, growing government funding and positive development in the technologies allow companies to develop effective renewable energy sources. Governments adopting clean energy legislation are also requiring many countries to transition themselves to a renewable energy state. Solar energy is expected to see the most attractive growth, registering the highest CAGR of 13.4%, in terms of revenue, during the period. The overall industry is primarily being driven by the Asia-Pacific region, as it accounted for 41.1% of the market in 2016. However, Europe is expected to witness the largest CAGR, 6.2%. In fact, Asia-Pacific and Europe together controlled approximately two-thirds of the global market revenue. "More than 100 countries have identified renewable power as one of their prime ways of meeting their commitments under the Paris climate agreement. And there's increasing discussion of the geopolitics of renewable energy as well," said David Sandalow, Inaugural Fellow at the Center on Global Energy Policy at Columbia University, "So there's a transition underway. But energy transitions take time. We've seen energy transitions in the past."