Renewable energy is gathered from various renewable sources such as sunlight, wind, waves, rain, tides, and geothermal heat. This energy can be used for electricity generation, air & water heating/cooling, transportation, and energy services in the rural areas. It can be produced using natural procedures that are constantly replenished.
In the recent years, many nations across the globe have shifted toward the use of renewable energy. They are using renewable energy for the production of power as there is tremendous growth in the environmental concerns such as diminishing ozone layer and continuous changes in climatic conditions. This shift toward renewable energy is supposed to propel the growth of the global market in the future.
One of the important factors driving the renewable energy market is the mounting requirement for energy. At the same time, there is a constant decrease in the non-renewable energy sources such as coal, petroleum, and natural. This decrease in non-renewable energy sources has boosted the growth of the renewable energy market.
Furthermore, there is a vast increase in the environmental safety & security awareness. At the same time, various initiatives by the governments are fueling the market growth in many countries. The industry is supposed to witness new opportunities for its growth in the future with the increased involvement of governments in developing various advanced technologies. The governments also have motivated for the advancement in the renewable energy and offered to fund for the same.
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Various well-known market players in the market are focusing on implementation of a number of strategic moves such as collaborations that would propel the global market. For instance, in May 2018, Tata Power Ltd. announced the partnership with Tata Motors Ltd. This partnership was intended to make Maharashtra ready for the electric vehicles. It also targeted to launch various charging stations in the state. This move would propel the growth of the market in Maharashtra.