Advancements in the renewable power sector have become the order of the day. Several new entities have entered the energy business to launch innovative products and technologies. The efficiency of these technologies has led to their adoption across a plethora of industries. The International Renewable Energy Agency (IRENA) has released fresh data with regard to renewable energy. An estimated addition of 171 Giga Watts power to global energy capacity has come to light. With growth in solar and wind energy technologies, the annual increase in renewable energy use was 7.9% in 2018. The development of new wind and solar energy plants has paved way for growth within the energy sector. It is expected that the global vision for optimizing the use of renewable energy would soon be a reality.
Global Renewable Energy Dynamics
IRENA’s 2019 report revealed that one-third of the world’s power production is done through renewable energy. This is a splendid mark of growth within the renewable energy sector. Furthermore, several new regional projects for maximizing wind and solar power are underway. These projects and plants are projected to substantially increase the cumulative renewable energy generation in the years to come. The increase in renewable capacity across Asia, Oceania, and Africa were 11.4%, 17.7%, and 8.4% respectively.
The business case of the renewable energy sector is extremely compelling. Several opportunities for lucrative growth lie within the global renewable energy sector. Increase in global renewable power capacity is reflective of a paradigm shift from non-renewable to renewable power sources. IRENA’s report also provides a comprehensive comparison between renewable and non-renewable power businesses. There has been significant improvement in the renewable energy business over the past decade.