In the past two decades, the renewable energy sector has gained significant momentum. However, in the past 5 years, we have seen a dynamic growth of the global renewable energy sector. The renewable energy market has enjoyed significant growth in several regions of the world. Let us look at the most prominent trends witnessed in the renewable energy sector in 2015.
Top 7 Trends in the Renewables Energy Sector Observed in 2015
- The competition among companies to boost efficiency of solar cells became even more intense in 2015. Many private companies, official bodies, and organizations by leveraging R&D have been able to improve the efficiency of solar cells further this year. This trend is projected to continue in the coming few years.
- In addition to this, the investment in the renewable energy sector has increased dramatically this year. Two countries that have attracted a massive amount of investment in the global renewable energy market are India and China.
- The production of solar panels in China has increased by leaps and bounds, which has led to a significant decline in prices of solar panels. This affected developed markets of Europe and North America, which led to these developed markets setting up stringent regulations on import of solar panels from China.
- The solar sector in India has attracted massive investments. This trend is projected to continue in 2016. Another trend that will continue strong in the coming few years is 100% renewable. Many cities were able to go 100% renewable this year and many more are projected to be 100% renewable in the coming few years.
- The wind sector is growing at a steady pace in the global renewable energy market. However, it is not growing as rapidly as the solar sector.
- Other renewable energy sectors such as geothermal and biomass have attracted a good deal of attention from many private firms and public bodies. The investment and innovation in these two alternative energy sectors have increased, which is good news for the outlook of these sectors.
- The demand for electric vehicles is growing at a rapid rate. This is driven particularly by the air pollution issues such as smog in China.
These were the top trends observed in 2015 in the global renewable energy market. Many of the aforesaid trends are projected to gain more traction in the coming few years, painting a bright future for the overall renewable energy market.