Skip to main content

How Is Renewable Energy Generation Driving Green Technology and Sustainability Market?

The burgeoning demand for renewable energy is the strongest driver for the market as renewable energy suppliers are using AI and other technologies to more accurately forecast weather patterns. Since the operation of solar and wind plants is directly dependent on weather, the usage of such technologies allows utilities to make better decisions on when to store most of the energy and when to sell it to the grid. 

This is essential because of the surging number of solar and wind power plants in order to produce low-carbon electricity. As per the International Energy Agency (IEA), due to a 7% increase in the generation of renewable energy in 2020, its usage rose by 3%, while the consumption of fossil-fuel-based electricity decreased. Moreover, the share of renewable energy in the global electricity mix increased by 2% between 2019 and 2020, from 27% to 29%. 

The renewable energy growth forecast for 2021 stands at around 8%, to 8,300 Terawatt-hours (TWh), which will keep acting as a strong green technology and sustainability market growth driver. Apart from the global outcry for air pollution and government initiatives for low-carbon energy, another reason behind its growing generation is the price volatility, conventional electricity witnesses. Due to the limited availability of crude oil, coal, and natural gas, conventional power is becoming increasingly expensive.


And, since these fossil fuels account for the highest amount of electricity produced, energy is all over costly. Hence, a key reason behind the growth of the green technology and sustainability market, especially with regards to the surging clean energy production, would be the rising electricity costs. Presently, North America is the largest user of these technologies because of its advanced infrastructure, high public awareness on the issue, and robust government support. 

Asia-Pacific (APAC) will be the fastest-growing region in the green technology and sustainability market during the forecast period because of the rapid pace of urbanization, which is putting immense pressure on natural resources and leading to alarming levels of air pollution. Further, regional governments are taking initiatives to increase energy generation from renewable resources and use advanced technologies, such as AI and IoT, to mitigate environmental degradation.

Hence, the market will keep growing with the increasing concerns about the state of the environment.

Comments

Popular posts from this blog

Increasing Internet Penetration Fueling Demand for Product Analytics

With the increasing penetration of the internet in both developing countries such as China and India and developed countries such as Singapore and the U.S., the worldwide demand for product analytics is rising rapidly. For example, according to the Office for National Statistics, in 2018, 90% of all households in Great Britain had access to the internet. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/product-analytics-market/report-sample Additionally, the total percentage of adults who used the internet daily grew from 35% to 86% from 2006 to 2018 in the country. The rapid digital transformation in various countries is pushing up the requirement for product analytics solutions. Moreover, businesses all over the world are increasingly adopting advanced technologies such as product analytics for building a holistic understanding and delivering greater customer engagement. Apart from this, rapid advancements and innovations being made in various cog...

How Is Rising EV Sales Supplementing Electric Motor Market Growth?

In recent years, the companies operating in the electric motor market have engaged in product launches to consolidate their position. For instance, in February 2021, Johnson Electric Holdings Limited launched a new series of low-voltage DC motors for actuators used in hospital beds, smart recliners, height-adjustable desks, and other smart furniture.  In the same vein, in June 2021, maxon motor AG introduced BIKEDRIVE Air, a 3.5 kg e-bike system that consists of an integrated battery, a mid-mounted motor, and a control element. Additionally, the players in the electric motor market are also opting for mergers and acquisitions to gain a competitive edge. For example, in March 2021, AMETEK Inc. acquired Crank Software, EGS Automation, and Magnetrol International for $270 million.  With the acquisition of Magnetrol International and EGS Automation, AMETEK Inc. aims to expand its level measurement solutions portfolio and widen its automation solutions portfolio. Furthermore, the ...

Demand for Webgames Set to Shoot Up in Asia-Pacific in Coming Years

The global webgame market valuation will rise from $3.5 billion in 2019 to $6.5 billion by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 5.7% between 2020 and 2030. Depending on genre, webgames are classified into sports games, real-time strategy games, massive multiplayer online roleplaying games (MMORPGs), arcade games, and first-person shooters. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/webgame-market-insights/report-sample Out of these, the popularity of first-person shooters will grow sharply across the world in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. These types of games are not like the third-person shooters, in which, the gamers can see the character which they are controlling. As these games are highly engrossing and thrilling, their popularity is soaring rapidly all over the world. Globally, the webgame industry is predicted to exhibit the...