According to Allied Market Research, the global renewable energy Market was valued at $ 1,405,646 million in 2016, and is projected to reach at $2,152,903 million by 2025, growing at a CAGR of 4.9 percent from 2017 to 2025.
The report indicates that in recent years, the share of renewable energy in the global energy mix is on a continuous rise. Renewable energy is generated from natural processes that are constantly replenished, including sunlight, geothermal heat, water, wind, tides, and various forms of biomass. Nations around the world have started using renewable energy for power production, owing to rise in the environmental issues such as climatic changes and depleting ozone layer. Greenkraft, Gevo, Ocean Power Technologies, Capstone Turbine Corp., and Aemetis.
According to a recent research data provided by Deloitte, robust customer demand is one of the key factors likely to bolster renewable development in the near term.
Corporations, in particular, have been rapidly expanding renewable procurement in recent years. Deloitte explained that, “by early December 2017, 117 companies had committed to 100 percent renewable power as part of the RE100 campaign. And the movement is spreading from large companies to small and mid-sized companies, as many larger companies begin to require sustainability measures be met across their supply chains… By late 2017, 170 mayors had pledged their support for a community-wide transition to 100 percent renewable energy in cities, towns, and communities across the United States-and a handful of US cities have already reached that goal.”
