Renewable energy industry
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The renewable-energy industry is the part of the energy industry focusing on new and appropriate renewable energy technologies. Investors worldwide have paid greater attention to this emerging industry in recent years. In many cases, this has translated into rapid renewable energy commercialization and considerable industry expansion. The wind power, solar power and hydroelectric power industries provide good examples of this.
In 2020, the global renewable energy market was valued at $881.7 billion [2] and consumption grew 2.9 EJ.[3] China was the largest contributor to renewable growth, accounting an increment of 1.0 EJ in consumption, followed by the US, Japan, the United Kingdom, India, and Germany. In Europe, renewable consumption incremented 0.7 EJ.[3]
Overview
In 2020, renewable sources incorporated into energy consumption at its fastest rate in two decades.[4]
During 2006/2007, several renewable energy companies went through high profile initial public offerings (IPOs), resulting in market capitalization near or above $1 billion. These corporations included the solar PV companies First Solar (USA), Trina Solar (USA), Centrosolar (Germany), and Renesola (U.K.), wind power company Iberdrola (Spain), and U.S. biofuels producers VeraSun Energy, Aventine, and Pacific Ethanol.[1]
Renewable energy industries expanded during most of 2008, with large increases in manufacturing capacity, diversification of manufacturing locations, and shifts in leadership.[5] By August 2008, there were at least 160 publicly traded renewable energy companies with a market capitalization greater than $100 million. The number of companies in this category has expanded from around 60 in 2005.[6] : 15
Some $150 billion was invested in renewable energy globally in 2009, including new capacity (asset finance and projects) and biofuels refineries. This is more than double the 2006 investment figure of $63 billion. Almost all of the increase was due to greater investment in wind power, solar PV, and biofuels.[7]: 27
In 2000, venture capital (VC) investment in renewable energy was about 1% of total VC investment. In 2007 that figure was closer to 10%, with solar power alone making up about 3% of the entire Venture Capital asset class of ~$33B. More than 60 start-ups have been funded by
VCs in the last three years.
New investment into the sector jumped US$148 billion in 2007, up 60 per cent over 2006, noted a report by the
Selected global indicators | 2006 | 2007 | 2008 | 2009 | 2010 |
---|---|---|---|---|---|
Investment in new renewable capacity (annual) | 63 | 104 | 130 | 150 | 243 billion USD |
Existing renewables power capacity, excluding large hydro |
207 | 210 | 250 | 305 | ? GW |
Wind power capacity (existing) | 74 | 94 | 121 | 159 | ? GW |
Solar (PV) power capacity (grid connected) | 5.1 | 7.5 | 13 | 21 | ? GW |
Ethanol production (annual) | 39 | 53 | 69 | 76 | ? billion liters |
Wind power
In 2020, wind power accounted for more than six percent of global electricity with 743 GW of global capacity.[12][13] In the same year, 93 GW capacity was installed. For reach a 'net zero' emission status, the world needs to install at least 180 GW of new wind energy capacity by year.[13]
Companies
Vestas was the largest wind turbine manufacturer in the world with and 16% market share in 2020.[14] The company operates plants in Denmark, Germany, India, Italy, Britain, Spain, Sweden, Norway, Australia and China,[15] and employs more than 20,000 people globally.[16] After a sales slump in 2005, Vestas recovered and was voted Top Green Company of 2006.[17][18]
In 2020, Siemens Gamesa was the world's second largest wind turbine manufacturer in 2020 thank to its position in the offshore sector of India. The company lead the offshore wind market.[19]
Other major wind power companies include GE Power, Suzlon, Sinovel and Goldwind.[14][20]
Wind potential
Africa's onshore wind energy potential is calculated of almost 180,000 Terawatt hours (TWh) per annum, which is able to satisfy the electricity demands of the continent 250 times over.[21] In 2009, a technical study by the Wind Energy Technologies Office estimated that the onshore wind energy potential for the United States is 10,500 gigawatt (GW) capacity at 80 meters.[22]
Photovoltaics
Trends
Solar production has been increasing by an average of some 20 percent each year since 2002, making it the world’s fastest-growing energy technology.: 12
According to the China Greentech Report 2009, jointly issued by the PricewaterhouseCoopers and American Chamber of Commerce in Shanghai and released on 10 Sept in Dalian, China, the estimated size of China's green technology market could be between US$500 billion and US$1 trillion annually, or as much as 15 percent of China's forecasted GDP, in 2013. With the positive drivers from the Chinese government’s policies to develop green technology solution, China has already played a more important role in green technology market development.
Companies
In 2017, main manufacturers of photovoltaics cells are based in Asia. Nine out of twelve major companies are based in China. The manufacturer
Tengger Desert Solar Park is the largest solar park in the world, with a capacity of 1,547MW. The park is located in Zhongwei, Ningxia, and it's called the Great Wall of Solar.[32]
Biofuels
Brazil continued its ethanol expansion plans which began in the 70's and now has the largest ethanol distribution and the largest fleet of cars run by any mix of ethanol and gasoline.[1]: 19
In the ethanol fuel industry, the United States dominated, with 130 operating ethanol plants in 2007, and production capacity of 26 billion liters/year (6.87 billion gallons/year), a 60 percent increase over 2005. Another 84 plants were under construction or undergoing expansion, and this will result in a doubled production capacity. The biodiesel industry opened many new production facilities during 2006/2007 and continued expansion plans in several countries. New biodiesel capacity appeared throughout Europe, including in Belgium, Czech Republic, France, Germany, Italy, Poland, Portugal, Spain, Sweden, and the United Kingdom.[1]: 19
Employment
Renewable energy use tends to be more labor-intensive than fossil fuels, and so a
See also
- Clean Energy Trends
- List of countries by electricity production from renewable source
- List of the largest hydroelectric power stations
- List of large wind farms
- List of solar thermal power stations
- Symbiocity
- Renewable-energy economy
- Renewable energy policy
- Renewable energy development
- Sustainable industries
- The Clean Tech Revolution
- Clean Technology Fund
- Green-collar worker
References
- ^ a b c d e Renewables 2007 Global Status Report (PDF). REN21. 2008.
- ^ "Renewable Energy Market Size, Share Analysis | Growth Forecast - 2030". Allied Market Research. Retrieved 2021-10-13.
- ^ a b "Renewable energy | Energy economics | Home". bp global. Retrieved 2021-10-14.
- ^ a b "World Energy Outlook 2021 shows a new energy economy is emerging – but not yet quickly enough to reach net zero by 2050 - News". IEA. Retrieved 2021-10-14.
- ^ BTM Forecasts 340-GW of Wind Energy by 2013
- ^ a b Renewables Global Status Report: 2009 Update. REN21. 2009.
- ^ a b Renewables Global Status Report: 2010. REN21. 2010.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2009-04-19. Retrieved 2009-07-06.
{{cite web}}
: CS1 maint: archived copy as title (link) - ^ EERE News: Clean Energy Investments More Than Double in 2006
- ^ a b Financial Standard - Energy investments surge
- Renewable Energy World. 2011-01-20. Retrieved 2018-01-05.
- ^ "Renewable Energy". Center for Climate and Energy Solutions. 2021-10-27. Retrieved 2022-01-15.
- ^ a b "Wind power capacity needs to grow at thrice the current speed to reach net zero: Report". www.downtoearth.org.in. Retrieved 2022-01-15.
- ^ a b "Top 10 Wind Turbine Manufacturers in the World 2020 - BizVibe". Bizvibe Blog. 2020-05-26. Retrieved 2021-10-14.
- ^ Profits soar for top wind turbine maker
- ^ "Profile - History". Vestas. 2012-03-11. Retrieved 2018-01-05.
- ^ Portfolio 21: Vestas Wind Systems Top Green Company of 2006
- ^ "Toyota, Tesla and Vestas ranked among world's top green companies". the Guardian. 2016-08-15. Retrieved 2018-01-05.
- ^ "Top 10 Wind Turbine Manufacturers in the World 2020 - BizVibe". Bizvibe Blog. 2020-05-26. Retrieved 2021-10-14.
- ^ Keith Johnson, Wind Shear: GE Wins, Vestas Loses in Wind-Power Market Race, Wall Street Journal, March 25th 2009, accessed on January 7th 2010.
- ^ "New Analysis Shows Onshore Wind Potential Across Africa Enough to Power the Entire Continent Many Times Over". pressroom.ifc.org. Retrieved 2022-01-15.
- ^ "Wind Resource Assessment and Characterization". Energy.gov. Retrieved 2022-01-15.
- ^ Solar Expected to Maintain its Status as the World's Fastest-Growing Energy Technology
- ^ a b James Russell. Record Growth in Photovoltaic Capacity and Momentum Builds for Concentrating Solar Power Vital Signs, June 03, 2010.
- ^ "China's green technology market to attract huge investment". People’s Daily online. 2009-09-11.
- ^ "LDK Solar Signs 500MW PV Projects Agreement". Solarbuzz. August 26, 2009.
- ^ "Yingli Green Energy Expands Its Footprint in the China Market". Solarbuzz. July 22, 2009.
- ^ "Baoding Tianwei Starts Mass Production of Thin Film Solar Panels". Solarbuzz. August 27, 2009.
- ^ "Anwell Produces its First Thin Film Solar Panel". Solarbuzz. September 7, 2009.
- ^ "Solar power market value globally 2022". Statista. Retrieved 2022-02-28.
- ^ "Market distribution of photovoltaic module manufacturers 2017". Statista. Retrieved 2022-02-28.
- ^ "The world's biggest solar power plants". Power Technology. 2020-01-10. Retrieved 2022-02-28.
- ^ a b "Renewable Energy and Jobs – Annual Review 2020". International Renewable Energy Agency. September 2020. Retrieved 2021-10-13.
Bibliography
- "WEO 2017 : Key Findings". International Energy Agency. 2017-11-14. Retrieved 2018-01-05.
- "Summary and Conclusions". World Energy Outlook 2006 (PDF). International Energy Agency/OECD. 2006. pp. 27–47.
- Renewables in global energy supply: An IEA facts sheet (PDF). International Energy Agency/OECD. 2007.
- Renewables 2007 Global Status Report (PDF). REN21. 2008.
- Renewables Global Status Report: 2009 Update (PDF). REN21. 2009.
- Renewables Global Status Report: 2010 (PDF). REN21. 2010.
- Renewables Global Status Report: 2017. REN21. 2017.
- Changing climates: The Role of Renewable Energy in a Carbon-constrained World (PDF). United Nations Environment Programme. 2006.
- Global Trends in Sustainable Energy Investment 2007: Analysis of Trends and Issues in the Financing of Renewable Energy and Energy Efficiency in OECD and Developing Countries. United Nations Environment Programme and New Energy Finance Ltd. 2007.
- American energy: The renewable path to energy security. Worldwatch Institute and Center for American Progress. 2006.
External links
- "The Sunny Side of the Street: Investing in Solar". SocialFunds.com. 2008-06-23. Retrieved 2018-01-05.
- "Solar continues to shine despite the dark future". www.businessgreen.com. 2008-10-10. Retrieved 2018-01-05.
- "Optimism Abounds Throughout Renewable Energy Industry". Renewable Energy World. Retrieved 2018-01-05.
- Reuters Editorial (2009-03-16). "GE Energy turbine sales to grow fivefold in Europe". U.S. Retrieved 2018-01-05.
{{cite web}}
:|author=
has generic name (help) - "Renewable Energy Database". Renewable Energy Database. 2012-02-08. Retrieved 2018-01-05.
- "Renewable Energy". Financial Times. 2017-09-07. Retrieved 2018-01-05.
- "2018 Renewable Energy Industry Outlook". Deloitte United States. 2017-12-19. Retrieved 2018-01-05.
- "Four Renewable Energy Trends to Follow in 2018". Renewable Energy World. Retrieved 2018-01-05.
- Global Renewable Drones Market.
This article incorporates public domain material from the United States Government