Due to the increasing concerns being raised over the deteriorating air quality levels, global warming, and rising environmental degradation, the governments and regulatory authorities of several countries across the world are taking various measures and initiatives for promoting the usage of green energy sources. Moreover, many governments are implementing strict policies for restricting the generation of power from fossil fuels and providing subsidies and other financial incentives to green energy projects.
India and China are some of the major countries that have adopted green energy generation policies in the recent times and intend to meet the power requirements in their countries from green energy projects in the coming years. Furthermore, the depleting reserves of oil, coal, and other fossil fuels and the high import costs of these fuels are making many countries switch to renewable energy such as geothermal energy, biofuels, solar energy and wind energy for power generation.
Moreover, the governments of many countries are making huge investments in the development of green energy-based power infrastructure and power projects. This is one of the biggest trends presently being observed in the green power industry. Due to these reasons, the adoption of green energy is rising rapidly all over the world. This is, in turn, driving the expansion of the global green energy market. As a result, the market is predicted to exhibit swift growth in the future years.
Amongst the various types of green energy, the usage of hydroelectric power is currently being observed to be significantly high, as this energy easily meets 15–21% of the power requirements, depending on the plant capacity factors. Another type of green energy that has witnessed a steady rise in popularity over the last few years is the energy produced from biofuels. This is primarily because of the large-scale production of bioethanol in Brazil and the U.S.
Additionally, the high production volume of biodiesel in several European countries such as France and Germany is also responsible for the growing utilization of biofuels for power generation all around the world. Geothermal energy is another kind of green energy that is being increasing used for electricity production across the world. The most commonly used power conservation systems in this energy type are binary cycle, dry steam, and flash steam.
Across the globe, the green energy market registered rapid advancement in Asia-Pacific (APAC) in the years gone by, according to the observations of the market research company, P&S Intelligence. The rapid growth of the industry in this region was due to the launch of several solar power projects in regional nations such as Japan, China, and India located across the tropic of cancer. Further, the large-scale deployment of solar plants boosted solar power generation in the region in the past.
Thus, the adoption of green energy would rise tremendously all over the world in the upcoming years, on account of the increasing environmental damage being caused because of the usage of fossil fuels for energy generation, rising public awareness of the harmful effects of burning fossil fuels, and the increasing initiatives being taken by various governments and regulatory bodies for promoting the usage of eco-friendly and renewable energy sources for electricity generation.