The
renewable energy industry is getting towards a substantial growth which is consistent with the economies of other industries. Renewable energy industry deals with water, wood, wind, and solar energy and gradually replacing fossil fuels energy( energy from coal, petroleum).
Market scenario of renewable energy industry
For last couple of years, renewable energy industry has attained an overall of 20% growth and is gradually going to replace the conventional energy market. The government is also organizing some plans, projects and financial incentives to promote this renewable energy industry, by enforcing a variety of policy and regulations.
Key components closely involved with renewable energy industry
Renewable energy industry is primarily controlled and dependent on companies, having huge capitals to invest. Companies are trying to appropriately define the overall structure of renewable energy industry to grow it effectively. The other key persons directly or indirectly involved with this industry are manufacturer, supplier, integrator, consultant, distributor or financial investor.
Market potentiality of renewable energy industry
The renewable energy market is maturing and as a result of this, lots of companies are showing their interests to invest in this industry. The companies are trying to achieve long term benefits, as huge potentiality exist in this industry. The companies are also trying to maintain a reasonable profit margin, so that distributors and dealers will be able to maintain their market value as well. In the coming years, the renewable energy industry can provide even up to a 40% of electric energy.
Policies and their impact on renewable energy industry
U.S. Department of Energy enforces some policies with an expectation to achieve 9 percent of total electric supply come from this renewable energy industry.
One market survey shows that during the period of 1984 to 1986, the number of manufacturing companies in the solar industry declined due to an expiry of residential business energy tax credits. Presently, due to effective policy enforcement, the market is growing.