Renewable Energy Market- A Sustainable Way to Harness Energy

The world is facing the consequences of global warming in the form of extreme weather changes, storms, and change in precipitation patterns. In order to sequester carbon renewable energy has been used extensively. Renewable energy provides a substantial fuel diversification and help in conserving the nation’s natural resources. Renewable energy market is wide spreading significantly owing to the enormous advantages it possess. Furthermore, the data published by International Energy Association states that that share of renewables in global electricity generation jumped to 29% in 2020. In this blog we will discuss the types of renewable energy sources and the advantages of harnessing energy from renewable resources.

Some common sources of renewable energy: –

Renewable energy is derived from the natural sources which are replenished at a higher rate than they are consumed. These sources are cheaper and generate three times more jobs than the fossil fuels. Here are a few common sources of renewable energy-

  • Solar Energy

The solar energy is the most abundant of all energy resources. The data released by United Nations states that the rate at which solar energy is intercepted by the Earth is almost 10,000 times greater than the rate at which the humankind consumes energy. The solar panels consist of photovoltaic panels that concentrate solar radiation and convert sunlight into electrical energy. The lifespan of solar panels is roughly 30 years and their cost has dramatically plummeted in the last decade making solar energy the cheapest source.

  • Wind Energy

Wind energy harness the kinetic energy of the air by utilizing the large wind turbines located on offshore or onshore. The tall turbines and large rotor diameters maximize the production of electricity.

  • Geothermal Energy

The geothermal energy uses the accessible thermal energy from the earth’s interior. Massive amount of heat is extracted from the geothermal reservoirs from various means. The reservoirs which are naturally hot and permeable are called hydrothermal reservoirs.

  • Hydro Power

The power is harnessed from the water which is moving from higher to lower elevations. The hydro power can be generated from the rivers and reservoirs. The run-of-river hydropower plants harness energy from the available flow of the river and reservoir hydropower plants rely on the stored water in a reservoir.

  • Ocean Energy

The energy which is derived from the thermal and kinetic energy of the seawater currents or waves to produce electricity is called ocean energy. Although, the ocean energy systems are at a very nascent stage of development.

  • Bioenergy

The energy produced from a variety of organic materials such as charcoal, dung, wood and other manures for power and heat production. Most of the biomass is utilized in rural areas for lighting, cooking and space heating.

Advantages of using Renewable Energy-

  • Renewable Sources Fuel supply that never runs out

Renewable energy is generated from the sources that naturally replenish themselves. Some of the sources are wind, sunlight, water, biomass, geothermal etc. Whereas the oil, coal or natural gas are exhaustible and require processing stations, heavy machineries and transportation.

  • O Carbon Emission

This is the most significant benefit of the renewable energy is that there are 0 greenhouse gases created during the energy production process. Surprisingly, coal power plant creates approximately 2.2 pounds of carbon di oxide during the process of electricity generation whereas wind turbines create none.

  • Cleaner water and air

Burning fossil fuels not only warms climate but also contaminates the air we breathe and the water we drink. Coal power stations release high volumes of CO2 and N2O into the atmosphere. These are the most potent greenhouse gases and also emit lead, mercury, lead and dangerous metals. On the other hand, the renewable source creates no waste, pollution or contamination to the air.

  • A cheaper form of electricity

The growth of renewable energy sources is increasing rapidly in past years. Wind and solar energy are the cheapest sources of electricity in various parts of the world.

Wrapping up,

Owing to the these many advantages the Renewable energy market is anticipated to garner significant revenue during the coming period of time. Research Nester has prepared an exhaustive research report which includes all the parameters related to the business. This will help you in taking sound decisions.

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