Higher infrastructure cost for installing renewable energy is the key constraint for the industry. However, cost has gone down in past few years and governments are also forming policies and providing subsidies to encourage companies operating in different sustainable energy sources. Investments by developing economies in sustainable energy has surpassed developed economies, especially China and India, owing to reduced cost of infrastructure; increasing government funding and tax incentives by developing countries; low economic growth in developed countries and subsidies cut down in Europe.
As per International Renewable Energy Agency, renewable energy share is estimated to reach 40% by 2030 in global electricity market, which is almost double to current value. Off all the sustainable energy sources, solar energy is growing rapidly and it is expected to have higher potential and is estimated to double by 2023. Moreover, bioenergy is majorly used in cooking, transportation and other activities; although, there are some hurdles associated with bioenergy such as nascent technologies, food security, as well as emerging opposition against burning of forest biomass. Other energy sources such as tides and waves have huge potential to generate electricity, however, it is highly dependent on the topography of the area.
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