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Why is Usage of Renewable Energy Increasing in Utilities Sector?

07.28.2020 · Posted in Business News Article

Renewable energy is basically the energy derived from various natural sources such as wind, sunlight, and water. As these energy sources are continuously replenished, the energy produced from these sources is called renewable energy. These energy technologies are rapidly growing all over the world, on account of their eco-friendly characteristics and greater cost-effectiveness in various remote, off-grid, and grid applications across the globe. Furthermore, the adoption of renewable energy reduces the requirement of fuel imports, which, in turn, helps the government of many countries in reducing their expenditure on imports.

Hence, with the growing adoption of renewable energy across the world, the global renewable energy market will exhibit huge expansion in the upcoming years. Solar energy, wind energy, bioenergy, and hydropower are the most commonly used types of renewable energy all over the globe. Out of these, the utilization of solar energy is currently very high, on account of the rapidly declining costs of the photovoltaic (PV) panels and other components used in solar power systems. In addition to this, the governments of many countries are providing incentives and introducing feed-in tariffs for promoting the adoption of solar energy.

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Utility, industrial, commercial, and residential sectors are the major application areas of renewable energy. Amongst these, the utility sector is presently registering significantly high usage of renewable energy systems, because of the huge requirement of clean energy for reducing CO2 emissions in several countries. The utilization of clean energy is also being observed to be very high in the commercial and residential sectors, primarily because of the declining prices of PV cells and the subsequent reduction in retail electricity costs across the world.

Some of the major companies operating in the global renewable energy market are Siemens Gamesa Renewable Energy S.A., Vestas Wind Systems A/S, First Solar Inc., Canadian Solar Inc., General Electric Company, Orsted A/S, NextEra Energy Inc., √Člectricit√© de France S.A., Suzlon Energy Ltd., and Eletrobras.

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