Industrialization, combined with rising population and urbanisation, has gained massive traction around the world in recent decades, particularly in Asian countries. With this rapid transformation, fossil fuels met the majority of energy needs, wreaking havoc on ecological sustainability. As the world grapples with the dire consequences of climate change, Clean Energy Market sources have begun to gain traction.
Solar, wind, water bodies and the ocean, biofuel, geothermal, and wind are the current major sources of clean energy that can replace fossil fuels. Renewable energy sources contributed a minimal amount to the world’s total energy supply at the beginning of the twenty-first century; however, in recent years, clean energy sources have significantly contributed to the world’s total energy supply.
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Hydro energy sources initially held the largest share of total clean energy consumption and the overall clean energy market, but solar and wind have recently contributed significantly. Marine energy sources are still in their infancy, but they are expected to gain a sizable market share in the clean energy market in the coming years as investments in the development of innovative ocean energy converters increase. Meanwhile, solar and bioenergy are being widely adopted across a wide range of industry sectors, with applications in commercial and residential buildings for clean energy projects.
Adoption of clean energy technologies is increasing as a result of increased public awareness and increased demand from a number of prominent nonprofit government organisations. According to one of the United Nations Environment Programme (UNEP) research findings, global investments in renewable energy increased by 1% in 2019 to a total of US$282.2 billion. Furthermore, investments in renewable energy projects increased by 28% in the United States in 2019, while investments decreased by 7% in Europe.
Overall, investment in renewable energy and, by extension, the clean energy market has increased steadily, particularly in recent years. Several developed economies around the world are increasingly emphasising improving their supply infrastructure for clean energy infrastructure, thereby propelling the clean energy market’s growth.
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