Advisory firm Deloitte has issued a new report on the global renewable energy market.
The report Global Renewable Energy Trends looks at the direction that the market is taking, key enablers and factors restraining the market to reach anticipated forecast.
According to the report, there are three key market enablers and these are price and performance parity, grid integration, as well as technology.
The three factors are enabling renewables especially solar and wind to compete with conventional energy generation sources.
The continued decline in prices and an increase in rollout of technologies such as blockchain, artificial intelligence and 3D printing, is expected to advance deployment of renewables and consumer access to resources.
The need to reduce carbon emissions, increase consumer access to energy and to provide affordable energy will continue to drive the market.
The report highlights key segments or stakeholders driving the uptake of renewables and these are:
Smart renewable cities: Mainly driven by de-pollution, decarbonisation and grid resilience while enabling clean electric mobility, economic empowerment, and business growth.
Community energy: Driven by efforts to become independent from the grid as well as to generate extra revenue, community solar projects will expand the renewables market.
Emerging markets: The cumulative capacity of emerging markets to develop renewable energy is on the verge of surpassing that of the developed world.
Corporate involvement: Corporations are procuring renewables in new ways, with many large corporations pursuing Power Purchase Agreements (PPAs) and smaller corporations turning to aggregation. Currently, two-thirds of Fortune 100 companies have set renewable energy targets.
The whitepaper can be downloaded here