The global renewable energy market will witness a 4.9% growth to reach $2,152 billion by 2025, according to a new report by Allied Market Research.
Utilities and governments are shifting to renewables for energy generation due to the continued scarcity of traditional energy generation sources such as coal, oil and natural gas that takes millions of years to form.
In addition, increased awareness on the negative impacts of using conventional resources is driving an increase in the adoption of clean energy resources.
The solar industry is expected to grow at the highest rate of 13.4% in terms of revenue, ahead of other segments including hydro and ocean power, wind energy, bioenergy and geothermal energy.
The Asia-Pacific region accounted for 41.1% share of the market in 2016 followed by Europe and is expected to continue dominating the market.
The South African market is projected to grow at 27.6%, in terms of value, during the forecast years.
The growth of the renewables market is also expected to increase consumer access to electricity especially in rural areas in developing economies such as countries in Africa.
For instance, more than 80 million people in Nigeria do not have access to electricity, while about 600 million people in sub-Saharan Africa also do not have access to power