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The global renewable energy procurement market is expected to record over 7% increase between 2019 and 2024, according to market intelligence firm SpendEdge.

The market is expected to be worth $330 billion by 2024 owing to an increase in subsidies provided by governments across the world on renewable sources of energy.

The subsidies allow utilities to provide energy to consumers at competitive rates. They also enable both consumers and utilities to achieve sustainability goals.

For instance, governments in APAC countries such as India, China, Japan, Thailand and Indonesia and in Europe are making it mandatory to use renewable energy with an aim to minimise greenhouse gas emissions.

The Renewable Energy Directive 2009/28/EC of the EU is a directive that specifies levels of renewable energy usage within the EU countries. It specifies that 20% of the energy used in the region, especially by organisations, must be renewable.

Top global renewable energy suppliers include:

Duke Energy Corp – Offers rebates and incentives for buyers that focus on the adoption of energy-efficient equipment associated with agriculture, lighting, HVAC systems, and commercial and industrial equipment.

NextEra Energy – NextEra Energy has a strong portfolio of renewable energy sources such as wind energy and solar energy.

Invenergy has an advanced energy storage facility. It has a large-scale advanced battery system that instantaneously absorbs and injects energy to help with grid management while minimizing infrastructure costs.