Sustainable energy for the sustainable growth of a nation

renewable energyIndia has witnessed its renewable energy industry grow apace to achieve the target of 175 GW. The market has successfully reached the milestone of 70 GW and has actionable plans for the next 38 GW ready. Not only has it impressed the globe through its implementation speed but also through the creation of about 1.64 Lakh job opportunities.

The energy mobility patterns in India, and in fact, worldwide, have been changing constantly. Furthermore, climate change alerts have pushed the need of shifting from the use of conventional raw materials for generation of energy and power to alternative renewable ones. While this received a backlash due to its requirement for a complete infrastructure modification initially, it has eventually gained traction. India particularly, being a developed nation, has benefitted greatly from this advent.

Improved job opportunities

Scaling the improvement

Over 10.3 million people in the global workforce are employed by the renewable energy industry. The number of jobs in India is up by a number 36% more than the previous year. While some giants in the industry like China continue to dominate the market, the International Renewable Energy Agency (IRENA) has said that the improvement in the growth of this sector in India is highly appreciable. It also proposed a lush future for it.

Initiatives from India’s CM, Narendra Modi have been lauded at this checkpoint towards the nation’s sustainable development goals. The nation now stands amongst the world’s largest renewable energy employers that harbor three-fourths of the total employment opportunities.

Segments that have contributed to this

Market research says that a majority of the jobs created lie in the solar photovoltaic (PV) sector. Even within this, most employees were involved with the construction and installation of these PV plants. Following this in the number of employees was the observations and measurements departments.

India is now also among the key job providers in the sectors of hydropower and wind electricity.

Bettered electricity access

Since the availability of most alternative resources of energy is not restricted to particular regions, it can be easily sourced out to even remote or rural areas. Based on mobility patterns, renewable energy generally demands an infrastructure with the production plant located close to the supply areas. This is also a reason why various localities have seen an improved job availability for people completing both, low and high, education levels. It will thus ensure skill-building opportunities along with steady incomes and lifestyle enhancement.

A positive impact from the use of clean technology

The perks of transitioning to clean energy have perks way beyond employment opportunities. Higher and more regular incomes for the poor would mean an improved health. Health and personal well-being are also directly impacted by the reduction of polluting emissions.

 

The clean energy system in India has thus established itself as a sustainable development model for the world to look up to. A continued cooperation from the common people and the governing bodies is capable of taking this to further heights.

Investments in renewable energy lead due to energy crunch

renewable energyThe renewable energy industry is growing apace. With conventional resources receiving a plummet in the current day, clean technology is being looked at as more than an alternative. The globe is aiming at a complete transition to renewable energy-based models. Investments in them are thus gaining a boost and today’s common fuels like oil and petroleum are moving out of the picture.

The power crunch is menacing the enlargement of industries across the globe. In such state of affairs, when traditional fuels no longer prove resourceful, renewable sources of energy are being adopted across industries. Rising population and swift development of the emerging markets have amplified the need for energy.

Insights on renewable energy sector:

A variety of trends are affecting the global power industry, including the fact that 80% of primary energy is currently supplied from gas, oil, and coal. Nevertheless, various environmental perks, cost advantages and better accessibility are pushing industry sectors towards embracing gas as the fuel of 21st century, according to a market research. In several ways gas has always been different from oil. Furthermore, gas is better distributed across the globe.

As per the global LPG market, it is the industry that serves the global demand and supply chain more effectively. This guarantees that the cost of gas remains competitive compared to oil prices, which have huge ramification on the global energy sector.

Approximately 1.1 billion people in the urbanized countries intake more than 110 billion BOE/D (barrels of oil equivalent per day) in primary energy, whereas 5.8 billion people in developing countries consume around 140 million barrels of oil equivalent per day.  A Further need of 270 million barrels of oil equivalent per day is required to meet demands of all consumers in the coming future.

This is twice the current primary energy consumption.  Along with the global population predicted to rise up to 9-10 billion from recent 7.1 billion by mid-century, the demand of energy will rise further.

The current scenario:

With the current climate changes and global warming issues becoming pressing concerns, businesses have already started investing in the renewable energy market that will address these problems.

Latest research in the ethylene market spotted growing risks to investors and financial organizations dependent on fossil fuels, which would present chances with industries re-investing their capital towards sustainable energy and additional power-efficient mechanisms. Even if much of it has to do with cost, especially when it is expected that oil rates will increase, it is also predicted that the inexpensive US natural gas will not remain cheap.

Also, the increasing awareness and weather policies would hoist the cost of utilizing coal. Besides, the cost of creating vigor from solar energy, wind, and biomass is estimated to fall in the few years, which is in stark contrast to valuing developments of the oil industry.

Recently, the charging trend of renewable energy is predicted to prolong over the next two decades. The governments rank the importance of putting together incentives and infrastructure primarily which ensure that this shift towards the sustainable energy will continue. With public perception shifting towards more ecological solutions, there is also a bigger potential for political action that will labor in advantage of further pushing the energy & power market more weather friendly substitutes. Additionally, governments are also highly investing in technology and infrastructure, improving public expenditure and rising trade linkages to make sure renewable energy encourages the expansion of the region’s financial system.

 

 

Emerging Markets are witnessing more investment in Renewable Energy than EU and US

renewable-energyThe top 5 Emerging Renewable Energy industry report provides top-line qualitative and quantitative information of factors such as volume, market size value, and forecast to 2019. In 2014, the global Renewable Energy Market contributed the value of about $255,129.6 million. The top 5 emerging countries are estimated to grow up to 19.7% of CAGR and market value of about $626,933.0 million in 2019.

Leading countries in renewable energy market:

Among all other countries, China is the leading country within the renewable energy industry with the market value of USD 171,156.8 million in 2014 and is expected to increase with a value of USD 504,699.7 million in 2019. This was followed by Brazil and India with market revenue of USD 58,014.3 and USD 19,422.6 million and is predicted to rise up to USD72,987.8 and USD 39,630.5 million respectively.

According to an Energy and Power Market Report, almost every European markets without exceptions have fallen while under developed markets across Latin America, Africa, and Asia continued their ascent. Emerging markets now characterize half of the countries in the 40-strong index; together with 4 African markets featuring in the top 30. A decade ago, only countries like China and India were attractive enough in competition with more developed markets for sustainable energy investment.

A certain Market Research finds that a Chile market is the first one to enable economically viable renewable projects to challenge directly with all other energy sources. Similarly, Brazil’s renewable sector is showing flexibility amid an economic downturn and it’s less mature solar market remains a potentially beneficial lure.

Changing Emerging Markets:

Emerging markets are changing their energy industries at an extraordinary pace. Last year, sustainable energy investments in the developing world hold of those in the developed world primarily. Researchers are testing in Latin America, how quickly market can grow.

The report shows that Argentina was the highest-scoring new competitor. The transformation of the nation’s economy and roll out of determined sustainable program under its new pro-market government reinforces how quickly new markets can redirect the focus of developers and financier.

Power and Utilities Corporate Finance leader in a press conference stated that earlier markets in their replaceable journey are benefiting from cheaper and more resourceful technologies, lower capital cost, and more reliable resource forecasting. The rising global flow of capital shows that investors are becoming more use to new markets. An enormous deployment of low carbon investment is seen in developing markets.

Indian Renewable Energy Industry 2015- The Progress Landmarks

 

The signs for India’s future in sustainable energy are positive for the 2015 year. From the last year till March of this year, the relevant installation capacity has increased by 12.9%, and the country supplemented 4,089 MW of recourses capacity in 2014-15 tenure. The added capacity of 8.5% is a lot greater than the targeted generation of 3,770 MW. The Indian Renewable Energy Industry graph is every soaring with wind energy capacity sharing 2.3 GW, more than estimated amount of 2 GW.

While the daily needs of household and commercial, industrial spaces are increasing regarding power consumption; the Indian government is trying its best to meet these demands. The good news is that the efforts have been successful. But the challenges remain investment, infrastructure, growing population needs, technology limitation, costing, and regional distribution. But, the nations is doing all it can to keep up with the energy requirements, especially in the renewable power industry.

Leaps Made in India’s Sustainable Energy Sector
In the last financial year, the government has anticipated to input 1.1 GW solar powers. But, solar power technology crossed biomass based power production as the 3rd largest source of renewable energy concerning installed capacity. It now has a share of 10.5%, upsurge from 8.3%; the figure at the end of 2013-14. Small hydro power technology capacity was pinned at 250 MW, while bagasse based projects of worth 360 MW were scooped against the approximation of 300 MW.

Add On to Total Power Capacity
Thermal power capacity powered by coal recorded 20.8 GW, and was added to the Indian grid. The total installation capacity for the country in 2014-2015 scored at 35.77 GW, while by the end of 2022, the government plans to raise the capacity at 175 GW, as per market research. In waste-to-power category, it was only 4% of the target’s added capacity. But, biomass based power too missed its capacity target, and added only 45% of what was promised. Out of 26.58 GW of power production, 15.3% was of sustainable energy for 2014-15.

Indian Renewable Energy Installation Capacity to Stand at 72,400 MW by 2022

India is set to achieve an aggregate renewable energy capacity installation of 72,400 MW by 2022 and 41,400 MW by 2017. The nation is going to put up 40,130.39 MW of the same together. To reach a limit of 72,000 MW in installed capacity, the country will need an investment of at least US$ 46.22 billion. Investments are pouring in from international and domestic players for the upgrade of distribution and transmission infrastructure while efforts are targeted to better the old Indian renewable energy plants. Popular researches predict that an amount of US$ 83.35 billion will be necessary to meet target set for 2022.

This Asian giant ranks fifth largest in world in generation of electricity capacity that is currently calculated as 243 GW of renewable energy. The hydro power it self has a share of 28.85 in the total installation capacity of the nation. As per industry analysis reports the potential of such energy in India scan reach 2, 49, 188 MW. In March end of 2014, the nation achieved 12.95% of its predicted potential. However the untapped resources in the country are 216918.39 MW, signifying the huge prospect it has as powerhouse.

Which Renewable Energy Sources are being used?

Coal, hydro, natural gas, nuclear, and hydro power are used across varied horizons in India, including a great demand from household and commercial spaces. Even unconventional sources are utilized like biogas, solar, wind and agriculture. The renewable energy market research showcases demand curve as bulging ahead, while supply chain is facing a shortage despite of huge power generation over the years. Initiatives are being implied to bridge the gap between demand and supply.

Participation from Government and private sectors is sought and policy reforms are easing legal procedures. Together, the Indian renewable energy market is set to furnish ultra mega power projects. Many companies are opening up investments because of growth possibilities and resultant returns on the same. Few challenges are population explosion, excessive industrialization, consumption of electricity, decrease in coal reserve, sped up import of crude oil, coal and alternate energy sources etc.

What are the Challenges and Growth Potentials?

It may be difficult to balance the environmental sustainability and economic progress to attain expected supply of renewable energy power, but government is trying to solve the related issues. Recent industry analysis reports have depicted that coal is one of the preferred means of sustainable energy that is clean, but quickly depleting as well. Concern is to channel the underutilized sources profitably and intelligently so that other resources are not hampered or overused.

Biomass power generation however is adding only 45% to the targeted value. India could attain only 4% of its estimated capacity in waste-to-power sphere. The statistics drawn by renewable energy market research for total installation capacity in FY 2014-15 was at 35.77 GW, and by the 2022 year end it will top 175 GW. Though there are some crises ongoing in this sector, participants are reconciling their methods of approach and are determined to drive India ahead as a renewable power machine in the world.