The third generation renewable energy sources market is expected to grow at a steady decent rate during the forecast period from 2019 to 2024. The evolution of renewable energy has witnessed the deployment of three generations of technologies spanning across the last 100 years. First-generation technologies, which include hydroelectricity, geothermal power and biomass, have already reached market saturation. Second-generation technologies, which are being currently deployed, include photovoltaic, wind power, solar heating, solar thermal power stations and modern variants of bio-energy. Third-generation renewable energy sources include ocean energy, hot-dry-rock geothermal power and advanced biomass gasification and these technologies are currently at the development stage, requiring continuous R&D in order to reach worldwide scalability and economic efficiency. With global emphasis on reduction of carbon footprint and greenhouse gas emissions, all major economies are heavily investing on renewable energy. Third generation energy market is expected to be more lucrative for long-term investments, as this new technology in a highly fluctuating energy market poses significant short-term risks that the investors need to be cautious about. In the long term, however, this industry appears to show a steady growth rate.
The Third Generation Energy Sources Market has been analyzed through the following segments: