Third Generation Energy Sources Market - Forecast From 2019 To 2024

Description

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.

DRIVERS

• Rapidly increasing global acceptance of climate change and the need for energy sustainability forcing governments to invest in renewable energy sources.
• Investments in renewable energy sources have been increasing fast with their use growing significantly. In 2015, investment in renewable energy exceeded fossils.

RESTRAINTS

• Political inaction towards clean-energy economy along with fossil fuel lobby
• Large up-front investment and fixed costs needed with long-term profitability and short-term risks.

RECENT DEVELOPMENTS

• A report by International Renewable Energy Agency shows that renewable energy now accounts for one-third of all global power capacity.
• African Development Bank to boost green energy funding, committing $25 Billion in new climate financing between 2020 and 2025.
• Francesco La Camera, the new Director-General of International Renewable Energy Agency (IRENA) said, “As Director-General of IRENA, I will work tirelessly with all IRENA Members, stakeholders and partners to support the transition to a sustainable energy future.”
• The U.S. Department of Energy will provide up to $10 million in funding to establish a new testing program for marine energy technologies

Segmentation

The Third Generation Energy Sources Market has been analyzed through the following segments:

• By Type
  • Ocean energy
  • Advanced biomass gasification
  • Hard-dry-rock geothermal power
• By Geography
  • North America
    • USA
    • Canada
    • Others
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • United Kingdom
    • France
    • Others
  • Middle East and Africa
    • Israel
    • UAE
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • South Korea
    • Japan
    • India
    • Others