The growth of the global renewable energy market

The last decades have seen a surge in global renewable energy investment across all sectors. By 2010 actual development of renewables had already exceeded scenarios projected for 2020 by the International Energy Agency, the World Bank or Greenpeace (Renewables 2014 global status report).

Factors contributing to the rapid development of the renewables market:

  • Population increase, economic growth and market expansion raised the demand for energy and fuelled supply.
  • Energy crises beginning in the 1970s & post global oil shock economic crises, underscored the role of energy in national and economic security.
  • Abundant scientific proof of the negative impact of fossil fuel emissions on the environment.
  • Activism to conserve our planet and increase in public demand for clean, green energy.
  • Growing emphasis on mitigating climate change through public policy (National Renewable Energy Action Plans in the US, UK, Germany, Norway etc.).
  • Rise of early markets for renewables (i.e. Germany, Denmark, Spain, and the United States).
  • Technological advances which have made renewable energy solutions increasingly affordable and accessible.