Renewable Energy Policy FiT Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025
Global Renewable Energy Policy FiT Market: Snapshot
The global renewable energy policy feed-in-tariff (FiT) market is reporting a remarkable rise. With the increasing global focus on decreasing air pollution, controlling carbon emissions, and reducing the dependency on coal and various other fossil fuels, the adoption rate of renewable energy technologies has escalated across the world significantly, which, as a result, is reflecting positively on this market.
Economies across the world are aiming to promote the adoption of renewable energy in an effort to reduce the dependence on fossil fuels. Consequently, a number of compulsory renewable energy targets are being deployed by the governments to compel the energy producers to generate the major part of the electricity from various renewable energy sources. This, along with the government-sponsored incentives and the relative rise in the cost competitiveness of these sources in comparison with other traditional power generation sources, is also fueling the uptake of renewable energy FiT policies.
In addition to these, the surge in the number of employments and the positive influence of FiT on the economic condition is likely to encourage its adoption, propelling the market noticeably in the near future. However, the high installation and initial costs associated with shifting to renewable energy may hinder the growth of this market in years to come.
Global Renewable Energy Policy FiT Market: Overview
To reduce the dependency on fossil fuel, emphasis is laid upon using renewable energy. In order to promote renewable energy, governments across the world are setting mandatory renewable energy targets. It has become compulsory for power producers to produce certain proportion of the total electricity from renewable energy sources. Over 150 countries around the world have adopted one or the other renewable energy targets. Feed-in tariff (FiT) is one such policy. This policy is a performance-based incentive that promotes rapid deployment of renewable energy technologies. Economic growth and job creations are expected to receive a major boost through well-designed feed-in tariff policies.
In the report, TMR Research presents a thorough analysis of drivers and restrictions in the global renewable energy policy FiT market. It also offers insight to the various segments and regions of the market.
Global Renewable Energy Policy FiT Market: Key Trends
The adoption of renewable energy technology is receiving impetus from the growing need to decrease one’s dependence on coal and other fossil fuels, concerns over global warming, and an increasing stress on the reduction of air pollution. In addition, conventional power generation sources are much dearer when compared with renewable energy sources, thereby aiding the demand for renewable energy technology. By encouraging the use of renewable energy sources, the importance given to renewable energy policy FiT has increased, thereby driving the overall market.
In terms of renewable energy installation, wind energy is the chief contributor to the global market and is applied extensively. Solar, bio energy, and geothermal are the next most widely used renewable energy sources.
Solar energy is considered to be a promising technology in the near future and is broadly being adopted worldwide. In 2015, China became the major installer of solar photovoltaics (PV), and in the following year, the U.S. and Brazil adopted a large additional capacity of geothermal and bio energy technology.
Global Renewable Energy Policy FiT Market: Regional Analysis
Geographically, the global renewable energy policy FiT analysis market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. North America has held a significant market share and is expected to continue its positive trajectory in the forecast period as well. The renewable energy policy FiT market is considerably gaining momentum due to well-designed feed-in tariff policies, especially in regions such as North America and Europe. The U.S. and few major countries of the European Union, including Germany and France, have rigid mandates for renewable energy technology adoption. Currently, there are seven U.S. states such as California and Washington that mandate feed-in tariffs.
Asia Pacific is also significantly contributing to the growth of the market. Developing economies such as China, India, and Japan are keen on meeting renewable energy targets. There is enough importance given to reduce carbon emissions and tax credit, incentives such as feed-in tariff, and net metering, among others are provided by governments to boost renewable energy technology adoption. This is likely to boost the APAC market.
Global Renewable Energy Policy FiT Market: Key Players
The report profiles key players in the global renewable energy policy FiT market based on various attributes such as company overview, business strategies, recent development, and financial overview. Borea Construction ULC, First Solar, Inc, Hanwha Q Cells GmbH, Areva, Black & Veatch Holding, Gamesa Corporation, JUWI AG., M.A. Mortenson Company, Mannvit, Martifier Solar, Ormat Technologies Inc., Prenecon S.A., Sunedison Inc., AMEC Foster Wheeler PLC, and Suzlon Energy are some of the leading organizations operating in the global renewable energy policy FiT market.
This study provides a particularized anatomy according to the L.E.A.P mechanism
The regional analysis offers market assays across:
The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.
Latest Trends and Cardinal Growth Prospects
The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.
Existing and Future Insights in Growth
The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.
Ascensions in Technology
Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.
The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.
The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!
This report is the key to questions such as:
What are the prominent factors that will help in reshaping the market growth?
Which trends have the potential to bring expansive growth for the market?
What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?
Which regions will emerge as champion growth contributors for the market?
Which aspects will serve as game-changers for the market?
What are the latest innovations in the market?
Which factors will hinder the growth of the market?
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