Solar Power, Wind Power & Renewable Energy Industry Market Research

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Solar Power, Wind Power & Renewable Energy OVERVIEW

  Renewable electricity has been generated with great success for many decades in the form of hydroelectricity—that is, water flowing over a turbine installed at a dam site, with that turbine powering an electric generator.
     Today, renewable energy comes from many other sources.
     The non-hydro sources are growing at a stunning rate worldwide.
     Analysts at BP report that non-hydroelectric renewable power consumption grew by a respectable 12.2% worldwide during 2019 (the latest year for which data is available).
     North American consumption increased by a substantial 7.6% World hydroelectric consumption increased by 0.8% during 2019.
     North American hydroelectric consumption decreased by 4.7%. Exceptional growth does not mean that renewables account for a massive amount of the world's energy—not yet.
     Instead, coal and natural gas (and to a lesser extent, nuclear energy) remain the primary sources of non-renewable electric generation in most of the world.
    This is changing, but it will be many years before renewables account for even one-half of all electricity generation—on the assumption that renewables will continue to soar while demand for fossil fuels will peak, perhaps sometime in the 2030s.
     Analysts at Goldman Sachs forecast that capital investment in renewal power sources will exceed those in the oil and gas industry during 2021, for the first time in history. Meanwhile, some of the world's leading oil and gas companies, including Royal Dutch Shell, are increasing their investments in renewable energy sources and technologies.
    electric production from all renewable sources was 17.0% of


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