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.
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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.
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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.
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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.