Renewable fuels have witnessed remarkable growth over the years owing to the technological advances, government policies and lower prices. The renewable fuels market will continue to grow as these are expected to aid immensely in meeting the energy demand.
China, United States, Germany, Spain and India are few countries among others which possess great renewable power capacities. These countries are forecast to exhibit fastest growth with increasing investments to tap various sources of renewable energy.
Power sector accounts for major share in the renewable fuels market. Solar PV is the main source used in all the sectors followed by biomass energy. In these applications, wind and biomass sources are estimated to register highest growth with increased production.
Transportation which accounts for 21% utilizes the biodiesel and ethanol fuels. The heating and cooling done is entirely by solar energy. The heating and cooling sector is estimated to witness highest growth owing to the escalated demand from domestic consumers and increased solar energy production.