Global Renewable Energy Investment Market to Grow at a CAGR Of 5.85%: Research and Markets

Research and Markets has released a new report named “Global Renewable Energy Investment Market 2016-2020”. As per the report the global renewable energy investment market will grow at a CAGR of 5.85% during the period 2016-2020.

The research firm notes that spending on utility-scale renewable energy projects will be a key trend for market growth.

The utility-scale renewable energy projects benefit from state and local policies and programs. The state and local policies and programs address the potential barriers by implementing correct measures.

Most of the states have coupled renewable portfolio standards with financial mechanisms such as tax benefits and clean energy fund grants for utility scale-projects. This helps in encouraging and supporting the development of large-scale projects within their borders.

According to the report, high solar energy investments will be a key driver for market growth. The investments in the solar and wind energy are increasing considerably.

The Solar Investment Tax Credit (ITC) has provided industry stability and growth in US since 2006 where it has experienced a CAGR of 60% approximately says the report. On the other hand, there has been a drop in the cost of installation of the solar power plant by more than 70% which led to the expansion of new markets that has increased the deployment of multiple systems. The adoption of renewable energy resources is increasing in Saudi Arabia, Qatar, Bahrain, Egypt, Algeria, Morocco, Libya, Jordan, Syria, Iraq, the UAE, and Kuwait, resulting in improved employment opportunities worldwide.

Further, the report states that uncertainties over investment outcome will be a challenge for the market.