Perpetual rise in demand for electric energy and rising pressure of optimum utilization of available resources encouraged power plant simulators market to grow with a growth rate of 3.6% during the forecast period from 2018 to 2026. A power plant is combination of millions of systems and sub-systems working together with a common goal of electricity generation.
Increasing electricity bills necessitating the need for optimum electricity management is identified as the major factor driving the energy management systems (EMS) market. This has further augmented the need for real-time monitoring and measurement of energy consumption patterns, especially in industries including manufacturing, power utilities, oil and gas, and mining among others.
The global renewable energy market is projected to surpass $2,000 billion by 2030, expanding at a CAGR of 9% from 2023 to 2031. There are numerous renewable energy sources, including wind, hydropower, solar, geothermal, and biofuels. It is estimated that approximately 7% of the world's energy demand is currently met by renewable energy sources. This proportion is anticipated to climb dramatically in the near future. Rising awareness regarding the harmful effects of fossil fuels on the environment, rising government initiatives to promote the adoption of clean and green energy, rising public and private efforts to curb carbon emissions, and growing consumer adoption of green energy are the major factors anticipated to drive the global renewable energy market. Rising industrialization and urbanization in emerging nations around the world are anticipated to increase demand for renewable energy sources such as geothermal and solar energy over the forecast period.
Increasing technological advancements are reducing the cost of renewable energy, and the increasing competitiveness of battery storage systems has a favorable effect on the expansion of the renewable energy sector. Globally increasing climate change and environmental, social, and governance (ESG) issues are driving massive investments in renewable energy sources. In order to promote sustainability and protect the environment, governments in a number of established and emerging economies subsidize the corporate sector's transition to green and clean energy sources. These variables are crucial to the global expansion of the renewable energy sector.
Acute Market Reports is dedicated to delivering organizations operating in the renewable energy domain with thorough business research and strategic consulting solutions. With the help of Acute Market Reports' futuristic research approach and analysis, our customers are able to make educated, timely business decisions. To ensure that our clients throughout the world receive the highest quality strategic research solutions, we work with a comprehensive range of industry stakeholders.
