Renewable energy has appeared as a large sector in the global energy combination because huge investments has occurred on a worldwide scale. Renewable energy is the form of energy which is constantly replenished by the environment like solar, wind, tide, geothermal, nuclear, bio fuel etc., and it is present in abundance without the fear of it getting extinct.
The major advantage of the renewable energy market is that it requires less maintenance over the usual generators, the cost of operating it is very low, the environment is not polluted as the emission of carbon dioxide and other chemical pollutants are negligible. As the renewable energy projects are located in remote areas, this helps in increasing the economic sector of that area as well as the local services. The disadvantages of renewable energy is that the amount of electricity produced by fossil fuel is much higher and it often relies on the weather condition of that place where the renewable energy project is set up; for example a place where solar panels are set up needs continuous sunlight for generation of electricity but if the weather is cloudy or gloomy the panels will not be able to operate properly.
According to a market research report, India has added around 1700 megawatt of wind power capacity in the year 2012 to 2013. The renewable energy certificates for solar energy market will reach a price of INR 9300 in the coming years. Renewable energy consumption is emerging in countries like India, China and Brazil since it is a cost effective sector. Approximately around 30 nations donate more than 20 percent of the energy supply requirements. The investment in the renewable power sector by European countries is likely to be 230 percent to 630 billion dollars per year by 2030. Hence, the global renewable energy market is showing an amplification of investments by nations to procure the environment from pollution which in turn increases global warming and saving the non-renewable energy like coal, petroleum etc.