Renewable energy is a natural source of energy, which is generated from natural processes that are continuously replenished. Various technologies are developed from renewable energy to meet the increasing energy demands. These technologies include wind energy, solar energy, geothermal energy, hydro energy, and bioenergy. Fossil fuels are non-renewable resource of energy that will be extinct over period of time. As renewable energy is constantly renewed and cannot be exhausted it can be used for various applications.

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Increasing number of population, technological advancements in IT industry, and need for alternative sources of energy for fossil fuels are the major factors driving growth of the renewable energy technology market. Renewable energy can be used to generate electricity, which can reduce the cost of electricity generation by conventional method. This is the major factor propelling growth of the renewable energy technology market. Solar energy can be used for heating and lighting homes and other buildings, for generating electricity, and for hot water heating, solar cooling, and a variety of commercial and industrial uses.

The sun's heat drives the winds whose energy is captured with wind turbines. Then, the winds and the sun's heat cause water to evaporate. When this water vapor turns into rain or snow and flows downhill into rivers or streams, its energy can be captured using hydroelectric power. Furthermore, biomass can be used to produce electricity, transportation fuels, or chemicals, which is called bioenergy. However high cost of initial set up and regular maintenance are the major factors restraining growth of the renewable energy technology market.

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Key Developments of Renewable Energy Technology Market

 Smart city projects in India are based on renewable energy technologies, which will contribute in achieving objectives of the smart cities Mission to make them zero polluting and self-sustaining cities. In April 2018, Diu became the first smart city in India that runs on 100 per cent renewable energy during daytime. Major electronic companies are also operating on renewable energy to reduce their operational cost. For instance, in April 2018, Apple, American electronic major, announced that its business is now powered by 100 percent renewable energy sources. The company purchased green energy bonds and other renewable investments in its supply chain and physical infrastructure.

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