Global Renewable Energy Market Set to Grow as Traditional Energy Sources Dwindle
NEW YORK, September 24, 2018 /PRNewswire/ --
Data compiled by Allied Market Research suggests that the global renewable energy market is projected to reach USD 2,152 Billion by 2025 while growing at a compound annual growth rate (CAGR) of 4.9%. Traditional energy sources such as coal, oil and natural gas required millions of years for formation and will eventually run out of fossil fuel power, while renewable energy is generated from natural processes such as sunlight, wind, rain, tides, waves and geothermal heat. Unlike traditional energy sources, renewable energy can renew constantly throughout time. Additionally, an increase in awareness about environmental issues, such as climatic change, have driven the renewable energy market. Clear Blue Technologies International Inc. (TSXV: CBLU), First Solar, Inc. (NASDAQ: FSLR), SolarEdge Technologies, Inc. (NASDAQ: SEDG), Sunrun Inc. (NASDAQ: RUN), Canadian Solar Inc. (NASDAQ: CSIQ)
Based on energy type, the global market is divided into hydro & ocean power, wind energy, solar energy, bioenergy, and geothermal energy. The report indicated that the solar energy segment is projected to grow at the highest CAGR of 13.4%, in terms of revenue, during the forecast period. Based on geography, the Asia- Pacific region accounted for about 41.1% of the market share in 2016, followed by Europe. These two regions accounted for more than two-third of the global market share in 2016. The South African market is projected to grow at 27.6%, in terms of value, during the forecast years.
Clear Blue Technologies International Inc. (TSX-V: CBLU) earlier this month announced that it has, "fulfilled an initial contract worth approximately $850,000 for a new street light project in Nigeria, as part of a collaboration with Raeanna Nigeria Ltd., a Nigerian infrastructure company focused on rural connectivity and energy solutions.
Clear Blue delivered its Smart Off-Grid power solution for the installation and maintenance of 280 street lights along two separate roads, covering a combined 20 kilometres, which has been the initiative of Senator Dr. Ifeanyi Okowa, the Governor of Delta State. The project, which is to be completed later this month, is an early phase of a state-wide initiative in conjunction with other state governments to bring power, lighting, security and telecommunications to all regions of Nigeria.
More than 80 million people in Nigeria do not have access to electricity, while about 600 million people in sub-Saharan Africa also do not have access to power. The World Bank recently provided a $350-million loan for rural electrification of Nigeria to begin to address the dire need there.
'We are thrilled to be engaged with Clear Blue for the start of Delta State's state-wide lighting project,' said Jay Ogor, Chief Executive Officer of Raeanna Nigeria. 'Many previous projects in Nigeria have struggled to deliver reliable, high-quality power solutions for ongoing services. We have partnered with Clear Blue because they have proven to us that their technology and ongoing service management ensure that these investments will deliver value for many years. The success of Clear Blue's Smart Off-Grid power technology on our previous collaboration made it an easy decision to utilize it for our rollout of street lighting in Delta State. Our plans and focus are to expand our rollout across Delta State and other regions of Nigeria, as it is key to the long-term betterment of Nigeria by bringing back a vibrant street life.'
Utilizing the predictive analysis of Illumience, Clear Blue's service team will manage, control and maintain all street lights remotely, ensuring that the lights stay on when they are needed and that continuing system life is maximized.
'Off-grid power, lighting, security and telecommunications provide immense benefits to people around the world and to the environment,' said Miriam Tuerk, Chief Executive Officer and co-founder of Clear Blue. 'Nigeria is a fantastic country with great people, and we are very pleased to continue to grow our partnership with Raeanna and expand our presence there.'
Clear Blue previously delivered its Smart Off-Grid platform to Raeanna for a series of telecommunications systems installations across eight Nigerian sites earlier this year, in collaboration with Nuran Wireless. The project provided reliable communications services for tens of thousands of Nigerians.
About Clear Blue Technologies International Inc: Clear Blue Technologies International, the Smart Off-Grid company, was founded on a vision of delivering clean, managed, wireless power to meet the global need for reliable, low-cost, solar and hybrid power for lighting, telecom, security, Internet of things devices, and other mission-critical systems. Today, Clear Blue has thousands of systems under management across 34 countries, including the United States and Canada."
First Solar, Inc. (NASDAQ: FSLR) is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. First Solar, Inc. recently announced plans to build a new solar module manufacturing facility near its existing Perrysburg, Ohio flagship plant. The 1.2 gigawatt factory is expected to create 500 new jobs in northwestern Ohio, and will produce the company's advanced technology Series 6 thin film photovoltaic (PV) module. With production facilities in the U.S., Malaysia and Vietnam, First Solar has sold more than 17GW of solar modules providing clean, renewable energy worldwide. "Strong demand in the U.S. for advanced solar technology, along with recent changes in U.S. corporate tax policies, have encouraged our decision to grow First Solar's U.S. production operations," said Mike Koralewski, First Solar's Senior Vice President of Global Manufacturing. "State and local officials and JobsOhio have also worked with us to create a business-friendly environment that supported our objectives. These factors, combined with our own economies of scale in high tech manufacturing, make expanding U.S. operations an attractive, win-win opportunity."
SolarEdge Technologies, Inc. (NASDAQ: SEDG) is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that powers people's lives and drive future progress. The Company recently announced that it is unveiling its expanded StorEdge solution that now offers immediate energy backup of the entire house at Solar Power International. SolarEdge's expanded StorEdge solution with a backup interface provides backup power to the entire house, eliminating the need to pre-select backed-up loads. This solution offers easier and faster installation with integration of the meter and auto transformer into the backup interface, and eliminates the need for an additional back-up panel. Higher power and higher capacity backup systems are also supported with multiple batteries connected. "This expanded solution ensures that homeowners are better prepared, safer, and no longer have to be left without power during blackout events," stated Lior Handelsman, VP of Marketing and Product Strategy, and Founder of SolarEdge. "By further enhancing our StorEdge solution with backup for all house loads, we are providing customers with more flexibility and control over the energy they produce, store, and consume. This advancement is another demonstration of how SolarEdge is leading the industry in expanding the PV inverter's role within the energy ecosystem, from a simple DC/AC converter to a holistic energy management system."
Sunrun Inc. (NASDAQ: RUN) is the nation's leading residential solar, storage and energy services company. Earlier this month, the Company announced that it launched an expansion of its low and moderate income solar offering. The Company plans to develop a minimum of 100 megawatts of solar on affordable multi-family housing, where 80% of tenants fall below 60% of the area median income, over the next decade in California. Sunrun's commitment, when fully deployed, will directly benefit at least 50,000 moderate and low-income households. The installations will be done through building owners at no cost to the tenants, creating significant economic benefits and reducing cost for renters. This initiative will also improve local air quality, decrease reliance on fossil fuels and offer freedom from climbing electric utility bills. In addition to its commitment in California, Sunrun is also introducing a discounted electricity rate to low-income residents in Nevada, supported by the state's RenewableGenerations program, which comes shortly after Sunrun joined the Connecticut Green Bank Program.
Canadian Solar Inc. (NASDAQ: CSIQ) is one of the world's largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar has a geographically diversified pipeline of utility-scale power projects in various stages of development. Recently, the Company announced that it has been awarded a contract to supply 164 MW of photovoltaic (PV) modules to the 350 MWp Escatron Solar power project owned by COBRA Group, a subsidiary of ACS Groupin Spain. ACS Group will serve as the EPC provider of the project that was awarded in the recent round of Spain's renewables auction in July 2018. Over 481,900 Canadian Solar's high-efficiency MaxPower modules (CS6U-P 345/350 W) will be installed. This 72-cell polycrystalline module is the best solution for this large-scale project, as it offers industry-leading cell technology and low power loss in cell connections, which are the key factors for the success of the project. Module shipments will commence in September 2018 and the project is expected to reach commercial operation in 2019.
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