Existing Stature and Possible Outlook of Renewable Power in Comprehensive Electricity Market

Abstract

The massive growth in power demand and the sharp decay in the availability of conventional energy sources forces society to move toward renewable power consumption. The rise in renewable energy utilization is one of the greatest strategies involved in making the environment clean, green, and emission-free. The investment cost is slightly high for this kind of resource, but their running costsare very minimal, which encourages power producers to invest in renewable power plants. Power producers always focus on their economic profit and possible feasibilities before the investment in a new power plant setup. Wind, small hydro, and solar photovoltaics have been considered the foremost efficient and feasible renewable sources. In 2021, the worldwide renewable power capacity had grown to 17%, despite supply chain disturbances and surges in prices. The renewable power market set a target of achieving a 95% increment in global power capacity by 2026. Hence, humankind should consider wind, hydro, and solar photovoltaics as the main energy sources, and there is a need to increase use of such sources. This paper highlights the latest developments, enormous technologies, and upcoming aspects of wind power, hydropower, and solar photovoltaics in India, as well as around the globe. The present status of renewable energy can motivate global power producers to spend their money on the installation of a new renewable power plant to obtain more economic benefits and give societal economic and environmental payback to humans.