The constant environmental depletion has made renewable sources of energy as the immediate need of the hour. The renewable industry is one of the most opportunistic industries all over the globe as it was growing with a significant growth rate from the last decade. However, the epidemic caused due to COVID-19 seems to brutally affect the current renewables scenario. The global renewable energy industry consists of solar, wind, hydro, biofuel, and other sources of energy which are less carbon-intensive. Apart from maintaining safe carbon footprints, these sources further create a more sustainable energy system.
There are a few factors responsible for the growth of the renewable industry, which primarily include the increasing continuous energy demand throughout the globe; and secondly, the rising concern related to the safety of the environment. Moreover, the low cost of operation is also one of the major factors for the high adoption rate for renewable sources of energy. Besides, the growth in the electric vehicle market is also shifting the energy demand from crude oil to electricity. As the production of electricity through renewable energy is increasing, the automotive sector is expected to be less carbon-emitting sector in the near future. Significant growth in the residential and commercial renewable projects was also expected due to more efficient solar PV and rooftop systems getting introduced to the market.
However, this prediction is not expected to get fulfilled in the year 2020 due to the COVID-19 pandemic. The pandemic is expected to create a recession in global economies, as most of the economies will record a negative growth rate in the year 2020. There will be lower demand due to economic crisis, further due to which energy consumption especially electricity in the industries are expected to be lower as compared to earlier predicted for the year 2019. Significant growth in the residential and commercial renewable projects was also expected due to more efficient solar PV and rooftop systems getting introduced to the market. However, this prediction is not expected to get fulfilled in the year due to the COVID-19 pandemic majorly impeding the renewable industry’s growth.
