The Renewable Energy Industry ( Eia ) Essay

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The Renewable Energy Industry As the world delves deeper into the 21st century and as more and more countries develop into industrialized or post-industrialized nations, global society is dependent on reliable and steady sources of energy now more than ever. This reliance on energy will most certainly continue into the future as the U.S. Energy Information Agency (EIA) has projected the world’s energy consumption to increase by 56% by the year 2040 (“EIA Projects World Energy Consumption”). Such a substantial surge in demand of energy in what is a relatively short period of time has disquieting implications. According to the British Petroleum Statistical Review, oil, natural gas, and coal consumption accounted for approximately 86% of the energy market in 2015 (“Statistical Review of World Energy”). With current oil prices being at record lows, a booming natural gas “renaissance” in the process of going on, and political pressures in the United States calling for an increase in “clean coal” output, nonrenewable fossil fuels may be the primary options for our society to fuel its future (Sontakke). However, these options come with adverse drawbacks such as dependency on dubious foreign petro-states and various forms of ecological degradation, which includes climate change. Due to these factors, as well as burgeoning cost-competitiveness, the renewable energy industry is poised to gain a sizable share of the energy market. The renewable energy industry consists of firms
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