The renewable energy industry witnessed remarkable growth over the past year, driven by rapid technology advancements, decreasing costs of renewable energy resources, and increased adoption of electric vehicles (EVs). Moreover, growing concerns over climate change and support for environmental, social, and governance (ESG) policies are expected to accelerate the industry’s growth in the coming years.
Furthermore, favorable government policies are expected to fuel the industry’s growth. Recently, the U.S. Department of Energy (DOE) launched the Interconnection Innovation e-Xchange (i2X), a new partnership funded by President Biden’s Bipartisan Infrastructure Law to connect more clean energy to the grid. According to a report by Precedence Research, global renewable energy is projected to reach $2 trillion by 2030, growing at a CAGR of 8.6%.
