“Renewable Energy Market to Garner $2,152 Billion by 2025, Reveals Report” • According to a report published by Allied Market Research, renewables industries will very likely result in an impressive growth for the entire market. It projects the global renewable energy market is to reach in excess of $2,152 billion by 2025. [Interesting Engineering]
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U.S. President Barack Obama's American Recovery and Reinvestment Act of 2009 includes more than $70 billion in direct spending and tax credits for clean energy and associated transportation programs. Leading renewable energy companies include First Solar, Gamesa, GE Energy, Hanwha Q Cells, Sharp Solar, Siemens, SunOpta, Suntech Power, and Vestas.[142]
The most significant barriers to the widespread implementation of large-scale renewable energy and low carbon energy strategies are primarily political and not technological. According to the 2013 Post Carbon Pathways report, which reviewed many international studies, the key roadblocks are: climate change denial, the fossil fuels lobby, political inaction, unsustainable energy consumption, outdated energy infrastructure, and financial constraints.[155]
The early development of solar technologies starting in the 1860s was driven by an expectation that coal would soon become scarce. Charles Fritts installed the world's first rooftop photovoltaic solar array, using 1%-efficient selenium cells, on a New York City roof in 1884.[28] However, development of solar technologies stagnated in the early 20th century in the face of the increasing availability, economy, and utility of coal and petroleum.[29] In 1974 it was estimated that only six private homes in all of North America were entirely heated or cooled by functional solar power systems.[30] The 1973 oil embargo and 1979 energy crisis caused a reorganization of energy policies around the world and brought renewed attention to developing solar technologies.[31][32] Deployment strategies focused on incentive programs such as the Federal Photovoltaic Utilization Program in the US and the Sunshine Program in Japan. Other efforts included the formation of research facilities in the United States (SERI, now NREL), Japan (NEDO), and Germany (Fraunhofer–ISE).[33] Between 1970 and 1983 installations of photovoltaic systems grew rapidly, but falling oil prices in the early 1980s moderated the growth of photovoltaics from 1984 to 1996.
Brazil has one of the largest renewable energy programs in the world, involving production of ethanol fuel from sugar cane, and ethanol now provides 18 percent of the country's automotive fuel. As a result of this, together with the exploitation of domestic deep water oil sources, Brazil, which years ago had to import a large share of the petroleum needed for domestic consumption, recently reached complete self-sufficiency in oil.[36][37][38]
Wave power, which captures the energy of ocean surface waves, and tidal power, converting the energy of tides, are two forms of hydropower with future potential; however, they are not yet widely employed commercially. A demonstration project operated by the Ocean Renewable Power Company on the coast of Maine, and connected to the grid, harnesses tidal power from the Bay of Fundy, location of world's highest tidal flow. Ocean thermal energy conversion, which uses the temperature difference between cooler deep and warmer surface waters, has currently no economic feasibility.
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The theory of peak oil was published in 1956.[39] In the 1970s environmentalists promoted the development of renewable energy both as a replacement for the eventual depletion of oil, as well as for an escape from dependence on oil, and the first electricity generating wind turbines appeared. Solar had long been used for heating and cooling, but solar panels were too costly to build solar farms until 1980.[40]

While many renewable energy projects are large-scale, renewable technologies are also suited to rural and remote areas and developing countries, where energy is often crucial in human development.[13] Former United Nations Secretary-General Ban Ki-moon has said that renewable energy has the ability to lift the poorest nations to new levels of prosperity.[14] As most of renewables provide electricity, renewable energy deployment is often applied in conjunction with further electrification, which has several benefits: Electricity can be converted to heat (where necessary generating higher temperatures than fossil fuels), can be converted into mechanical energy with high efficiency and is clean at the point of consumption.[15][16] In addition to that electrification with renewable energy is much more efficient and therefore leads to a significant reduction in primary energy requirements, because most renewables don't have a steam cycle with high losses (fossil power plants usually have losses of 40 to 65%).[17]

The primary obstacle that is preventing the large scale implementation of solar powered energy generation is the inefficiency of current solar technology. Currently, photovoltaic (PV) panels only have the ability to convert around 24% of the sunlight that hits them into electricity.[125] At this rate, solar energy still holds many challenges for widespread implementation, but steady progress has been made in reducing manufacturing cost and increasing photovoltaic efficiency. Both Sandia National Laboratories and the National Renewable Energy Laboratory (NREL), have heavily funded solar research programs. The NREL solar program has a budget of around $75 million [126] and develops research projects in the areas of photovoltaic (PV) technology, solar thermal energy, and solar radiation.[127] The budget for Sandia’s solar division is unknown, however it accounts for a significant percentage of the laboratory’s $2.4 billion budget.[128] Several academic programs have focused on solar research in recent years. The Solar Energy Research Center (SERC) at University of North Carolina (UNC) has the sole purpose of developing cost effective solar technology. In 2008, researchers at Massachusetts Institute of Technology (MIT) developed a method to store solar energy by using it to produce hydrogen fuel from water.[129] Such research is targeted at addressing the obstacle that solar development faces of storing energy for use during nighttime hours when the sun is not shining. In February 2012, North Carolina-based Semprius Inc., a solar development company backed by German corporation Siemens, announced that they had developed the world’s most efficient solar panel. The company claims that the prototype converts 33.9% of the sunlight that hits it to electricity, more than double the previous high-end conversion rate.[130] Major projects on artificial photosynthesis or solar fuels are also under way in many developed nations.[131]
The Stirling solar dish combines a parabolic concentrating dish with a Stirling engine which normally drives an electric generator. The advantages of Stirling solar over photovoltaic cells are higher efficiency of converting sunlight into electricity and longer lifetime. Parabolic dish systems give the highest efficiency among CSP technologies.[18] The 50 kW Big Dish in Canberra, Australia is an example of this technology.[14]