Variable Renewable Energy Market Segment Forecasts up to 2027

Albany, NY -- (SBWire) -- 10/01/2020 --Variable Renewable Energy Market: Introduction
Variable renewable energy (VRE) is a renewable energy source that is non-dispatchable, as it is of fluctuating nature. VRE sources include wind power and solar power.
Incorporation of variable renewable energy into electricity systems has become a prominent issue as well as focus of research for most utilities, private companies, and international organizations. However, for several countries across the world, the possibility of achieving high levels of VRE penetration is presently achievable. Several of them have set ambitious renewable energy targets and have enacted policies or measures to increase the use of variable renewable energy in their overall energy generation mix.

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Variable renewable energy (VRE) largely rely on renewable fuel sources. However, in numerous aspects, VRE source is different from conventional sources, such as natural gas, coal, and nuclear power.
Variable renewable energy (VRE) is one of the major sources of complexity in national-scale capacity expansion models (CEMs), due to its physical attributes, which differ from conventional sources of power generation, and also due to the need to more accurately represent physical attributes
VRE technologies are usually connected to the power grid through power electronics-based inverters, which are carefully designed to supply necessary grid stability

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Key Drivers of Global Variable Renewable Energy Market
Growing concerns about the environment and rising usage of clean energy substitutes are likely to be key factors driving the global variable renewable energy market during the forecast period
Electricity rates are inherently volatile. They fluctuate monthly, annually, and depending on season. Over the last decade, electricity prices have risen greatly and they are poised to increase even more during the forecast period. This, in turn, is projected to augment the demand for use of variable renewable energy in the near future.
Ambitious national targets, rapid technological advancements, and international agreements have prompted countries across the world to turn toward the renewable energy sector and expand their power infrastructure. This, in turn, is expected to augment the global variable renewable energy market between 2019 and 2027.
Restraints of Global Variable Renewable Energy Market

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Development of required transmission infrastructure is the key issue faced with variable renewable energy. Wind and solar sources are often not located near load centers or the existing transmission systems. Unlike conventional power generators, VRE plant siting is less flexible and more location constrained. Thus, new transmission infrastructure is often required in order to connect the VRE source to the load.
On the other hand, due to their spatial and temporal diversity, variable renewable energy technologies typically require significant volumes of data to be included in capacity expansion models (CEMs). This diversity poses challenges to measuring of the VRE generation volume in capacity expansion and dispatch models.