Renewable Sector: Grow & Glow

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Renewable Sector: Grow & Glow
31 Jul 2021
8 min read
TWN Exclusive

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Renewable energy sector market is rising exponentially due to falling costs of technology and substantial public support. renewable energy will account for 55% of the total installed power capacity by 2030. There is a need to create more and more demand so that supply can find a way leading to more growth. There are many ways settled businesses in this sector can expand and grow more. Few tips and tricks for the same are listed in this blog, grow more with us, here at Niche.#ThinkWithNiche,

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The corporate demand for Renewable Energy is becoming the nation’s leading demand for wind power and an increasingly important source for solar energy too. The renewable energy sector market is rising exponentially due to falling costs of technology and substantial public support. The rising price of oil is driving its growth. The biggest growth is expected to be seen in the form of new wind farms and solar arrays. Renewable energy and natural gas will see the greatest expansion.  Coal power will suffer the most from the rise of renewable energy. Electricity generated by coal is projected to decrease from 25% to 22%.

According to the Central Electricity Authority (CEA), Renewable Energy will account for 55% of the total installed power capacity by 2030. There are a lot of growth opportunities that can be promoted in markets in this sector. There is a need to create more and more demand so that supply can find a way leading to more growth; with corporates. There is no doubt that there is a demand for renewable energy. Power consumption and the industry as a whole are expected to grow significantly. Major steps would be taken towards smart grids that would be able to manage the flow of energy using internet-connected sensors and systems that may be able to adjust power output, automatically report outages and other functions. This will enable other innovations. 

There are huge changes coming to the renewable energy sector due to big shifts in climate, rising oil prices, etc. the settled businesses have great opportunities to grow and expand themselves in this field. There are a few tips and tricks to be taken care of, and we are going to tell you about them here.

Know Your Customers, Business, And  Services

‘Measure it to Improve it’. You must measure your energy usage, expenses, location, duration of your current energy portfolio, and progress on a regular basis. Monitor your customer's expectations and demands. Take feedback and fix the areas which need to be improved so that people can refer you further. Don't compromise on your services, you exist in the market because of your services. Offer services and options to different companies especially to the small and mid-cap. Many companies are now taking steps to launch their own renewable management programs. So initially, they would prefer a simple solution to move ahead instead of a complicated one that would require them to make significant investments. 

Frame Solutions From A Financial Perspective

Nurture your existing customers and look for new ones. Cost-cutting is still one of the attractive solutions which will expand your portfolio and more people will connect to you looking at the most valuable and affordable initiatives from you. Small and mid-cap companies are really interested in contributing towards green energy and they seek participation in such programs. But, regulations, policies, and limited resources prevent them from stepping in. Try to give more benefits to your existing customers keeping your profit and their satisfaction in mind. 

Networking And Collaboration

Identify opportunities to collaborate and build a huge network slowly and steadily. Collaboration can help you achieve your strategic renewable energy objectives. Use social media to spread the word and to connect with people. Bring yourself forward and make yourself known to people, sell an idea which would result in a great network and thus expansion.

Raise Demand And Explore Turnaround Solutions

Explore energy efficiency services such as distributed renewable generation combined with battery energy storage. Your services, alliances, partnerships, and collaborations will decide your rate of growth. Look for effective supply options and target large-scale renewable energy projects. Look for supply-side opportunities for commercial and try to approach residential customers to make investments.

Identify Barriers To Success

Financial causes, lack of assets or data, geographic limitations, contracts, and regulatory restrictions all act as a barrier to your growth. Identify challenges, limit potential crises, take steps to solve them, take advantage of local initiatives. There are many startups that bring together the people who have ideas but lack the resources and help them out and give them a start. The aim is to make the process more efficient. 

The renewable energy market is growing rapidly. Many corporates (especially mid-caps and small companies) have been the key driver for renewable growth will represent the next wave of opportunities for renewable developers and service providers.
Providers should consider customizing their services and offerings to meet the demands and needs of smaller buyers. They should risk any growth opportunity at any cost.