Power is an important part and parcel of our lives. Without this essential component we will be unable to perform our day-to-day tasks. Our industries will come to a complete halt if there is no power. There are two types of energy sources. One is conventional while the other one is non-conventional. The conventional energy sources include wood, fuel, gas, thermal and nuclear power plants. These sources are non-renewable and are a major source of pollution in the world. The conventional sources are not available in abundance and are depleting with the passage of time. Due to the reason that they are a major source of global pollution, the global economies are shifting their dependency on non-conventional sources. These are also known as renewable energy sources. Renewable energy sources include solar, wind and thermal energy sources. They are less harmful to the world and major countries are shifting towards these sources abruptly because they have the required resources and finance for these projects. As per available data, during 2015, oil accounted for 39% of the total global energy consumption while coal and gas were utilized 28% and 22% respectively. In this article we will discuss Top 10 Growing Power Sources in 2020 as shared by Insider Monkey.
One of the top non-conventional energy sources in the developed world is generation of power via Solid waste. In American, waste-to-energy plants have been set up that convert municipal waste biomass into power. As per US Energy Information Administration, for each 100 pounds of municipal waste, the plants can generate power from 85 pounds of waste. By the year 2025, the global waste-to-energy technologies market is likely to grow by 6.54%. During 20619, this market was valued at $35.1 billion while it will increase to $50.1 billion by 2027. Another power source is Agricultural biomass. It is the residue which is left in the plantation field after the harvesting process. This type of biomass is an important source of energy because it is cheap and available in abundance. According to Asian Development Bank, way back in the year 2003, 20% of the climate-altering greenhouse emission came from agricultural biomass. The market size of agricultural biomass was $49.8 billion during 2019 and at present, it is growing at the rate of 9.2%. There are some more renewable energy sources. You can read about these sources at 10 Fastest-Growing Energy Sources in 2020.