Since the technology advancement, energy is greatly used to power up engine for vehicle, airplane, power boat and also power generator to produce electricity. This energy used is generated by burning off coal, oil and natural gas. Worst of all, these items are non-renewable and will dwindle eventually from the earth. (Campbell, 2002) Especially on crude oil is depleting faster than the other as most transportation is using petrol or diesel that is produce by crude oil. Therefore alternative methods are needed to overcome the shortage of these natural resources. Wind, Solar, Hydro energy, bio-fuel and bio-mass are developed to substitute or overcome the shortage. Those items are renewable as they can be constantly replenished and will never run out. In long run, the world market will direct their focus into renewable energy as they are the biggest potential to serve the market needs.
Business Opportunities in Green Energy
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Due to the depletion of the non-renewable energy, the world has to change in varies way to adopt the usage on the renewable energy thus creating opportunities to the new business market. Therefore the key to the new business opportunities is also target to bring down the price of the renewable energy to an affordable cost. These changes to suit the renewable energy are as follows:
Solar panel, gigantic wind mills, hydro-power plant was developed to create the energy. To store them, new type of battery or hydrogen fuel cell was created and is use to power up vehicle, boats and other engines. On top of that, the battery technology is used to store the unused energy for future used and also creating mobility. Biofuel also develop to act as a substitute for petrol or gasoline.
Due to the ageing of the population and the downsizing of the population in developed countries, the usage of the energy increase tremendously but inefficiently also. This is due to the increasing of one person per household due to the ageing population. (Nielsen, 2004)
Again with technology advancement and the rising of the living standards, there will be more electrical appliances use in a single household. (Hodgson, 2007) Even there is only one or more person but the electrical appliances that are used will still be the same.
New regulations were design and implement set to create a level playing field for companies. Most countries that support the renewable energy have implemented subsidy and tax rebate for those that uses renewable energy. Some countries even provide fund to support companies or household to convert their normal electrical usage to tapping on renewable energy like solar. This is to motivate more people or companies to adapt to the green energy technology. (Beck & Martinot, 2004)
Now those green countries are trying to influence other countries to use renewable energy through global or international organization like World Renewable Energy Congress / Network (WREC/WREN). This introduction will help to slow down on the global warning issue and also reduce the depletion of natural resources.
Innovations for Green Energy
From those changes, entrepreneurs found the opportunities from the green energy markets and develop new innovations. From the development of fuel cells and battery technology, automotive company develops an electric power car that uses fuels cell to run from a conventional combustion engine. Newly developed batteries are also used to store the energy produce from the wind. Furthermore, some individual are developing hydro power car that run on water.
In Photovoltaic technology, new solar material also develop to get better efficiency from crystalline silicon to thin film that have better absorption and looking to low the cost to produce solar material. (Mah, 1998) Beside solar material, light weight material was under research to develop to increase the efficiency for vehicle and at the same time for the wind turbine to produce more energy than before.
Opportunist also found the need for Biofuel to replace gasoline and petrol, thus they started a total brand new production and new process is developed to manufacture the Biofuel according to international standard.
From the renewable energy evolution, companies are looking ways to expand their business in this sector through partnership, alliance or new company to expand their portfolio. These firms can cover the new business into consumer products, automotive and also into trading green energy.
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Thus countries and governments have to reorganize their policies; rule and regulation to maintain the renewable energy trading and also to ensure the standard is follow through legislation. Especially on safety standard have to follow while producing Cadmium Telluride for photovoltaic as they are hazard for health if they are not handle properly.
The ideal business opportunity to venture in the renewable energy market is to go deeper into the Photovoltaic industry as solar is available everywhere and most of all the payback on the manufacturing has cut down from 5-8 years to expect 1-2 years with new way of manufacturing. (Turner, 1999) Whereas in wind and hydro energy, they are not feasible as they are not easily obtain in every part of the world. With newer innovation, solar panel can be made into smaller and high efficiency to produce more energy than before and there is a huge market on consumer products which require energy to operate rather than focusing on the automotive industry. Maybe in the future, all household window panel and roof top are made of solar panel to create energy for their own usage at home.