DEVELOPMENT OF RENEWABLE ENERGY SOURCES: ECONOMIC ASPECTS OF PRODUCTION AND STATISTICAL ANALYSIS OF GLOBAL TRENDS

Authors

  • Petro Putsenteilo dr.sc.(econ.), professor, professor at the department of business analytics and innovative engineering, West Ukrainian National University, Ternopil
  • Vasyl Brych dr.sc.(econ.), professor, director at the ESIINMI, West Ukrainian National University, Ternopil
  • Ruslan Brukhanskyi dr.sc.(econ.), professor, head at the department of business analytics and innovative engineering, West Ukrainian National University, Ternopil
  • Nataliia Dombrovska сand.sc.(econ.), associate professor, associate professor at the department of fundamental and special disciplines, Chortkiv Education and Research Institute of Entrepreneurship and Business of West Ukrainian National University, Ternopil

Keywords:

renewable energy sources, energy transition, wind energy, solar energy, bioenergy, traditional energy, investments.

Abstract

Putsenteilo P.R., Brych V.Ya., Brukhanskyi R.F., Dombrovska N.R. DEVELOPMENT OF RENEWABLE ENERGY SOURCES: ECONOMIC ASPECTS OF PRODUCTION AND STATISTICAL ANALYSIS OF GLOBAL TRENDS

Purpose. The aim of the article is to analyse the development of renewable energy sources: economic aspects of production, statistical analysis of global trends, identification of key factors affecting the dynamics of the sector, and assessment of the prospects for its development in the context of global efforts to decarbonize and transition to a sustainable energy future.

Methodology of research. The methodological basis of the study is the dialectical method of scientific cognition and a systematic approach. In the course of the study, a set of scientific methods was used to analyse the development of renewable energy sources, including analysis and synthesis, analytical methods were used when processing literature and Internet sources; statistical analysis was used to assess the dynamics of renewable energy development based on historical data, to assess global trends and identify key areas for the implementation of renewable energy sources, to compare the volume of electricity production from different sources (solar, wind energy, etc.) to assess the dynamics of their development. Economic analysis was used to assess the impact of investments in energy technologies. Trend analysis was used to identify the main factors influencing the development of renewable energy sources and to forecast the development of renewable energy sources. The graphical method was used to visualize statistical data and trends, which provides a more visual representation of the dynamics of RES development and simplifies the interpretation of the results.

Findings. The essence, structure and peculiarities of the functioning of RES in the world are investigated; the main aspects that ensure their formation are specified. The peculiarities of the content of RES are considered, the peculiarities of their components are determined in order to achieve energy security. Global trends are analysed and key areas leading in the implementation of RES are identified. The volumes of electricity production from different sources (solar, wind energy, etc.) are compared to assess the dynamics of their development.

Originality. The forecasting of renewable energy capacities in the world for 2024-2028 was further developed through exponential smoothing, which made it possible to conduct a comprehensive and multilateral analysis of renewable energy development, identify key economic aspects of production, determine global trends, and offer recommendations for further growth of the sector on a global scale.

Practical value. The study made it possible to provide a comprehensive and multilateral analysis of the development of renewable energy, identify key economic aspects of production, determine global trends, and offer recommendations for further growth of the sector on a global scale. The study’s findings can be used to assess renewable energy development trends for 2024-2028 and to determine investment priorities.

Key words: renewable energy sources, energy transition, wind energy, solar energy, bioenergy, traditional energy, investments.

References

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Issue

No. 2 (2024): INNOVATIVE ECONOMY

Section

Environmental economics and ecologization of the environment

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How to Cite

“DEVELOPMENT OF RENEWABLE ENERGY SOURCES: ECONOMIC ASPECTS OF PRODUCTION AND STATISTICAL ANALYSIS OF GLOBAL TRENDS”. INNOVATIVE ECONOMY, no. 2, Jan. 2025, pp. 218-30, https://inneco.org/index.php/innecoen/article/view/1324.