Global trends in renewable energy development

The paper deals with modern trends in global renewable energy development. Despite the fact that nowadays the dynamic deployment of renewable energy capacities is observed around the world, global energy market continues to be based on non-renewable energy resources. In the paper the drivers for global renewable energy market development and their impact on renewable energy plants construction are examined. The analysis has shown that the main driving forces for world renewable energy sector growth are policy factors, especially implementation of well-designed support mechanisms to promote energy production from renewables. As such support tools were mainly implemented in power sector, now it holds leading position, while insufficient implementation of motivational tools in transport, heating and cooling sectors slowed down their development. In addition, the main challenges, which inhibit increasing the competitiveness of renewable energy on the global energy market, are outlined.