Global exploitation of renewable energy technologies is increasing rapidly due to the concern in global warming and dwindling supplies of fossil fuels. Most of the countries in the world are blessed with two or more renewable energy sources (RES) and hence have formulated policies to boost the utilization of RES for their electricity production. An assessment of renewable electricity scenario is essential for research and development related works in the field of renewable energy technologies in order to further develop the renewable energy industry. Recent developments in installation capacities, costs and reductions in electricity costs of major RES based electricity generation methods are discussed in this paper. It also includes the past growth and future expectations of renewable electricity production. The analysis shows that if the current developments in renewable industry continue, then a major share of global electricity production in the future could be supplied by renewable energy technologies. The analysis further shows that a significant amount of fuel cost and pollutants emission can be reduced by the increased use of RES based electrical power production technologies.
