Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment
Abstract
:1. Introduction
1.1. Research Gaps
- A new alternative ENG generation is sought due to the growing electricity demand with limited capital investment. This study proposes to represent an environmental and economic aspect highlighting the importance of the necessity of the ENG crisis. It helps to reduce the high-cost ENG generation.
- Sustainability ensures the needs of ENG, and it is highly concerned about the environment. It substitutes an alternative technology in place of conventional ENG. It also bridges the gap between employment and the economy.
- A huge economic investment is integrated to establish a strong value chain. This study establishes a profitable ENG system to generate abundant RE by reducing the initial economic investment and promises to enhance ENG efficiency globally.
1.2. Contributions
- RE resources allow unlimited exploration, which does not reduce their availability as long as they are utilized. This research initiates a reliable, low-maintenance operating cost where its effects are safe and non-polluted for overall development. SENG becomes a vital alternative that is economically and environmentally well accepted for isolated areas with a high cost of conventional energy. Sustainability is a novel solution to measure performance through energy generation and consumption.
- Utilizing a dynamic system is the learning tool for sustainable ENG strategies and environmental awareness. It makes the interaction between socio-environment and economy-oriented ENSC. This study proposes an ENSC in a dynamic environment.
- SENG plays a substantial role in achieving sustainable development for ENG solutions. Its application always satisfies daily needs and meets the employment market to achieve its growth sufficiently. This research proposes sustainable development by providing ENG needs, employment opportunities, and enhancing environmental protection to draw a vision of future applications by modeling under a green ENSC framework.
- ENEFF brings an enormous opportunity to enhance the efficiency in every economic sector for SENG generation.
1.3. Orientation of the Research
2. Related Literature
2.1. ENSC with Sustainability
2.2. Sustainable RE
2.3. Sustainable ENEFF
3. Problem Formulation with Solution Methodology
3.1. Notation, Assumptions, and Problem Statement
3.1.1. Notation
3.1.2. Assumptions
- The model is developed only for RE resources, which increases environmental awareness by reducing the utilization of NRR.
- The ENEFF of the product is inspected using a differential function. There are multiple benefits of ENEFF, including impact on climate change, improved health, indoor conditions, security of ENG, and reduction of the price risk for ENG consumers.
- In this study, non-realistic SENG is not allowed. It provides suitable energy for our houses and environment significantly.
- Shortages are not allowed as energy is supplied whenever the demand appears.
3.1.3. Problem Statement
3.2. Model Formulation
3.3. Solution Methodology
3.3.1. Solution Flowchart
3.3.2. Solution Algorithm
Algorithm 1 A representation of well-defined instructions. |
Step 1. Input all initial values of parameters in the ENSC environment under the initial time. |
Step 2. Equation (4) is utilized to obtain the optimal solution of the manufacturer (EM) and retailer (ER) for ENEFF in the ENSC environment. |
Step 3. Solution of the decision variables is obtained by applying the value of EM and ER. |
Step 4. An analytic computation is performed using the input variables to obtain the values of the decision variables. |
4. Experimental Investigation with Its Solutions Analysis
4.1. Numerical Experiment
4.1.1. Experiment on Proposed ENSC Model
4.1.2. Case Study 1
4.1.3. Case Study 2
4.1.4. Sensitivity Analysis
- The effort of a manufacturer to improve ENEFF increases with the changes in initial parameters. It is observed that nearly 14% of the effort gradually increased.
- The demand for the product gradually increased with the improvement of ENEFF in the ENSC model. The market demand is increased by more than 50%.
- The retailer’s cost increases with the slight parameter changes in the ENSC model.
- The value of ENEFF of the manufacturer and retailer increases or decreases are fully dependent on the effort of a manufacturer to improve ENEFF and the product’s market demand. It increases by about 16% to 25%.
4.2. Results and Discussions
- The value of decision variables of the manufacturer’s effort to improve ENEFF (), retailer product cost (), product demand over time (), optimal ENEFF of the manufacturer (), and optimal ENEFF of the retailer () vary concerning the variations of input parameters accordingly. It is observed that the values of the decision variables have increased by increasing the value of the parameters. The optimal profit of the manufacturer is obtained by about 25% to 35% than the retailer due to the SENG installation. Therefore, the analysis ensures that the ENEFF is more profitable for the SENG panel installation.
- In the experimental analysis, it is observed that the product demand is strongly dependent on the total market capacity. The product demand () obtained from the proposed problem is 6337 MW concerning the total market capacity of 8000 MW and 5939 MW, and 4430 MW from two case studies concerning the total market capacity 6000 MW and 5000 MW, respectively. There are nearly 9% and 29% more demand for the product from the proposed problem than the case studies. Thus, the product demand increases or decreases concerning the total market capacity of the product. Hence, the demand is highly proportionate to the total market capacity of the product.
- The manufacturer’s effort () is increased by about 30% due to the enhancement of ENEFF compared to the two case studies.
- The retailer’s product cost () is obtained from the proposed problem as USD 2186 and USD 2000, and USD 1900 from two case studies, respectively, which is by about 9% and 13% reduced than the proposed research, comparatively.
- Optimal ENEFF for the manufacturer () are USD 33,948, USD 29,621, and USD 25,702 are obtained from the proposed problem and two case studies, respectively, which analyze the research study. It is by about 13% and 24% higher than the two cases comparatively. Similarly, the optimal ENEFF for the retailer () is USD 29,728, USD 26,781, and USD 24,050 obtained from the proposed problem and two case studies, respectively which analyze nearly 10% and 19% higher than the two cases comparatively. Therefore, the analysis confirms that ENEFF for the manufacturer can produce more profit-oriented and customer-acceptable products by keeping environmental awareness than the retailer.
- In the sensitivity analysis, it is observed that the profit of the manufacturer and retailer gradually increased concerning the increment of input parameters, and its effect is shown in some other parameters in optimal cases. The generation of RE provides nearly 40% more benefit than the generation of non-renewable energy. Hence, the manufacturer achieves nearly 35% more benefit than the retailer to generate SENG comparatively.
5. Managerial Implications
- Impact 1. Beneficial needs of SENG provide a supportive policy to enhance the ENG. It maximizes the co-benefits resulting from supporting ENG access. A well-developed system fulfills the basic and important opportunities in a crisis.
- Impact 2. Developing a solar power setup is an excellent solar electrification project in the national and international regions. The solar photovoltaic electrification system has emerged in these areas nowadays. The evolution of infrastructure for solar power systems is the better methodological option for solving the power crisis. SENG provides customer comfort to some extent and contributes to the economy. Thinking and planning regarding the SENG system to determine a positive outcome for self-employment and increasing the workforce is essential to sustain financial benefits. A job opportunity is created where solar technicians provide post-sales service to the consumer and educate them on operating and maintaining the solar equipment. Thus, employment opportunities can increase for family earnings. The government provides training programs for technical skills to expand its services in urban areas.
- Impact 3. ENG consumption provides an alternative economical solution for ENG providers. SENG is the constant generation of ENG in a real consumption situation, enabling change in the management transition decision.
- Impact 4. High manufacturing cost affects the price of SENG cells. If the assistance charge increases, then a minimum number of installations occurs; if it decreases, a powerhouse is installed for efficiency purposes. In this regard, there is a chance to improve the efficiency of the ENSC model.
- Impact 5. A profit-oriented SENG photovoltaic system with innovative constructions and improved methodologies provides environmental awareness in the system. Minimization of waste and recycling are the most favorable solutions to recommend the impacts on environmental resources technologically.
6. Conclusions and Future Trends
- The government intervention may strive to remove the gap between demand and supply.
- Energy storage should be a priority during the unavailability of solar energy, even if it can diminish the power crisis.
- The industry should monitor and provide training facilities on solar systems to maintain service quality.
- Generation of SENG is still an essential measure by reducing the cooling and heating ENG consumption.
- Minimizing the ENG consumption by maximizing the solar ENEFF in the early remote area should be the focus of future research. It may be a problem of multiple objectives.
- Extension of the proposed research is not only considering the consumption of ENG but also needing to be conscious of human support.
- Subsidies may be included in future research to minimize the initial investment.
- Proper analysis provides the right direction to establish a reliable solar power industry in remote areas in the future.
- Simulation is an appropriate way to study the results for a specific problem on a city scale [65]. The software demonstrates the mutual reflection between establishing and calculating the ENG consumption.
- The proposed research may extend to a different form of clean and perpetual ENG dynamically.
- Firstly, the consumption of SENG facilitated the reduction of carbon content ENGs. Our finding implied that human-generated and climatic interests were reduced by decreasing carbon-dependent ENGs. The impact on the consumption of SENG indicated to achieve an approach level of RE.
- Secondly, it confirmed that the consumption of SENG and the environmental impression made a bi-directional relationship in almost all countries.
- The initial expenditure was one of the extensive disadvantages of installing a solar energy system.
- The cost of renewable energy was high compared to non-renewable utility-supplied electricity. Solar energy was becoming more price-sensitive to energy shortages.
- The energy efficiency of solar systems could overcome problems during their installation.
Author Contributions
Funding
Data Availability Statement
Conflicts of Interest
Abbreviations
ENG | Energy |
ENSC | Energy Supply Chain |
ENEFF | Energy Efficiency |
SENG | Solar Energy |
RR | Renewable Resources |
NRR | Non-Renewable Resources |
RE | Renewable Energy |
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Author(s) | Solar System | Energy Efficiency | Sustainability | Greening Growth | Solar Energy Application |
---|---|---|---|---|---|
Yadav et al. [2] | ✔ | ||||
Emenike and Falcone [6] | ✔ | ✔ | ✔ | ||
Mishra et al. [12] | ✔ | ✔ | |||
Tayyab et al. [13] | ✔ | ||||
Tian and Sarkis [17] | ✔ | ||||
Banyai [19] | ✔ | ✔ | ✔ | ||
Alkhuzaim et al. [24] | ✔ | ||||
Verma et al. [32] | ✔ | ✔ | |||
Verma et al. [33] | ✔ | ✔ | |||
Zhang et al. [34] | ✔ | ||||
Vazifeh et al. [37] | ✔ | ||||
Habib et al. [43] | ✔ | ✔ | |||
Dawn et al. [47] | ✔ | ✔ | ✔ | ✔ | ✔ |
Khatoon et al. [54] | ✔ | ||||
Fan et al. [57] | ✔ | ✔ | |||
This research | ✔ | ✔ | ✔ | ✔ | ✔ |
Notation | Description |
---|---|
Input parameters | |
co-efficient of the retailer’s cost for the product in demand function | |
co-efficient of the ENEFF for the product in demand function | |
rate of decaying of the ENEFF for the product | |
co-efficient of the ENEFF for the product improvement | |
associated cost with the ENEFF for the product improvement | |
t | time in year |
ENEFF cost for the product improvement at time t in USD | |
ENEFF for the improvement of the product at time t | |
Q | total market capacity in USD/MW |
T | lifetime of SENG panel in year |
Decision variables | |
effort of the manufacturer to improve the ENEFF in MW | |
retailer product cost over time t in USD | |
product demand over time t in MW with starting demand | |
optimal ENEFF of the manufacturer in USD | |
optimal ENEFF of the retailer in USD |
Scenarios | Energy | Changes | Manuf. | Retailing | Dem. | Optimal Eff. |
---|---|---|---|---|---|---|
Efficiency | in | Effort | Prd. Cost | Manuf. Ret. | ||
Coefficients | Parameters | (MW) | (USD) | (MW) |
(USD) (USD) | |
1 | Prd. impv. | 450 | 1935 | 4430 | 30,873, 28,708 | |
Ret. cost | ||||||
Dem. func. | ||||||
Decy. rate | ||||||
Eff. cost. | ||||||
2 | Prd. impv. | 455 | 2025 | 7114 | 32,983, 29,372 | |
Ret. cost | ||||||
Dem. func. | ||||||
Decy. rate | ||||||
Eff. cost | ||||||
3 | Prd. impv. | 512 | 2115 | 11,140 | 34,031, 31,720 | |
Ret. cost | ||||||
Dem. func. | ||||||
Decy. rate | ||||||
Eff. cost | ||||||
4 | Prd. impv. | 525 | 2205 | 12,710 | 40,489, 34,961 | |
Ret. cost | ||||||
Dem. func. | ||||||
Decy. rate | ||||||
Eff. cost |
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Bhattacharya, S.; Sarkar, M.; Sarkar, B.; Thangavelu, L. Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment. Mathematics 2023, 11, 4064. https://doi.org/10.3390/math11194064
Bhattacharya S, Sarkar M, Sarkar B, Thangavelu L. Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment. Mathematics. 2023; 11(19):4064. https://doi.org/10.3390/math11194064
Chicago/Turabian StyleBhattacharya, Sandipa, Mitali Sarkar, Biswajit Sarkar, and Lakshmi Thangavelu. 2023. "Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment" Mathematics 11, no. 19: 4064. https://doi.org/10.3390/math11194064
APA StyleBhattacharya, S., Sarkar, M., Sarkar, B., & Thangavelu, L. (2023). Exploring Sustainability and Economic Growth through Generation of Renewable Energy with Respect to the Dynamical Environment. Mathematics, 11(19), 4064. https://doi.org/10.3390/math11194064