It is without exaggeration and beyond the doubt that energy has become one of the most significant needs of the human being. The utility of energy has greatly evolved over the last century. The whole range of human activities including dwelling, trade and commerce, industry, transportation and agriculture has mostly become depended on energy. Globally, energy prosperity has become very crucial to overcome fundamental social problems such as poverty, hunger, disease and illiteracy. The growing human reliance on energy has been paralleled by a string of challenges that are both local and global in nature. It is increasingly understood that ensuring availability of sufficient, affordable, and environmentally friendly energy’ is one of the major challenges faced by the world in the twenty first century.