As the world faces the challenge of climate change, renewable energy is one of the most important topics in the sustainability agenda. Several trends are expected to emerge in 2024 that will have a great impact on the way clean energy is captured and utilized.
The investment in renewable energy is escalating due to the enhanced government support, good policies, and increased investors’ participation. This increase in investments will further enhance the adoption of RE technologies and strengthen the efforts for creating new technologies. Among the sources, solar power is expected to be the most promising one, as the cost of photovoltaic technologies is decreasing, and new developments in energy storage are enhancing the competitiveness of this energy source. The International Energy Agency has estimated that solar photovoltaic capacity will expand further and will contribute to an increase in the share of solar energy in the global electricity production.
Offshore wind is also growing rapidly with countries across the globe placing bets on large scale projects. Advancements in turbine technology, installation, and connection to the grid will drive the offshore wind business. Energy storage techniques are rapidly evolving to support the integration of renewable power into the current grid and improve the grid’s reliability. The improvement in the battery technologies such as increased duration, faster charging, and reduced cost will enhance the energy storage systems demand.
Green hydrogen is emerging as a promising contender with hydrogen production through electrolysis using renewable energy sources experiencing remarkable progress. Hydrogen is predicted to be one of the key fuels for decarbonising the steel, cement, and heavy transport industries.
This means that by embracing these trends and choosing to make the world a sustainable place, we are creating a better future for the generations to come.