Trends That Are Reshaping The Renewable Energy Market
Renewable energy has become a popular and efficient resource for generating energy from sources that do not get exploited such as solar, wind, and hydropower. An increasing number of countries and major companies are employing sustainable energy generation methods, contributing to sustainable development goals. The renewable energy landscape is evolving constantly, with the increased emission of greenhouse gases, especially CO2 due to the degradation of fossil fuels for generating energy.
The generation of renewable energy using renewable sources is a huge expenditure. The companies use fossil fuels for generating energy because of the lower cost of generation and production of energy. On the contrary, various government regulations and policies for conserving the environment and global climate are making it essential to utilize renewable sources for generating electricity and other purposes.
So, here are major trends that are reshaping the usage of renewable energy.
Storage of Energy
To balance out the demand and supply of power, energy storage is a useful way to do so. Various issues related to renewable energy makes it a key factor to store energy in any form. The storage of energy ensures a continuous supply of power, even when the weather conditions are not favorable for generating energy.
For energy storage, batteries are the most common devices and are used in both commercial and grid-wise scale. The energy storage technologies are improving and the companies are making it more affordable day by day. These advancements in technologies are proving advantageous as compared to traditional energy sources.
Grid Uniformity and Fewer Costs
Grid parity or uniformity occurs when substitute energy can generate the power required at a suitable cost and has equal or a slightly less performance level as compared to conventional methods. Solar and wind energy is being used in various regions of the world that are giving the generating companies a competitive edge over other players using non-renewable sources.
Now, the trend has been inclined towards the consumers and now renewable energy is strengthening the grid reliability and resilience. The use of self-optimizing technologies is also increasing the efficiency of the user.
The use of blockchain is reducing energy inequality and is inefficiency. It is empowering the consumers to buy and sell energies from other key players directly. Blockchain is an incorruptible digital platform that allows transactions to get recorded. The IoT (Internet of Things) is also having an impact on energy systems. Nowadays, the devices can automatically buy and sell energy, monitor and analyze the performance of the energy-consuming devices.
Energy Advancements in Developing Countries
There is a share of the population that remains without access to electricity and energy. Universal access to energy is the main objective of companies and government organizations in developing countries. Most cost-effective ways are being adopted that are delivering affordable and reliable power to the users. International organizations such as the World Bank and SEforALL are laying the foundation for providing easy access to developing countries all around the world.
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... March 2020
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