Mankind has used fossil fuels to meet its energy requirements throughout the entire modern era. Oil, coal, and natural gas have powered machinery and lit homes for decades, driving civilization ahead. But with the acceleration of human development, the unsustainability of such energy sources became apparent. Consequently, the hunt for renewable sources of energy started to ensure a sustainable future. In the years to come, a cluster of factors will pave the way for the sustainable growth of the renewable energy market. This is opening new avenues for investments and resulting in the emergence of disruptive technologies that might trigger important changes in the renewable energy market strategy. In their latest procurement intelligence report on the renewable energy market, the experts at SpendEdge have discovered that the increasing focus on energy management to lower the carbon footprint of industrial infrastructure is one of the most important reasons behind the growing adoption of renewable energy sources. Moreover, the analysts also found that the subsidization of different types of renewable sources of energy is helping suppliers to offer renewable energy at lower costs compared to non-renewable energy. This procurement report also identifies various renewable energy trends impacting its market growth and offers a detailed insight into the renewable energy market.
Global Renewable Energy Trends 2018
Knowledge of energy storage
As the demand for the installation of energy storage systems to support renewables integration into the power mix has increased, there has been a considerable effort to understand how such energy storage works and where it will bring the most benefit. Energy storage demonstration, pilot, and trial projects emerged all around the world and this is one of the most significant renewable energy trends that is going to impact the market in 2019 as well. A trial to source and optimize recycled electric vehicle batteries for homeowners began in U.K and a trial now is underway in Australia to emphasize the advantages of energy storage combined with solar energy in remote communities.
China will move ahead with its ambitious energy plans
China is the world’s biggest polluter, but we should not forget the fact that it is also the global leader in solar energy generation. Its solar PV capacity has been constantly increasing and it is expected to hit its wind target by 2019. This is one of the renewable energy trends that will regulate various segments in this energy market, globally.
More competition in the battery market
With the constant increase in the demand for renewable sources of energy, there has been a significant increase in investments in battery technology that are designed to improve research and development to give a push to the energy storage market. Along with the lithium-ion batteries, hydroelectricity and compressed air energy storage will also witness a significant jump in its growth in the upcoming years.