The energy sector is changing and on top of that, renewable energy is the center of attention due to environmental changes.
FREMONT, CA: Renewable energy is growing faster and is expected to expand by 50 percent in the next five years. According to a survey by the International Energy Agency (IEA), solar, wind, and hydropower projects are launching at a faster rate than before. IEA’s latest reports show that by 2024, the world’s solar capacity will increase up to 600GW, which is almost two times the installed total electricity capacity of Japan. The world’s ability to generate clean energy will increase up to 1,200GW in the next five years. Thus, here are a few trends in the renewable energy sector.
Tech Companies go for Renewable Energy
Tech companies such as Amazon, Google, and other tech giants are leading the way in new commitments to renewable energy. According to TheVerge, Amazon’s climate change strategy called ‘The Climate Pledge’ promises to achieve Paris’ most ambitious emissions-cutting targets ten years early. The company plans to use 80 percent renewable energy by 2024 and run on renewables alone by 2030. Not too far behind, Google announced 18 new renewable energy deals, which is a record-breaking investment in renewable energy. According to Google, the company bought a 1,600 MW package of wind and solar agreements and 18 new energy deals, which increased the company’s agreements by 40 percent.
Energy storage is paramount in balancing the power and supply dynamics. It also helps tackle the intermittency issues of renewable energy. Combining a renewable energy source with a storage system ensures continual power supply when weather conditions are not favorable. The use of batteries is increasing in both residential and commercial purposes. In the coming years, energy storage technologies will continue to improve, making them more viable and affordable. Storage will be one of the essential elements of new energy technologies in the future.
Microgrids and AI
Microgrids can either operate autonomously or while connected to a larger traditional grid. They provide energy independence during emergencies. Nowadays, the new software allows designs to be completed in a single day, making deployments of microgrids significantly quicker. Additionally, machine learning capabilities fused with microgrid controllers enable continuous adoption and improvement of operation. XENDEE, a San Diego-based tech company, is launching an advanced toolkit in partnership with WorleyParsons Group to make the solutions available up to 90 percent time and cost.