Changing The Future Of Renewable Energy With These Five Technologies

The renewable energy market is changing because of falling prices and raised demand for cleaner energy sources.

Fremont, CA: The emergence of renewable energy has revolutionized world markets, and renewables-driven change continues with unprecedented speed. Yet, even several years ago, few would have guessed the scope of the new technologies developed to help countries begin de-carbonizing their economies or predicted that household names would be investing large sums in solar energy projects.

Some of these alterations have been gradual, some sudden. Others are just beginning, and their importance is not yet extensively understood. Here’s an observation of five of the most important trends and technologies in renewable energy — some have radically reshaped the energy market over the last decade, while others are pitching in to make waves in the coming years.

Wind and solar

Wind turbines and solar panels represent, for most people, the onward march of renewable energy. The two power sources are apparent in several rural landscapes and have converted the market.

The greatest impact has been wind and solar technologies leading to a rapid drop in electricity production costs. As per the International Energy Agency, renewable energy is expected to make up 30% of the world’s energy by 2024.

Most of this is activated by solar and wind projects that proceed to be rolled out at a frightening pace. In addition, this is a growth in the use of solar panels, which comprised 60% of the renewable energy capacity installed in 2019.

Electrification

Experts accept that the advance of electrification in the coming decades will supercharge the shift to renewables. According to some predictions, the renewables-based electrification of European industry, buildings, and transport will enable the continent to decrease its energy-related carbon dioxide emissions by 90 percent by 2050.

This trend is already visible. There will also be fresh uses for electricity, including hydrogen production from the water via electrolysis and recycling carbon dioxide by capturing it from the air.

At the same time, fertilizer nitrogen will be made by taking it from the air. He predicts that electricity demand could rise as much as 3-4 times in Europa countries, and the price will drop(Due to the boom in renewable power). Shifting to electricity is key to achieving the de-carbonization of economies. Still, other, less obvious, knock-on benefits include improved energy security (liberty from fossil fuel exporters) and the best urban air quality.

Power-to-X

One of the groundbreaking new technologies, Power-to-X, is a general term that includes different processes that convert electricity into heat, hydrogen or renewable synthetic fuels. It provides a significant opportunity to speed up the shift to renewables by gradually increasing synthetic fuel production and rapidly reducing fossil fuel emissions in sectors ranging from steel and food production to chemicals and fertilizers.

The technology can also play the main role in solving long-term energy storage challenges and regulating the ups and downs in supply from renewable sources. Moreover, power-to-X is essential because re-investing in whole infrastructures and technologies (aviation, shipping, heavy-duty, and electric cars) is not practicable in the coming two decades.

Distributed Generation

A quiet revolution in renewables is the increasing affordability and popularity of so-called distributed generation. This means local power generation in the retail or commercial sector: from solar panels in private homes to factories using combined heat and power systems.

There are numerous advantages to scaling up distributed generation, from reducing reliance on centralized power sources to increasing grid reliability and making small-scale renewable power sources viable. Moreover, distributed generation is even more effective when combined with smart grids regulated by computers to fine-tune transmission. As a result, distributed generation has rapidly grown in recent years, which is expected to continue.

Energy storage

The possibility of energy storage to expedite the shift to renewables has been broadly discussed in scientific circles and looks set to be essential in the years to come. The system will need energy storage because of variable wind and solar production. There are many energy storage technologies, and the skill is to unite them in a system.