WHAT CAN WE EXPECT FROM 2024?Industry Insights
As the year comes to an end, and we look back over a successful 2023, it’s time to keep pushing forward and supporting the rapidly growing renewable energy industry.
It is safe to say that 2023 was the solar market's best year to date, while the wind industry faced several sweeping challenges with labour and financial costs, project delays and transmission limitations, but nevertheless installed another global capacity of 906GW, representing a 9% growth rate according to the Global Wind Energy Council 2023 Global Wind Report.
2024 is here, and the industry has another year of project developments, operational sites, and record-breaking numbers in store.
Throughout the article we will look at the technological developments, and investment/policy trends that we could expect to see over the course of the next year.
Solar & Wind
Transforming enhancements are set for both the solar and wind industry over 2024, with bifacial solar panels that capture sunlight on both sides, and large-scale offshore wind turbines are just the start.
Wind and solar advancements will allow for the capturing of renewable energy sources more efficient and competitive with traditional energy sources.
The industry will increase across more countries, with Canada, the US and China being just a few of those rapidly expanding their offshore capabilities.
Green Hydrogen produced from renewable sources is expected to becoming a vital energy carrier as further developments are made in electrolyzing technology, significantly improving the efficiency and cost of green hydrogen production.
This advancement will mark an important step in diversifying renewable energy applications and highlight a broader transition to sustainable energy systems.
Innovative storage solutions like solid-state batteries and gravity-based storage systems is expected to be closely tied with the growth of renewable energy in 2024.
With higher energy densities, longer life spans and sustainable storage options, energy storage is crucial to ensuring a reliable supply of renewable energy sources.
As discussed at COP28, decreasing or even halting all emissions from fossil fuels is no longer enough to stop climate change, however the carbon removal technology is officially an essential component to supporting the phasing down of burning fossil fuels.
According to the McKinsey ‘Carbon Removals’ report, carbon removal global investment is predicted to reach between $100 - $400 billion by 2030. By continuing with these developments, and the proof that carbon capture can not only work, but also scale, allows room for projects and developments to be announced throughout 2024.
Governments across the globe are expected to help support the renewable energy transition, 2024 will hopefully bring the increase in tax incentives, regulatory frameworks and subsidies. With their support, the renewable energy industry will be far more attractive in terms of technology development, and investments.
Leading companies across business sectors (food, textile, pharma, automotive etc…) are committing to the renewable energy targets that have been set by investing in green energy projects as part of their sustainability promises.
There are a range of long-term benefits, with financial returns and corporate responsibility, the need for energy security is critical and the time to start is now.
With an already busy pipeline of projects and technology developments, it shows that a landmark year is already ahead of us.
2024 is the year to embark on a crucial shift towards a more sustainable and energy efficient future. The coming months will reflect a realization of the urgent need to address the industry and its commitment to preserve our planet for future generations.
After a busy year, we look forward to all that is to come.
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