As the world turns to renewable energy to meet its energy demands, new technologies are transforming the market. Here are five innovations that will shape the future of the industry.
As technology advances and the cost of renewable energy falls, more and more companies are moving toward clean energy. The industry is gaining momentum, as evidenced by the recent success of several projects.
Solar and wind are two key sources of renewable energy. In 2019, solar panels accounted for 60 percent of the total renewable energy capacity installed. The cost of manufacturing these panels has plummeted in the past decade, enabling small-scale renewable power sources to become viable.
Hydro and ocean-based energy are also promising sources of electricity. The supply of these resources is expected to grow as more businesses invest in new facilities.
Biomass, such as grass, hay and wood, is a widely-used source of energy. Most of this crop is used for cooking or lighting. Its residues can be converted to liquid biofuels.
There are several innovations being developed by emerging companies that could transform the way the energy industry operates. These include efficient turbines and generators, as well as bladeless technologies.
There are also companies developing technologies to concentrate solar power using lenses and mirrors. These systems are expected to increase the amount of solar electricity available for use.
Another trend that is causing a stir is artificial intelligence. It enables smart management of the power system and helps the efficiency of multiple technologies.