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5 Trends That Could Impact Your Clean Energy Business
If your business is in the renewable energy sector, 2023 could be a crucial year for you. Dire news about climate change and the impending problems it raises have deepened support for environmental issues and increased demand for cleaner energy sources.
Renewables will top coal by 2025 when it comes to energy production — a good sign for the environment and the global quest to slow rising temperatures. According to the International Energy Agency’s 2022 Renewables Report, the world’s renewable power capacity, coming from sources like solar and wind, is expected to grow by 2,400 gigawatts over the next five years. That’s enough to power all of China today, the agency said.
The expected increase is 30% higher than previously predicted, and it forecasts that renewables will top coal as the largest source of global electricity by 2025. The energy crisis, spurred by the war in Ukraine, created a “decisive moment for renewables in Europe” and is partly responsible for the boost, the report said.
“Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even faster growth as countries seek to capitalize on their energy security benefits,” IEA Executive Director Fatih Birol said. “This is a clear example of how the current energy crisis can be a historic turning point towards a cleaner and more secure energy system.”
The Biden administration’s commitment to decarbonize the U.S. economy is also prompting growth in the renewable sector. Provisions in the recently approved Infrastructure Investment and Jobs Act (IIJA), could promote renewable energy growth, as could the Build Back Better (BBB) Reconciliation Act, still under consideration in Congress. What does that mean for your renewable energy business?
If your company has the ability to be part of the solution, you need to get the word out now. The biggest gains will be made by those energy businesses that are swift in developing innovative products and bringing them to market.
You have an opportunity to accelerate your organization’s growth and promote the environmental principles you strongly believe. It’s time to solidify your position as a thought leader in the renewable energy industry and show potential customers where your company fits in the mix.
A renewable energy copywriter who understands clean technology can help you create website copy, blog posts, thought leadership articles, sales letters, social media posts and more to advance your position in the industry. With well-written content, you become an authority figure with high visibility in the renewable energy industry.
Let’s take a look at five trends gaining momentum, according to the 2022 Renewable Energy Industry Outlook published by Deloitte, prompting new possibilities for companies like yours to shape the renewable energy growth story.
Incorporating renewable energy sources such as wind and solar into the electric grid is a priority for energy industry stakeholders. Exciting advances in energy storage technologies and diverting excess energy to produce green hydrogen enable alternative clean energy sources to be generated and integrated cost-effectively.
Private investment and pilot projects along with federal research support could help expedite commercialization of these emerging technologies that have potential to deliver:
In the past decade, solar photovoltaic systems have seen an 85% cost decline, making it one of the most attractive and cost-competitive energy sources available. Expect the solar industry to expand in multiple ways such as:
If you have a solar company, you’re already seeing signs of increased competition. A solar energy copywriter can help you take the lead in promoting your products and services.
Transmission development is crucial for linking new renewable energy sources from remote locations to high-demand areas where they’re needed most. Policy and regulatory support, investments and innovation will help spur progress on transmission infrastructure. Until now, they’ve been delayed by:
These transmission barriers present a significant problem for offshore wind, such wind turbines planted in the ocean. However, if connected to coastal infrastructure, wind power could see significant growth in 2022 and beyond.
Additionally, enhancing the capacity of existing lines and building new lines could be key in solving the transmission challenge. In April 2021, the DOE announced $8.25 billion in loans for efforts to expand and improve the nation’s transmission grid. States too are playing their part by developing innovative approaches for expanding the transmission network.
Regulatory and policy support could help streamline the permitting process. And new siting approaches that involve building underground high-voltage, direct-current transmission along existing transportation corridors could become a model for inter-regional transmission projects. Finally, an increasing number of grid-enhancing technologies are in development that can track power-line capacity in real time and boost the transfer capacity of existing power by up to 40%.
Much like many other industries, renewable energy companies have struggled with supply chain problems. Logistics-related cost pressures and U.S.-China trade tensions have contributed much of the strain. The industry has seen shortages of components (semiconductors, modules) and raw materials (polysilicon, commodities). Labor shortages and rising shipping costs have also created delays.
In 2022, expect U.S. renewable energy developers to address these issues by seeking:
For wind energy, the United States has recognized its dependence on offshore manufacturers and has boosted domestic turbine component production with more than 500 manufacturing facilities in 40 states.
However, many components are still made overseas. To reduce reliance on foreign products, advanced energy manufacturing tax credits for U.S. companies are being considered in the BBB legislation before the Congress.
Renewable energy can’t be prioritized without giving consideration to end-of-life (EoL) management strategies for both products and materials.
As solar, wind, and battery installations see a surge in demand and production, waste generation will mount as well, requiring innovative, timely solutions to:
The numbers regarding waste in the U.S. are staggering:
Technology, infrastructure, and processes for EoL management require solutions for increasing the life, performance, recovery, reuse and repurposing of products and materials.
The renewable energy industry is poised to see rapid growth. Clean energy technologies will continue to gain commercialization, as they attract investors with fresh capital, explore new ways to create value, and benefit from Department of Energy programs.
If you have a renewable energy business, this is your time. Invest in marketing that will help your company gain visibility and build its brand. A renewable energy copywriter who has worked in the clean energy industry can help you create the materials you need to attract customers and investors, obtain government support and accelerate public adoption.