26 January, 2023
Renewable energy is a rapidly growing industry that is changing the way the world generates and consumes power. With concerns about climate change and the need for sustainable energy sources on the rise, many countries are turning to renewable sources such as solar, wind, and hydropower to meet their energy needs.
According to the International Energy Agency (IEA), renewable energy accounts for 26% of the world’s electricity generation in 2020. The IEA also predicts that renewable energy will account for 30% of the world’s electricity generation by 2025 and 40% by 2030.
One of the biggest changes in the renewable energy market is the rapid decrease in the cost of solar and wind power. The cost of solar power has dropped by over 80% in the last decade, making it one of the most cost-effective forms of renewable energy. This has led to a surge in the installation of solar panels on homes and businesses, as well as the development of large-scale solar farms. In 2020, solar energy generated 463 GW of electricity worldwide, making it the second-largest source of renewable energy after hydroelectricity.
Wind power is also becoming increasingly popular, with the installation of wind turbines on land and offshore. According to the Global Wind Energy Council (GWEC), wind power generated 651 GW of electricity worldwide in 2020. The GWEC also predicts that wind power will generate over 2,000 GW of electricity by 2025.
Another area of growth in the renewable energy market is hydropower. While hydropower has been used for centuries, modern technology has made it possible to harness the power of rivers and streams in a more efficient and sustainable way. In 2020, hydropower generated 1,230 GW of electricity worldwide, making it the largest source of renewable energy.
Aside from these three, there are also other forms of renewable energy that are being developed, such as geothermal and wave energy. These technologies are still in the early stages of development, but they have the potential to make a significant contribution to the renewable energy mix in the future.
As the world moves towards a more sustainable future, renewable energy will play an increasingly important role. Governments, businesses, and individuals are all beginning to recognize the benefits of renewable energy, and we can expect to see continued growth and development in this field.
In summary, Renewable energy is a rapidly growing industry that is changing the way the world generates and consumes power. With the cost of solar and wind power falling dramatically in recent years, and predictions of further growth in the renewable energy sector, now is the time to invest in sustainable energy sources. The IEA predicts that renewable energy will account for 30% of the world’s electricity generation by 2025 and 40% by 2030, making it a wise and responsible choice for a sustainable future.