Currently, renewable energy resources account for 26% of global electricity production, but the IEA predicts that this figure will rise to 30% by 2024. The recovery comes on the heels of the worldwide has slowdown in 2019 due to dropping technological costs and increased environmental concerns.
The International Energy Agency is an independent international body formed in the aftermath of the 1973 oil crisis. It presently guides 29 member countries and the European Commission on energy policy in shaping the energy policies for a safe and sustainable future.
According to the research, global solar capacity will increase by 600 GW by 2024, nearly doubling Japan’s installed total energy capacity. Consequently, renewable electricity projects will increase to 1200 GW by 2024, which is similar to the total electricity output of the United States.
Solar Will Get 35% Cheaper by 2024
The PV cells in solar panels absorb the energy from the sun. This energy generates electrical charges that flow in reaction to an internal magnetic field in the cell, resulting in the flow of electricity.
According to industry experts, the United States will increase its solar installations to about four million by 2023. In 2018, the United Kingdom had over one million solar panels installed, a 2% growth over the past year, while Australia recorded two million solar panel installations in the same year. The decrease in installation costs is the main reason for this increased uptake.
Solar PV-based electricity costs dropped by 13% in 2018, but Carbon Tracker expects that by 2040, 72% of coal-based energy will be unprofitable globally. According to the IEA analysis, solar energy power would account for 60% of expected renewable growth, owing to its ease of availability. Solar energy production has almost doubled over the past six-year period. Solar power costs are estimated to fall by 15% to 35% by 2024, fuelling significant growth in the past two decades.
Future Scope of Solar Energy
Wind and hydropower frequently compel users to live in specified places, whereas solar provides greater freedom; the sun rises in the east and sets in the west on a predictable timetable which is not as changeable as running water or air. Residential solar power is estimated to grow from 58 Gigawatts in 2018 to 142 Gigawatt by 2024. China anticipates having the most installed residential solar capacity globally by 2024, with Belgium, Australia, the Netherlands, and Austria experiencing the fastest per capita growth.
By storing electricity throughout the day and operating at night, solar systems will continue to reduce their fluctuation rates. However, modern solar plants will have higher DC to AC ratios, implying they will provide a more reliable experience for a longer time.
Even during periods of low sunshine, commercial and residential buildings will continue to operate at maximum capacity. Bridging the gap between sunlight harvesting and power generation will encourage residents and businesses to embrace the solar revolution. Governments must therefore create incentive and remuneration plans, as well as effective regulatory policies.
Commercial and industrial solar energy production will reach 377 GW in 2024, rising from 152 GW in 2018, with China expected to be the fastest-growing sector. This sector continues to be the fastest-growing since solar power is typically less expensive and has a very steady load profile throughout the day, allowing for loftier savings on energy bills.
Onshore Wind Energy Capacity Will Increase 57% By 2024
Wind energy generates electricity by turning the propeller-like blades of the turbine around with a rotor, which moves a generator, producing electricity.
By 2024, onshore wind capacity estimates to increase by 57% to 850 GW. Due to a development rush and a policy shift to competitive bidding, the United States and China will lead the annual wind energy additions. The expansion of the EU will accelerate if competitive auctions continue to keep expenses down. Because of these auctions, growth in Latin America, the Middle East, and North Africa, Eurasia, and Sub-Saharan Africa will stay constant over the predicted period.
Offshore wind capacity is also expected to nearly triple to 65 GW by 2024, accounting for over 10% of total electricity generation. While the EU accounted for half of worldwide offshore wind capacity additions throughout the projection period, China leads in deployment, with 12.5 GW under construction.
Hydroelectric Capacity Will Also Rise 9% By 2024
Hydropower plant facilities create electricity by capturing the energy of flowing water. The kinetic energy of water flowing is converted into mechanical energy by a turbine. Then that mechanical energy from the turbine is converted into electrical energy by a generator.
According to the International Energy Agency, hydropower will continue to be the largest renewable energy source globally in 2024. Over the predicted period, the capacity aims to expand by 9% (121 GW), headed by India, China, and Brazil. Only three mega projects intend to contribute 25% of worldwide growth: two in China (10 GW Baihetan and the 16 GW Wudongde projects) and one in Ethiopia (the Grand Renaissance project of 6.2 GW).
However, expansion in the two largest markets, China and Brazil, has slowed down due to rising investment prices, limited available economic sites, and additional expenditures to address social and environmental repercussions.
Nonetheless, annual additions in the ASEAN and Sub-Saharan Africa region are likely to increase by utilizing the untapped potential to satisfy rising power demand.
Geothermal Capacity Will Grow 28% By 2024
Hot water gets pumped out from underground deposits through a well under tremendous pressure to produce geothermal energy. So when the water level rises, the pressure drops, causing the water to condense into steam. Then the steam spins a turbine, which is attached to a generator, which produces power. The steam condenses back to the water after cooling down in a cooling tower. The cooled water is then poured back into the Earth, restarting the process.
As demand for efficient heating solutions grows, the US market for geothermal heat pumps will approach $2 billion by 2024. The modified structure codes will stimulate the use of renewable heating and electrical systems in commercial and residential real estate.
Geothermal capacity will increase by 28%, reaching 18 GW by 2024, with Asia accounting for one-third of worldwide expansion. It will be headed by the Philippines, Indonesia, and Kenya, whose geothermal capacity estimates to surpass Iceland’s over the forecast period.
The same research conducted by Global Market Insights foretells the commercial business will endure the most significant uptick. As per the Department of Energy, geothermal solutions will produce 8.5% of all-electric power in the US by 2050.
Renewable Energy Has a Bright Future
Renewable energy will continue to grow in the coming decade, eventually displacing fossil fuels and lowering greenhouse gas emissions.
India is among the few countries worldwide that have made consistent year-on-year development since 2015, with gains in all three elements of the ETI framework. Renewable energy production systems in many developing nations must become cheaper to justify abandoning existing investments.
It is up to government entities in developing countries to keep developing their existing frameworks and offer initiatives to promote the development and implementation of renewable energy resources with the help of the public/private renewable energy company or a green energy company like SunEdison.