As we progress through 2024, the global energy landscape continues to undergo significant transformations, driven by a growing emphasis on sustainable practices. The year promises to be a pivotal period for renewable energy, marked by strategic initiatives.
Driven by technological advancements and growing environmental awareness, solar energy is poised for significant growth in the coming years. In this article, we will explore the projected renewable energy trends for 2024, shedding light on the developments that are expected to shape the industry.
1. Increased Women’s Participation in Energy Transition Adoption
A notable and progressive trend to keep an eye on in 2024 within the renewable energy sector is the increased involvement of women in driving the energy transition. Recognising the valuable contributions women can make, there has been a growing call for their inclusion in the sector, particularly in solar, to address both gender equality and the expanding demand for skilled professionals in renewable energy.
An article published in the Next Billion perfectly captures the importance of first addressing women’s unpaid care work to accelerate energy transition. This trend reflects a broader commitment to diversity and innovation, with more women anticipated to play active roles in advancing the adoption of solar energy, contributing to a more sustainable future.
2. Accelerating Energy Storage Innovation
The sector will witness a continuation of energy storage innovations. Energy storage is a crucial component of transitioning to renewable energy on a large scale, and researchers and scientists are rapidly developing new solar storage technologies.
In addressing the challenge of inconsistent renewable energy supply, advancements in battery technology, such as Thermal Energy Storage (TES), continue to promise effective storage of surplus energy. The Energy-Storage-as-a-Service (ESS) model is also gaining traction, offering businesses a comprehensive solution with advanced energy storage, management systems, and service contracts for reliable and cost-effective power.
Lithium-ion (Li-ion) batteries, essential for modern electrification, now boast enhanced capacities, longer life cycles, and improved end-of-life management and recycling techniques. Additionally, innovative alternatives like solid-state batteries (SSBs), sodium-ion (Na-ion), redox flow batteries (RFBs), and long-duration energy storage technologies are poised to reshape the energy storage sector.
3. Strengthening Grid Integration and Smart Technologies
In 2024, increased efforts around the world will focus on integrating solar power into existing energy grids to enhance grid stability and efficiency. Smart grids, using advanced sensors and machine learning, will continue to improve electricity distribution, reduce wastage, and boost overall grid efficiency, crucial for optimizing solar energy usage.
4. Increased Corporate Investment
More leading companies in key industries such as beverages, logistics, textiles and pharmaceuticals are demonstrating their commitment to sustainability by investing in renewable energy projects. This trend is driven by the recognition of the long-term benefits of renewable energy investments and the growing demand for energy security.
5. Expansion of Renewable Energy in Transportation
Electric mobility, a brilliant innovation in transportation, is rapidly changing the way we move in a world increasingly focused on sustainability and environmental responsibility.
The surge of interest in renewable energy for transportation, particularly in the context of e-mobility, is gradually gaining significant traction in various countries. Both governmental bodies and private companies are actively involved in promoting the adoption of electric mobility solutions.
Possible EVS, a Nigerian electric mobility firm, is working towards launching EV assembly plants in Nigeria that will produce up to 10,000 EVs annually. The conversation surrounding e-mobility has become increasingly prevalent, indicating a substantial trend that is expected to persist into 2024.
6. Increase in mini-grids commensurate with the deficit scale
In 2024, an increase in mini-grid deployments is anticipated, fueled by the fast-growing expansion of electrification efforts in rural communities. Countries worldwide, especially in Africa are recognising how mini-grids can bring power to these communities, promoting sustainable development.
These projected energy trends for 2024 reflect a dynamic landscape marked by a continued shift towards sustainability and innovation. Renewable energy sources, led by solar and wind power, are anticipated to play an important role in meeting global energy demands as countries continuously strive to reduce carbon footprints and combat climate change.
As we navigate this evolving energy landscape, a collaborative and forward-thinking approach is crucial to realizing a more sustainable energy future in the years ahead.