According to S&P Global Market Intelligence, wind and solar power deployments will reach record levels in 2022. The U.S. is on track to install more than a thousand gigawatts of utility-scale wind and solar power in the next five years. This will nearly double the capacity installed in 2021 and will more than double the capacity produced in 2020. The number of installed wind and solar power capacity in the United States is already at about one-thousand-gigawatt level, and this trend will continue to grow in the coming years.
While decarbonizing power grids can be challenging, renewable energy is a good way to meet our energy needs. Governments and utilities around the world are focusing on an expanding range of clean energy technologies to meet these demands. While solar PV and onshore wind will continue to dominate new builds globally in the next five years, in the coming years, attention will turn to battery energy storage systems, offshore wind, low-carbon hydrogen, CCS, nuclear energy, and battery energy storage. Moreover, battery energy storage systems will become clearer and more prominent in policy frameworks. In addition to this, many countries have introduced auction categories for combined renewables and storage projects. In addition, China has also begun to introduce a requirement for battery energy storage in renewable projects.
In addition to increasing the amount of renewable energy production, 2022 will see increased interest in converting biological matter into energy. While it may be difficult for governments to convert the waste produced by agricultural producers into energy, the growing demand for clean power has forced governments to explore an expanding range of clean energy technologies. This year, solar PV and onshore wind will continue to be the most widely deployed renewables technologies, but attention will shift to battery energy storage systems and CCS in the following years. Moreover, the development of battery energy storage systems is becoming clearer in many countries’ policy frameworks. In addition to this, batteries will become a more practical application in low-power renewables.
With the emergence of battery energy storage systems and the deployment of renewable energy systems, the market will see increased focus on renewable energy storage. The development of new technologies and storage infrastructure will help make the most of the opportunities. As a result, companies and governments will be able to develop and deploy these technologies without sacrificing the cost of the technology. In addition, these innovations will help utilities become more competitive. They will also help them provide a more reliable supply of electricity.
The use of renewable energy will continue to increase in 2022. The cost of fossil fuels will keep rising, but the investment in clean renewable energy is a viable solution to this problem. While the market for carbon-free electricity is a priority, the costs of fossil fuels and nuclear energy will continue to increase. The price of renewables is likely to go up as governments seek ways to reduce their carbon footprint.
The use of renewable energy is on the rise in Europe. The world’s energy consumption will increase by 12% in 2022, compared to the year before. By comparison, coal will decrease by 14%. By 2022, renewable energy will surpass coal in the market for electricity. The technology will also be able to produce hydrogen and other fuels. As a result, the price of oil will decline.
Another big trend in the industry is EVs. Plug in America anticipates more than 100 electric car models in the U.S. by 2022. In addition, pickup trucks will join the mix. As EVs become increasingly popular, utilities will be rolling out new charge-management policies and rates. This will lead to a significant increase in renewable energy production. It will be a major factor in the fast-paced growth of the electricity market in the United States.
While renewable energy will continue to grow, its use is becoming more complicated and expensive. The best renewable energy sources are still not yet commercially available. The government must make sure they are accessible and affordable. It is vital to have an adequate amount of renewable energy. Even if it is not cheap, it will be cheaper. And when it comes to solar power, there are no limits. The company has already begun pilot installations in South Africa and Australia.