2023 Renewable Energy Trends: What to Watch for in the Coming Years

 Renewable energy is a rapidly growing industry, with a predicted market value of nearly $2 trillion by 2030[1]. There are several trends in renewable energy that are expected to shape the industry in the coming years. One trend is the use of artificial intelligence (AI) to forecast demand and manage the distribution of resources, ensuring that power is available when and where it is needed with minimal waste[1]. 

Another trend is the development of advanced engineering in renewables, which is constantly improving the technology used to generate renewable energy, making it more economical, efficient, and safe[1]

The renewable energy industry is expected to face challenges in 2023, such as rising costs, supply chain disruptions, and trade policy uncertainty[2]. However, growth is expected to accelerate due to strong tailwinds created by soaring demand and attractive, long-term incentives[2]. Five trends are expected to help address these challenges and accelerate growth in the longer term, including the development of new technologies, such as green hydrogen and carbon capture, utilization, and storage (CCUS)[2]

Another trend in renewable energy is the increasing procurement of renewable energy by heavy industry, such as steel and heavy machinery
[3]
. This is significant because industrial emissions represent a third of the global total, and it is time for these sectors to decarbonize
[3]
. The Renewable Energy Buyers Alliance (REBA) is working to accelerate the renewable energy market and catalyze 60 GW of capacity by 2025
[3]
. The organization has already made significant progress, with deals announced in the first quarter of 2021 exceeding the total annual capacity of each year prior to 2018
[3]
.Finally, renewable energy is becoming ever more competitive, with renewables-produced electricity being more cost-efficient and environmentally sound for businesses to start adding renewables into their power mix
[5]
. The use of renewables is expected to increase, with solar and wind predicted to provide 56% of power generation by 2050
[5]
.

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