More companies adopt sustainable energy production technologies. In fact, renewables have become the norm in the power industry and proved to be an efficient source of energy. It can now provide low-cost alternatives for generating power.
2019 was a year of growth instead of breakthroughs in renewable energy technology. Is it going to be different in 2020?
Haseeb
Below are some of the expected trends and developments in the renewable market in 2020.
Cheaper Solar Power
It is expected that solar power cost will experience a noticeable drop and can become a cheaper electric energy source compared to conventional fossil fuel by 2020. Oil prices are also likely to go up, which will make renewable energy more cost-effective.
Artificial Intelligence in renewable energy
The use of machine learning, including microgrid controllers and artificial intelligence (AI), is a major trend to be explored in emerging solar energy solutions by 2020.
To unlock its full potential, AI can reshape design, control and storage of renewable energy systems.
The use of blockchain technology
By supporting sustainable projects and facilitating the link between investors and entrepreneurs, blockchain can support the energy sector. It is an effective way to buy and sell energy directly from others and eliminates the intermediary energy suppliers.
Grid parity with traditional energy sources
Most renewable energy sources are becoming more effective to achieve grid parity. In many regions, solar and wind energy will achieve grid parity in both price and performance by 2020, and advanced technology continues to optimise its competitiveness.
Emphasis on renewable energy storage systems
By 2020, a large number of wind and solar projects in many countries will take-off, where energy storage systems are expected to be a key part of these technologies. Energy must be stored in an efficient way to handle the environmental issue and to preserve energy in a green storage system.