2021 Renewable Energy Market

Written by Borg Energy | January 12, 2021

Renewable Energy Market

According to the experts of Borg Energy India Pvt Ltd Bangalore, the COVID-19 pandemics taken a hard toll on our lives, transformed the economy, reshaped industries, the renewable energy market is not left out. The IEA forecasted that global energy will flip upside down by 13% as compared to 2019 as a result of the lockdown measures, disruptions in the supply chain, and the global recession. “However, we can still say 2020 was a good year for renewable energy as opposed to the expectations,” experts of Borg Energy India Pvt Ltd Bangalore says. The global renewable energy market recording a higher demand for renewable energy, especially in the US and China. In fact, a whopping 90 percent of electricity generated in 2020 was renewable energy. 2020 wasn’t a negative one for the environment after all but rather a banner year in terms of growth. Where does the industry stand in 2021 and what are the trends to look out for?

 

As 2021 rolls in, Borg Energy India Pvt Ltd, a company providing innovative micro plant and efficient renewable energy solutions, takes a look into what trends will shape the renewable energy industry in this 2021 New Year. 

1. Solar energy will continue to rise more than ever

Solar energy is booming and will continue to rise in 2021 says Borg Energy India Pvt Ltd Bangalore. While the pandemic slightly disrupted its operations in the last year, the New Year is expected to be different as solar energy continues to grow at a fast pace. For one, many are coming to terms with the effect of climate change and are embracing clean energy more than ever. Investors are also not deterred by the changes the pandemic brought as they could see the potential growth of these renewable energy market in 2021. More companies like Google, Apple also aim to adopt 100 percent renewable energy 24/7 and they are committed to making it happen. 

For instance, despite the lockdown measures and stay at home order, china’s installations of solar power doubled as the country works towards its aim to hit carbon neutrality by 2060. The US might also have experienced a decline in the residential installations in the 2nd quarter of the year 2020, the country is working towards a better one just as it was before the pre-pandemic. However, there has been a surge in the amount of storage deployed in the third quarter of 2020 which is a key factor driving the industry forward. Not to forget that India is not left out. Despite the lockdown measures India is emerging and is gearing efforts towards clean energy. 

2. It’s the time for green hydrogen to shine

Who could have thought that green hydrogen could gain traction in 2021? While many recognize its importance in reducing emissions, the technological challenges and cost of production have been major reasons why it has taken the back seat. Green hydrogen is produced through a chemical process known as electrolysis. When powered by renewable sources, energy is produced without emitting carbon dioxide into the atmosphere. A solution that is going to drive the energy sector as renewable energy is getting cheaper with less burden on the government for support. 

Many countries like the Netherlands, Australia, and Portugal are already investing in this technology. Governments, investors, and businesses are also embracing this technology and there are expected to be more projects and collaboration with the renewable sector this New Year. 2021 is going to be a huge one for green hydrogen!

3. Battery storage for a renewable-powered future

The battery storage system is one now one of the fastest-growing asset required to effectively integrate high shares of renewable energy worldwide. From e-mobility to on-demand power to utility use cases, this storage technology has been a game-changer in the energy sector performing a wide range of functions and uses. More project is expected to include the storage system says experts of Borg Energy India Pvt Ltd.

January 12, 2021 | 203 Views

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