Solar PV and wind energy are now evolving from established to the preferred energy sources, according to a recent Deloitte study analyzing the global renewable energy market.
From pv magazine Germany
Equivalence, integration and technology: the three key factors identified by Deloitte for the development of the global renewable energy market. According to a recent study by the consultancy, renewable energies are today an integral part of the energy supply of many countries, while the hurdles that could hinder their stronger development now belong in the past.
“Governments, businesses and citizens increasingly understand that renewable energy is sustainable, reliable and affordable,” says Thomas Schlaak, Head of Power & Utilities at Deloitte. Solar and wind energy are already among the cheapest energy sources in the world, even though they have not even reached the end of their technical development. “As costs continue to fall, the demand for renewable energies is growing rapidly,” he says.
In addition to the price-parity factor, Deloitte experts claim increasing improvements in storage technologies will make the integration of renewables easier: grid stability will be ensured through shutdowns, power-to-X technologies, and good connectivity and controllable renewable energy sources.
“Smart inverters and innovative controls will enable wind and solar energy to compete with conventional energy sources in terms of frequency, voltage and expansion,” says Deloitte. A further expansion of renewable energies is thus possible and useful, whereby the advantage of conventional energy sources will be lower.
Deloitte sees innovative technologies as a further accelerator for the use of renewable energies. First, automation and modern manufacturing processes could reduce production costs and times. In addition, artificial intelligence can optimize the use of renewable resources, while blockchain could revolutionize the market for green electricity certificates. New materials could also improve the physical properties of PV and wind turbines.
Source PV Magazine