5 Renewable Energy Trends of 2023

In 2023, the renewable energy sector will accelerate due to high demand and incentives for clean energy. The following will be some of the emerging trends for renewable energy in 2023.

• Growth in solar capacity
• Energy storage will take center stage
• Wind power use will continue to rise
• Energy convergence will continue
• Rising investments in clean energy

1. The Future of Solar is Bright

Geopolitical unrest and trade uncertainty have temporarily slowed solar capacity growth, but it will increase over the next year. In 2023, the world will generate more solar electricity for use in homes, businesses, and utility companies.

2. Storage Takes Center Stage

By 2023, storage will be a crucial grid asset, enhancing the reliability and resilience of increasingly decentralized power networks. There will be an increase in the use of various energy storage technologies, such as long-lasting batteries, for utility-scale renewable integration.

3. Wind Power Use Will Increase

Increased storage capacity created expressly for onshore and offshore wind will improve the economics and productivity of such projects as wind power continues to expand. According to Deloitte, offshore technologies and projects will get half of the worldwide investments in wind energy in 2023.

4. Energy Convergence Continues

Companies that mine natural resources, such as oil and gas, will continue to invest in clean or renewable energy technologies, such as carbon capture, use, and sequestration, to diversify their holdings and lower their overall carbon footprints in 2023.

5. Rising Investments in Clean Energy

The demand for clean energy components backed by safe and reliable domestic supply chains is presently not being met by US manufacturers. The Inflation Reduction Act (IRA) incentives have already led to the launch of new plants and considerable investment, and this trend is expected to continue in 2023.

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