September 29, 2020 (Investorideas.com Newswire) GlobalData expects wind and solar PV technologies to continue to grow during 2021–2030, with reduced costs encouraging more projects to be set up in the coming years. The adoption of renewables by countries that had not used these resources before will further drive uptake of wind and solar energy sources globally. Wind is expected to make up 13.4% of the global energy mix by 2030, while solar PV is expected to represent 16.6%, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, ‘Thematic Research: Renewable Energy’, highlights that China, the US and Europe have been the key drivers for the development of renewable energy – especially wind and solar PV. Latin America is also sufficiently prepared to take on a crucial role in climate change and renewable power development. The rapid growth of renewables across the Latin American region has boosted its efforts in achieving a low-carbon economy and it is expected that this region will see renewables representing 67% of its energy mix by 2030 . Technological innovations have led to increased efficiency and decreased costs, thus fostering grid competitiveness of renewables.
Sneha Susan Elias, Senior Analyst of Power at GlobalData, comments: “With its competitive pricing and stable policy support, the wind power market is thriving and has achieved grid parity in most countries. Technological advancements have opened the way for more effective and reliable equipment and machinery, hence making wind the fastest-growing energy source across the world.”
Furthermore, modern technologies such as artificial intelligence (AI), machine learning (ML), and blockchain are being adopted by the power industry – especially by utilities and power system companies.
Elias adds: “AI and ML have an important role to play in improving demand predictions, generation predictions from non-dispatchable resources such as wind and solar, as well as wholesale price predictions. Their role in understanding how changes to one part of the system would affect the system as a whole is also important to reduce the impact of outages and disconnections. In the meanwhile, blockchain is effective for when companies have shared infrastructure. For example, Electron and EDF have brought peer-to-peer electricity transactions to a block of flats in London that has solar panels, owned by the landlord and installed on the roof.”
For more information
To gain access to our latest press releases: GlobalData Media Centre
Analysts available for comment. Please contact the GlobalData Press Office:
EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Email: [email protected]
Notes to Editors
- Comments provided by Sneha Susan Elias, Power Analyst at GlobalData
- Information based on GlobalData’s report: ‘Renewable Energy – Thematic Research’
- This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts
- AI is being used to harness the wealth of data generated by utilities and consumers and derive insights about generation and consumption, and better manage supply and demand. Blockchain is being used by utilities to create and maintain peer-to-peer electricity trading platforms.
About GlobalData
4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make timelier and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.
More Info:
This news is published on the Investorideas.com Newswire – a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
