TOP 10 Trends in Clean Energy Technology in 2024 – S&P Global Commodity Insights.
S&P Global Commodity Insights, the leading independent provider of information, analysis, data and benchmark prices for the commodities, energy and energy transition markets, has issued its latest report on the Top 10 Trends in Clean Energy Technology in 2024.
Philippe Frangules, Head of Gas, Power & Climate Solutions, S&P Global Commodity Insights, said:
Our forecast anticipates a 15% increase in clean energy technology (CET) investments in 2024 to nearly $800 billion, led by solar.
“Policy will continue to be the top driver of investments across CET, particularly for new technologies such as carbon capture and storage (CCUS), carbon dioxide removal (CDR) and hydrogen.”
The report highlights an expected continued decline in the average cost of adding clean energy technologies to the worlds’ power grids, with a drop of 15% to 20% by 2030 and the call for a close watch on battery energy storage system manufacturing, which is becoming a “crowded space.”
Global installations of wind and solar will reach one terawatt (TW) across the next two years, taking global installations to 3.5 TW and pressing an urgent need for more flexible power systems.
Edurne Zoco, Executive Director of Research and Analysis, Gas, Power & Climate Solutions, S&P Global Commodity Insights, said:
Any power system that is highly dependent on intermittent renewable generation will require increased flexibility assets such as storage and demand response.
But it is offshore wind that is set for an “unprecedented milestone” year.
Eduard Sala de Vedruna, Clean Energy Technology Lead, S&P Global Commodity Insights, said:
More than 60 gigawatts (GW) of new offshore capacity are set to be auctioned in at least 17 different markets − an all-time record high.
“Watch the degree to which the global wind turbine supply market remains bifurcated between China & the West and expect the clean-technology race to continue.”
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TOP 10 Trends in Clean Energy Technology in 2024 – S&P Global Commodity Insights. source
