By the year 2030, renewable energy may potentially supply as much as 65% of the world’s electrical needs at a reasonable cost. By 2050, this might reduce carbon emissions 90%  of the power sector, drastically reducing carbon emissions and assisting with climate change mitigation. According to a report that was published in November 2019 by the International Energy Agency, it is anticipated that almost 33% of the world’s electricity could come from renewable sources by the year 2024. For now, there are a number of reasons to be positive about the future of renewable energy in 2023.

Based on Deloitte’s 2023 Renewable Energy Industry Outlook, the demand and unprecedented surge of clean energy subsidies in the Inflation Reduction Act are expected to drive growth metrics higher in 2023.

The price of electricity generated from renewable sources is dropping rapidly. Many businesses might save money and help the environment by switching to renewable energy sources right away. It makes us wonder what developments and trends we will most likely see in 2023.

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A Much Broader Use of Artificial Intelligence

The increasing importance of AI in the energy industry is one of the most exciting developments of recent years. Despite all the talk, artificial intelligence is still widely underutilized. But it might change quickly, perhaps as early as 2023.

Several applications of artificial intelligence could speed up the worldwide transformation to a cleaner source of energy, such as optimizing and efficiently incorporating variable renewable energy resources into the power grid. These applications of AI could help speed up the world’s energy transition.

Faster Acceptance of Energy Storage Solutions

In order to keep the supply and demand of renewable energy in equilibrium, energy storage is essential. The worldwide transition to renewables has played a crucial role in accelerating the acceptance of battery storage systems. Long- and short-term battery storage systems will be vital in the years 2023 and coming years.

A rise in the number of electric vehicles on the road directly impacts the need for battery storage. There are currently about 16.5 million EVs on the road; this is expected to rise to about 836 million by 2050. Energy storage has seen tremendous quality enhancements and falling costs across the board. So, expect more advancements and acceptance of energy storage solutions in 2023.

Wind Power’s Future Look Bright

Solar and wind power account for almost 90% of all renewable energy, and it is estimated that wind will generate 20% of all electricity worldwide. As a result, the world’s capacity for large-scale wind farms is projected to expand from 34 GW in 2020 to 330 GW in 2030, an exponential increase by all means.

Therefore, it is reasonable to assume that wind energy will keep growing in 2023. The economics and productivity of onshore and offshore wind projects will undoubtedly benefit from the improved storage capacities created expressly for them. In 2023, offshore wind technologies and projects will get half of the worldwide wind investment.

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Globally, as the business sector moves into 2023, powerful stimulants are being generated by rising demand and alluring, long-term rewards. Although the current shaky economy makes progress slow, the end goal is still within reach.