Global Market Scan: Unlocking sustainable energy - renewables, batteries and gas

Renewable energy generation is taking over the world, reaching 510 gigawatts globally in 2023 after growing by 50 per cent that year., the expansion of renewables generation such as solar, hydro, wind and nuclear will offset this. The increase in electricity demand results from economic growth, with Artificial Intelligence and other modern technologies among the other key drivers., with more than 10 per cent of them in China, roughly 33 per cent in the United States and 16 per cent in Europe.

The energy-storing function of batteries is paramount to providing a stable power source for AI. Batteries are a highly sustainable form of storing energy for community, business and household applications utilizing solar and wind power. They improve energy security by lowering reliance on fossil fuels and by decentralizing energy systems.

Other upcoming power-storage technologies include sodium-ion, iron-air and zinc-based. Sodium-ion batteries utilize saltwater as their electrolyte. Although they are too inefficient to be used in electric vehicles, they function better at colder temperatures than lithium-ion batteries and are easier to recycle.

Future gas demand is predicted to be lower and more volatile. However, it will be characterized by substantially greater demand during peaks when intermittent renewable energy sources have low output levels.By 2030, the company predicts the overall generation of green energy will increase while that of gas-fired power will decline.

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