Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Top 10 Growth Opportunities in Power and Distributed Energy, 2024" report has been added to ResearchAndMarkets.com's offering.
2023 was a record-breaking year for power generation investment, with $840 billion invested in projects globally, up from $611 billion in 2022. Renewable energy dominated investment in 2023; solar PV and wind power combined accounted for $528 billion.
Climate commitments and supportive regulations are the mainstays of global growth. China has significantly increased its renewable targets in recent years (in part to support domestic technology companies). The US Inflation Reduction Act passed in 2022 provides a degree of investor certainly never seen before and incentives for investment in domestic supply chains. Russia's invasion of Ukraine in 2022 has galvanized Europe to take action, as energy security has become a global megatrend.
Inflationary pressures have been a major challenge for the power sector in 2022 and 2023. Solar PV costs increased in 2022 and increased further early in 2023, but they have already started to fall, mainly because of lower module costs reflecting the massive expansion in global supply. Solar PV, already cost competitive with fossil fuels, will continue to gain an advantage.
For wind power, the situation is more complex, with plenty still to do in the expansion of the global supply chain, but prices should start to decline in the second half of 2024.
Top 10 Growth Opportunities
- Growth Opportunity 1: Solar PV
- Growth Opportunity 2: Offshore Wind
- Growth Opportunity 3: Onshore Wind
- Growth Opportunity 4: Reshoring of Equipment and Component Supply Chains
- Growth Opportunity 5: Rise of PPAs: Alternative Financing Options
- Growth Opportunity 6: Combined Offering of Renewables and Batteries
- Growth Opportunity 7: Decarbonisation of Low-Temperature Heat
- Growth Opportunity 8: Demand Management and Virtual Power Plants
- Growth Opportunity 9: Advanced Servicing Propositions
- Growth Opportunity 10: Synthetic Fuels
For more information about this report visit https://www.researchandmarkets.com/r/pakxzi
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