Global Demand of Renewable Energy

Oct 31, 2012   //   by admin   //   Knowledge Base  //  1 Comment

Global Demand of Renewable Energy

Renewable energy is energy which is derived from natural processes and can be replenished constantly for e.g. Hydroelectricity, wind and wave power, solar and geothermal energy etc.

As a result of technology advancement, there is a substantial surge in demand for renewable energy. There is a gradual shift from fossil fuels to renewable sources of energy mainly due to with increasing climate change concern, retiring coal plants, lower capital costs, and government support. An increasing number of technologies are already economically competitive, and this will increase as further cost reductions and technology improvements are made. The report also emphasises that wind power alone is capable of supplying more than 100% of future demand.

Renewable resources provide energy with little or no emissions, reduce dependence on fossil fuels, and strengthen local economies. This will contribute to the sustainable development of the countries providing employment, improving quality of life and protecting the environment. This energy solution must pass obligatory by the development of new clean, non-polluting and non-dangerous sources of energy assure sustainability. Even after so many energy sectors rural areas are still deprived of proper energy supply.  And deployment is not properly distributed.

At present, the world is reliant on non-renewable sources of energy for its energy demands, mostly fossil fuels – coal, oil and natural gas. But policy changes regarding energy mix, renewable energy may show a remarkable growth in its consumption. The costs of renewable energy is getting cheaper than fossil fuels day by day and hence accounts for the rise of overall energy use. The policymakers are tackling this challenge of growing demand by developing new market initiatives and programs that reduce peak demand of fossil fuels and enable the development of renewable energy sources with little or no emissions of CO2. Scientists aim to produce most of the world’s electricity within 50 years by solar power generators and thus dramatically reducing the emissions of greenhouse gases which is a threat to the environment.

The primary concern would be the declining supply of conventional energy resouces, like petrol and crude oil. The demand is much more then the supply available for these resources. In a few more decades all natural resouces will come to their minimal level and hence needs concern.

People now find it better to turn towards greener souces of energy which is not only cheap but available in plenty too.

A total of 17.7% global energy consumption comes from renewables. According to REN there was an annual increase of 10–60% in renewable energy capacity in the last decade. Renewable electricity generation is estimated to account for 19% of global electricity generation, with 16% of electricity coming from Hydroelectricity and 3% from other renewable resources.  Hydropower is considered to be one of the most clean and green energy. Some of recent developments in this sector like utilising kinetic energy of wave, tides and current have much future potential.

Solar energy along with wind energy and hydro power is now an integral part of the energy sector. They not only provide power supply to the urban areas. But are now gaining access and popularity in remote areas too both off grid and grid connected areas. Global solar generation is estimated to be 55 terawatt hours of renewable electricity in 2011. Wind power capacity is growing at over 20% annually, from 198 GWe in 2010 to 238 GWe in 2011. Solar photovoltaic has been increasing at an average of 63.6%/year since 2007 making it one of the fastest growing technology. At the end of 2011 the photovoltaic capacity world-wide was 67.4 GW with an annual increase of expected to grow to 1,443 GW by 2020. The global installed hydropower capacity increased from 896.9 GW in 2006 to 1,072.1 GW in 2011 and is expected to grow is expected to grow to 1,443 GW by 2020.

Wind energy is one of most ancient forms of energy. Wind turbines now have the present capacity of 238,351 MW by the end of 2011, 41 GW more than the preceding year. According to the reports of World Wind Energy Association, Wind power can now generate 430 TWh  of power annually, which is about 2.5% of total electricity usage.

The IPCC reports that there’ll be a substantial increase in the deployment of renewable energy by 2030, 2050 and beyond. The report shows a very positive outlook for renewable energy of 77% by 2050 takes into account the environmental, social, financial and technological changes for developing these  technologies. The IPCC estimate that renewable energy can save between 220 and 560 Giga tonnes of CO2 in the period between 2010 and 2050 reducing the carbon footprint dramatically.

But many analysts believe that the growth of this sector is often underestimated. A set of reasons may change the scenario and may beat the projections. The market for renewable energy technologies has sustained to grow.

Falling prices will truly be the transformative force that redefines the world’s energy sector. Renewable energy technologies are becoming cost-competitive in a progressively more broad range of situations providing investment opportunities. By achieving grid parity, it will become a matter of retiring existing fossil fuel. Growing nuclear concerns and new sources of renewable energy like ocean energy, cellulosic ethanol and artificial methanol may act as a game changer. Increasing Investment in the RE sector is also a significant factor. There is an escalation in investment of RE sector from 211USD to 257 USD. All the above coupled together can lead to a steady increase in the growing demand.



1 Comment

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