Power Generation Industry Trends

For the past decade, solar energy has been the fastest growing source of renewable energy in the U.S. and is forecast to power 60% of global growth in renewable energy through 2024. New technologies target increasing energy efficiency, lowering costs and simplifying production.

New hybrid projects combine land-based wind turbines with solar energy and battery storage to generate more reliable electricity for the grid. Global capacity from offshore wind turbines is forecast to grow 25% annually over the next decade, with offshore floating turbines an emerging segment.

Hydroelectric power provides 60% of the world’s renewable energy. A growing segment is pumped storage, which releases water from a higher reservoir, through a turbine, to a lower one. Emerging technologies are now harnessing the movement of tidal currents and ocean waves to generate power.

T&D trends include renewable energy plants, customer-owned and third party-owned power generation connecting to the grid. Other trends include smart grids, smart electric meters, high-voltage direct current transmission systems (HVDC) and fossil fuel plants closing and disconnecting from the grid.

In the world’s race to remove harmful emissions from fossil fuels, hydrogen is gaining momentum as a clean, reliable energy source required for a sustainable future. Technological advancements are making it possible to produce and store hydrogen efficiently, affordably, and safely as the demand for renewable energy increases.