There is no question that renewable energy is becoming more and more popular around the world. As a result, prices for renewable energy technologies are dropping while emissions from traditional energy sources are rising. But, the question then arises as to what the future hold for renewable energy in 2040? Down below is a look at some of the latest trends in the industry.

What is Renewable Energy?

It is any energy source replenished naturally. This includes solar, wind, water, and geothermal power. The two major types of renewable energy are solar and wind power. Solar energy comes from the sun, while wind power comes from the wind’s kinetic energy.

Energy Transition

The world is in the process of an energy transition. The term ”energy transition” refers to moving from one type of energy to another. This energy renew driven by several factors, including the increasing cost of traditional sources of energy, the need to reduce emissions, and the desire to move to cleaner and more re-newable energy sources.

The shift to renewable energy is happening all over the world. For example, coal-fired power plants in the United States are being replaced by solar and wind farms. In China, the world’s largest market for renewable power, investments in re-newable energy totaled $361 billion in 2021.

Global Trends

•                     Some global trends are driving the growth of renewable energy. First, the cost of this energy is falling. For example, the cost of solar photovoltaic (PV) panels has fallen by more than 85% since 2010, while the cost of wind for turbines has fallen by 50% over the same period.

•                     Second, the demand for renewable energy United States is increasing. This is majorly driven by several factors, including the need to reduce emissions, the desire to move to cleaner energy sources, and the increasing cost of traditional energy sources.

 What does the Future Look Like for renewable energy?

BP predicts that renewable energy sources will overtake fossil fuels as the primary source of worldwide electricity during the next 20 years.

In 2021, alternate energy United States sources, including wind and solar, provided a record 10% of global electricity and made up 38% of the overall power supply, surpassing coal for the first time.

It is expected to reach as high as 50% by 2040 in certain places, such as Europe. The expansion rate was unprecedented, according to the company’s annual energy projection.

In the report’s primary assumption, renewables are predicted to reach 10% of global energy within 25 years, whereas oil and gas require 45 and 50 years, respectively.

This time frame drops to 15 years if we rapidly transition to a low-carbon economy, which BP claims would be unprecedented in the context of previous energy renew transitions.

Why Choose Azteq For Your Renewable Solution?

Producing sustainable heat is one of the main reasons to choose Azteq HYPERLINK “https://azteq.be/” Solar. The offerings are designed specially to meet the needs of industrial and city wide customers. Azteq’s heat-as-a-service offers a comprehensive provisional green heat service, from initial feasibility studies to design, installation, and commissioning. Azteq is an accredited installer of the Renewable Heat Incentive (RHI), a government scheme that provides financial benefits to encourage the uptake of renewable heat technologies.

So, suppose you’re looking for a renewable energy company that takes away your capex cost through heat-as-a-service and can help you cut your carbon emissions resulting in reducing energy costs and developing a green image. In that case, Azteq is worth considering.