Top Technologies Transforming Energy In 2021
Source: Felicia Jackson · FORBES · | January 27, 2021
Samsung SDI Co. lithium ion batteries at the LS Power Group Vista Energy Storage project in Vista, California, U.S., on Thursday, Jan. 14, 2021. The State expects to add 2,100 megawatts of battery storage this year, California agencies said in an October report. Photographer: Bing Guan/Bloomberg © 2021 BLOOMBERG FINANCE LP.
With fossil fuel demand expected to peak towards the end of the decade and clean energy deployment accelerating, what are the top energy technologies to watch in 2021?
There are strong market trends driving the acceleration of the energy transition and, while there may have been some decrease in energy use during the pandemic according to Filippo Gaddo, head of energy economics at Arup, there will be a rebound in electricity demand this year, despite current lockdowns. An increasing amount of that is to be renewably generated.
Over 2021 renewable energy will continue to add capacity by more than 200GW globally, with solar still adding the most but wind contributing the most aggressive growth with regard to both electricity delivered and investment. Cost will help drive the virtuous cycle necessary for the integrated scale-up of renewable energy. The price of renewable energy is expected to continue to fall. Diego Díaz Pilas, head of new ventures and technology prospects at Iberdrola, says: “Starting in 2021 we expect solar PV [photovoltaic] and onshore wind costs to fall an additional 30 per cent by 2030 and offshore wind an additional 50 per cent.”
There is an enormous amount of innovation and investment in the clean energy sector. The areas attracting the most excitement involve cutting system costs, deepening understanding of combining energy sources, renewable energy’s role in overall sustainability and, of course, hydrogen. Many of the innovations in place and in development will impact on each other – but they need the right support and commitment from the public and private sectors.