Published on : Jan 06, 2016
The global renewable energy market continues to gain positive momentum. This market is projected to expand significantly in 2016 as well. The growing awareness of consumers towards energy efficiency, greenhouse gas emissions, and new clean energy technologies will continue to benefit the adoption of several alternative, clean energies across the globe. In the past decade, the global renewable energy sector has witnessed dramatic growth and will continue its strong growth in the coming decade as well. Here are the key trends to watch out for in 2016 in the energy sector.
- The solar power sector will continue to flourish this year. New R&D initiatives will be witnessed this year. Companies and organizations will continue to develop technologies that boost the efficiency of solar panels. This will help increase the efficiency of PV panels and decrease the price of power generated using solar technology.
- China will continue to strengthen its position in the world market as the leading producer of PV solar cells. Presently, China is already dominating in this sector and will continue its strong growth fast as a majority of companies will invest in the China market to boost their production capacity.
- The price of oil will continue to decline this year. Big oil companies will slash their 2016 budgets to help them cut cost and to manage resources even more efficiently.
- The battery storage sector will gain much attention in 2016. Australia is projected to become the first mass market for battery storage technology in the world due to its soaring network costs, high penetration of rooftop solar, and availably of excellent sun.
- Many countries will continue to rely on nuclear to produce electricity. Furthermore, innovation from startups is projected to deploy more efficient technologies that will be deployed mostly in emerging countries such as China. This is projected to drive the China nuclear power sector significantly in the coming few years.
These were some of the key trends that will gain momentum in 2016. Another sector projected to witness significant growth in the global energy market is that of electric vehicles. The popularity and adoption of EVs will grow by leaps and bounds driven by the need to curb environmental hazards such as smog choking.