1. Self-made millionaires are constantly learning.

2. Self-made millionaires listen more than they talk.

3. Self-made millionaires build great teams.

4. Self-made millionaires dream big.

5. Self-made millionaires prioritize their health.

6. Self-made millionaires make their own luck.

“We urgently need a systemic shift away from fossil fuels to course-correct and keep the tripling goal within reach.”

Francesco La CameraDirector-General

When Wood Mackenzie analysts offered 10 predictions for 2023 in Energy Pulse a year ago, they identified some of the key features of this fast-evolving landscape. Their predictions highlighting the downward pressures on metals prices, the strength of global oil demand, North American oil and gas companies’ renewed enthusiasm for production growth and the rebound in US solar installations, among others, turned out to be on target.

This year, we expect some of those trends to continue, but there are also new issues emerging. Here are our 10 predictions for what we think will be key developments in energy and natural resources in 2024:

1. The global solar growth slowdown will begin

Even though total global solar capacity will continue to grow rapidly over the coming decade, the pace of growth in annual installations will start to slow in 2024 compared to the rates seen in recent years. If our forecast for 2023 holds, average annual growth in capacity installations over 2019-23 was 28%, including 56% growth in 2023. By contrast, annual average growth from 2024-28 will be about zero, including a few years with contractions. Growth in the global solar market is following a typical S-curve. Over the last few years, growth has climbed rapidly up the steepest part of the curve. Starting in 2024, the industry will be past the inflection point, characterized by a slower growth pattern. The global solar market is still many times larger than it was even a few years ago, but it’s natural for an industry to follow this growth path as it matures.

Not every region is currently in the same place along the S-curve. Africa and the Middle East, for example, have a long way to go before they hit their growth inflection points. But two major markets are driving this global growth pattern: Asia Pacific, dominated by China, and Europe.

Michelle Davis – Head of Global Solar

2. Nuclear power will continue to rise up the policy agenda as a climate solution

A quote often misattributed to Albert Einstein is that nuclear power is “one hell of a way to boil water”. It was actually coined in 1980, after the Three Mile Island reactor accident that helped to turn the tide of public opinion against atomic energy. In 2024, however, nuclear power is set to win widespread support as a key solution to the world’s energy crisis, for the first time in over half a century. Nuclear power has faced, and still faces, challenges of public acceptability and economic competitiveness against renewables and fossil fuel generation. But it is the only reliable, dispatchable, small physical-and-material footprint, plug-and-play zero-carbon solution for power generation.

Julian Kettle – Vice Chair, Metals and Mining

3. The evolving balance between decarbonisation and security of supply will act as a brake on investment decisions in gas and LNG for many companies

After Russia’s invasion of Ukraine, the global gas and LNG industry reprioritized securing supply. More than 65 million tons per year of LNG sale and purchase agreements were signed by end-users in 2022 and 2023. Investments in new LNG supply were always going to slow in 2024, given the scale of investments already made and the expected market rebalancing. But COP28 has added new uncertainty to the outlook for gas. As a fossil fuel, it is one that the governments of the world aim to transition away from. But as the most widely accepted “transitional fuel”, it will still have a role to play in providing energy security for some time.

Companies and governments will need to reconsider investments against this evolving backdrop, possibly slowing some of them further. Industry participants will need to realign their portfolios and strategies to navigate the contradictions and the range of possible outcomes for gas demand.

Kristy Kramer – Head of Gas and LNG Consulting

4. A slowdown in non-OPEC oil production growth will ease the pressure on the OPEC+ countries

This year, there has been a large increase in non-OPEC oil production of about 2 million barrels per day, piling the pressure on the OPEC+ group to cut its output to prevent a slump in prices. Next year, we expect that non-OPEC growth to slow to just 0.8 million b/d. 

The largest factor in the projected slowdown is our expectation of a sharp deceleration in US oil production growth next year, but other countries including Brazil will also contribute. The non-OPEC slowdown will relieve the pressure OPEC+ has faced in 2023. Among the caveats to this view: a surge in US productivity (see below).

Ann-Louise Hittle – Head of Macro Oils

5. US oil and gas producers will do more with less

The biggest macro story from the US oil and gas industry next year could be that efficiency gains refuse to plateau. Total upstream capital spending in the Lower 48 states is expected to fall in 2024, for the second successive year. But, at the same time, total Lower 48 production of both oil and gas will continue inching higher, setting new records for each. Muted movement in the rig count will be more than offset by continued improvement in drilling speeds and pad cycle times, completion efficiencies and improved project execution. All this serves as a reminder of just how lean and mean US shale has become.

Robert Clarke – Vice-President, Upstream Research

6. A large US E&P could merge with a large international E&P

The pure-play model of geographically focused exploration and production companies has lost its luster since investors began rejecting production growth in favor of cash distributions. Large-scale M&A is increasingly targeting diversification, as companies look to build resilient financial platforms. Internationalization is the next logical step in this strategy. US buyers’ strong equity currency will be a lure for overseas targets, helping to make deals happen.

Greig Aitken – Director, Corporate Research

7. Hydrogen project FIDs will continue to skew blue

The ambitions for low-carbon hydrogen around the world, reflected in government policies and corporate project development, are quite remarkable. As is a 108-mtpa global project pipeline that skews 80% to green hydrogen, made from electrolyzing water. However, the rate of project maturation for electrolyzed hydrogen will remain slow as developers struggle to overcome key obstacles.

Two of the most important challenges that green hydrogen projects will face are achieving competitive costs and securing firm commitments from off takers. Projects with credible counterparties and those targeting hydrogen as a feedstock in existing applications are most likely to move ahead. Those targeting new applications will struggle to achieve costs that compete with traditional fossil fuels. Blue hydrogen projects will also move slowly through the project development cycle, but more will achieve FID as they benefit from competitive economics and scaling more quickly.

Melany Vargas – Head of Hydrogen Consulting

8. Carbon offsets will regain momentum, against all the odds

The voluntary carbon market was at a crossroads in 2023, with market activities bogged down by a loss of confidence, and buyers craving clarity. COP28 couldn’t reach an agreement on Article 6 and market sentiment suffered frustration again. The situation seems dire, but there are reasons to believe this could be the dark before the dawn. Buyers are wising up and weeding out low-quality offsets from the market. In the absence of centralized oversight from the UN, independent governance bodies are setting guidelines and offering clarity. And offsetting programs are working hard to evolve. We expect to see the results of these efforts in 2024.

Elena Belletti – Global Head of Carbon Research

9. Novel carbon capture technologies will finally enter commercial scale

In 2024, new CCUS projects are no longer noteworthy in and of themselves. We track up to 100 commercial-scale projects, with 50 having a decent chance of progressing. What is new, however, is the much-awaited graduation of novel technologies from pilot to commercial scale. New techniques to capture carbon dioxide such as modularization, solid adsorption and bio-recycling will be fully deployed for the first time in 2024. These promise lower energy intensity and cost reductions of up to 50% compared to incumbent methods. If successful, barriers will be lowered for emitters in vital heavy industries such as cement and chemicals. And the technology companies can expect a rush of orders.

Mhairidh Evans – Head of CCUS Research

10. Geoengineering will become a hot topic

In the conclusions of the first Global Stock take at COP28, countries acknowledged that the remaining global carbon budget is shrinking rapidly, with a risk of overshooting the 1.5 °C goal. That means hundreds of billion tons of carbon dioxide will need to be removed or captured and stored to get the world back on course for no more than 1.5 °C of warming by 2100.

Geoengineering techniques can be used to enhance the carbon absorption capacity of the planet, and to reflect sunlight back into space, helping to keep the earth cool. For example, aerosols or other chemicals can be released a few kilometers up into the atmosphere, thus reflecting more sunlight away from the planet’s surface. I believe that in 2024, governments and scientific institutions will come together to study this fascinating subject more deeply and discuss the pros and cons of pursuing it.

Prakash Sharma – Vice President, Scenarios and Technologies

-Wood McKenzie

Tree Map reveals the Impact of the Top 10 Renewable Energy Trends

The Tree Map below illustrates the top 10 renewable energy trends that will impact companies in 2024. Advanced photovoltaics (PV) innovations are honing in on high-efficiency technologies. Moreover, big data and AI are enhancing renewable energy, facilitating applications like predictive maintenance and smart management. At the same time, distributed energy storage systems (DESS) add flexibility and stability to renewable energy generation.

Grid integration technologies are reducing transmission losses and stabilizing the grid effectively. These technologies optimize the use of off-grid sources such as biofuels, wind, and hydropower, even when situated far from demand centers. Further, green hydrogen plays a dual role, storing energy from renewables and aiding electrification. Meanwhile, bioenergy holds its ground as a favored choice, thanks to its decentralized nature.

 

Global Startup Heat Map covers 5152 Renewable Energy Startups & Scaleups

The Global Startup Heat Map below highlights the global distribution of the 5152 exemplary startups & scaleups that we analyzed for this research. Created through the StartUs Insights Discovery Platform, the Heat Map reveals that Western Europe is home to most of these companies while we also observe increased activity in the US and India.

Below, you get to meet 20 out of these 5152 promising startups & scaleups as well as the solutions they develop. These 20 startups were hand-picked based on criteria such as founding year, location, funding raised, and more. Depending on your specific needs, your top picks might look entirely different.

 

1. Advanced Photovoltaics

Solar companies are integrating PV systems with every aspect of our surroundings while minimizing the need for additional land usage. As a result, integrated PV, floatovoltaics, and agrivoltaics are logical shifts in trends. Additionally, startups are developing thin-film cells to make solar panels flexible, cost-effective, lightweight, and environment-friendly.

To improve PV performance, emerging companies are devising technologies to concentrate solar power using mirrors and lenses. Innovations in PV materials, such as the use of perovskite, are increasing energy conversion multifold. These innovations are further coupled with photovoltaic designs that enable maximum efficiency and high productivity.

Together, they promote sustainability through recycling, minimum resource utilization, and the use of alternate materials.

Lusoco provides Luminescent Solar Concentrators

Dutch startup Lusoco develops a luminescent solar concentrator technology. It uses high refractive index materials like glasses and polymers along with fluorescent ink to concentrate light to the edges where thin-film solar cells are placed. Moreover, the fluorescent coating also emits light during the night, enabling self-sustainable signages. The solution harvests energy while maintaining the aesthetics. The luminescent glasses are hence suitable for use in automotive, signages, and interior designing.

Norwegian Crystals makes Low-Carbon Monocrystalline Silicon Ingots

Norwegian Crystals is a Norwegian startup that manufactures low-carbon monocrystalline silicon ingots for high-performance photovoltaic devices. To produce these ingots, the startup melts high-purity silicon at high temperatures using the Czochralski technique. It also produces gallium-doped ingots that increase the lifetime of the solar cells and reduce the number of stabilization steps as compared to monocrystalline silicon. Through this, Norwegian Crystals control the carbon footprint of solar panel components at ultra-low levels, empowering consumers and businesses who consider the overall sustainability of solar energy generation.

2. AI and Big Data

The energy grid is one of the most complex infrastructures and requires quick decision-making in real-time, which big data and AI algorithms enable for utilities. Beyond grid analytics and management, AI’s applications in the renewables sector include power consumption forecasting and predictive maintenance of renewable energy sources.

It further enables IoE applications that predict grid capacity levels and carry out time-based autonomous trading and pricing. With innovations in cloud computing, virtual power plants (VPP) supplement the power generation from utilities. In addition, startups utilize data analytics and machine learning for renewable energy model designing and performance analysis.

Likewatt enables Energy Parameter Analysis

German startup Likewatt develops Optiwize, a patented software solution that provides energy parameter analysis using machine learning. Optiwize also calculates historical power consumption and carbon dioxide emissions as well as features renewable energy audits and weather forecasting. This allows individual and collective consumers to observe real-time consumption patterns. Moreover, it enables power producers to hybridize different technologies and optimize load sizing.

Resonanz facilitates Intelligent Energy Trading

Resonanz is a German startup that enables automated intelligent energy trading. The startup’s software tools, rFlow and rMind, integrate and manage data in real-time to create autonomous algorithmic decisions. Furthermore, the rDash interface visualizes production forecasts, market price indicators, and accounting data that aid decisions. Through these products, the startup enables market participants to increase their share of sustainable energy and returns at the same time.

3. Distributed Energy Storage Systems

DESS localizes renewable energy generation and storage, overcoming irregularity in production. Based on economic and other requirements, startups offer a range of battery and batteryless solutions. For instance, flow batteries leverage low and consistent energy, whereas solid-state batteries are lightweight and provide high energy density. For applications that require large amounts of energy, in a short period of time, capacitors and supercapacitors are also used.

Due to concerns regarding discharging, safety, and environmental pollution, startups are devising batteryless storage alternatives such as pumped hydro and compressed air technologies. On the other hand, surplus energy is converted to other forms of energy such as heat or methane for storage and reconversion through Power-to-X (P2X) technology.

Green-Y Energy offers Mechanical Energy Storage

Swiss startup Green-Y Energy develops compressed air energy storage technology. By increasing energy density while doubling the heat and cold extraction, the startup reduces the required storage volume as well as provides heat energy and cooling for domestic use. The process is also sustainable since water and air are the only working fluids. In addition, this compressed air is stored in durable and inexpensive commercial pressure tanks, allowing building managers and homeowners to integrate renewable energy systems.

MGA Thermal produces Thermal Energy Storage Material

MGA Thermal is an Australian startup that enables thermal energy storage. The startup’s product, Miscibility Gap Alloys, has a melting phase and a solid phase contact. On heat application, the melting phase component stores energy while the solid phase component rapidly distributes the heat. The resulting modular block structure exhibits high energy storage capacity at a constant temperature.

Moreover, the materials and containment units used are recyclable, safe, affordable, and easy to use. The large-scale storage potential of this solution enables renewable energy utility companies to provide continuous electricity even during peak hours.

4. Hydropower

Hydropower is the energy derived from moving water. Unlike solar and wind, hydro energy is predictable and, hence, more reliable. Besides, hydroelectric dams, as well as ocean-based energy harnessed from tides, currents, and waves, offer high energy density while reducing dependency on conventional sources.

The innovations in these renewable sources focus on energy converters and component improvements for harvesting energy more efficiently. Within hydropower, small-scale hydroelectric dams and tidal barrages enable decentralized energy generation. Ocean thermal energy conversion (OETC) harnesses energy through the thermal gradient created between the surface and deep water.

Some startups are also converting the salinity gradient formed due to the osmotic pressure difference between seawater and river into usable energy.

Seabased provides Modular Wave Energy Converter (WECs)

Seabased is an Irish startup that develops modular wave energy converters. These WECs are buoys on the surface connected with linear generators resting on the seabed. The moving waves provide energy to the buoys thereby generating electric power. The startup’s patented switchgear converts the power into electricity for grid use.

Moreover, the WECs can withstand harsh seas, enabling a flexible wave park expansion with high efficiency. Seabased’s solutions, thus, allow energy offshore companies and local coastal communities to generate wave energy as an alternative or hybrid to wind.

Green Energy Development (GED) Company designs Microturbines

Iranian startup GED Company offers microturbines for distributed generation of hydroelectricity from water streams like canals and rivers. The startup’s floating drum turbine (FDT) consists of an undershot waterwheel that floats on the water stream using a buoyant skid and is anchored with cables or hinged arms. The rotation of FDT by the stream produces electricity. The solution is low-cost, efficient, and ensures reliable distributed generation for electrification in remote and underdeveloped locations.

5. Wind Energy

Despite being one of the oldest energy resources, the rapidly evolving nature of the wind energy sector makes it one of the major trends. Startups are devising offshore and airborne wind turbines to reduce the demand for land-based wind energy. Innovations in this field often integrate with other energy sources such as floating wind turbines, solar, or tidal energy.

To further improve efficiency, there are constant advances in the aerodynamic designs of the blades. Startups also develop efficient generators and turbines for high-energy conversion. The sustainability of blade material is one of the challenges the industry faces today. To tackle this, startups are creating bladeless technologies and recyclable thermoplastic materials to manufacture blades.

Hydro Wind Energy offers Hybrid Hydro-Wind System

Based out of UAE, UK, and the US, Hydro Wind Energy provides a hybrid energy system. The startup’s product, OceanHydro, harnesses offshore altitude wind using kites or vertical axis wind rotors. It then combines wind energy production power from subsea oceanic pressure to obtain low-cost electrical energy and grid-scale storage.

Since the energy from the subsea is available on demand, such a hybrid solution is more reliable than offshore wind energy systems. This allows energy companies to maintain a continuous and higher base load for the grid.

Helicoid enhances Wind Blade Quality

Helicoid is a US-based startup that provides enhanced blade quality during wind blade manufacturing. The enhanced blade is produced as a result of changes in stacking and rotation of sheets of parallel fibers to form a helicoid structure. These blades have higher resistance to impact, erosion, and fatigue while also possessing higher strength and stiffness. This reduces maintenance and downtime costs as well as offers sustainable and energy-efficient blades for large-scale windmills.

6. Bioenergy

Bioenergy constitutes a type of renewable energy derived from biomass sources. Liquid biofuels with quality comparable to gasoline are directly blended for use in vehicles. To achieve this quality, companies improve biofuel processes and upgrade techniques. The majority of biofuel conversion processes like hydrothermal liquefaction (HTL), pyrolysis, plasma technology, pulverization, and gasification use thermal conversion for obtaining biofuels.

Further, upgrade techniques like cryogenic, hydrate, in-situ, and membrane separation are used for removing sulfur and nitrogen content. Similarly, the fermentation process produces bioethanol which is easy to blend directly with gasoline. Fermentation also has the ability to convert waste, food grains, and plants into bio-ethanol, thereby providing feedstock variability.

Energy-dense feedstocks result in optimum fuel quality. For this reason, startups and big companies consider algal and microalgal feedstocks for use in the aforementioned conversion processes.

Phycobloom produces Algal Bio-Oil

Phycobloom is a British startup that uses synthetic biology to produce bio-oil from algae. The startup’s genetically engineered algae release this oil into the surroundings. Since the same batch of algae is reused, it makes the process fast and inexpensive. Considering that algae require only air, water, and sunlight to grow, this technology also closes the loop between greenhouse gas emissions and fuel production. The startup’s solution thus lowers the dependency of the transportation sector on fossil fuels.

Bioenzematic Fuel Cells (BeFC) provides Paper-based Biofuel Cell

French startup BeFC generates electricity using a paper-based biofuel cell system. The system combines carbon electrodes, enzymes, and microfluidics. The enzymes convert glucose and oxygen into electricity using a miniature paper material. The technology is suitable for low-power applications, like sensor data collection and transmission. Moreover, the absence of plastic and metal makes it a sustainable and non-toxic form of energy storage means.

7. Grid Integration

Grid integration technologies primarily include transmission, distribution, and stabilization of renewable energy. Scaling up variable renewable energy generation is often far from demand centers which results in transmission and distribution losses. To overcome this, energy-efficient, grid electronic technologies such as Gallium Nitride (GaN) and Silicon Carbide (SiC) semiconductors are leveraged.

The challenge of frequency and voltage fluctuation due to variable renewable energy generation is solved through microcontroller-based solutions. Despite these technologies, stabilization of the grid is a huge challenge due to intermittent energy usage. Vehicle-to-grid (V2G) technology empowers the stabilization of the grid during peak hours while grid-to-vehicle (G2V) solutions leverage the vehicle as a storage unit. As a result, both the energy and transportation industry benefits.

Ageto Energy designs Microgrid Controllers

Ageto Energy is a US-based startup that produces microgrid controllers for coordinating all the elements of the microgrid. The startup’s microgrid controller, ARC, functions as a brain for the microgrid and integrates various conventional and renewable resources, including energy inverters, generators, power meters, and sheddable loads. ARC is encased in a durable enclosure to withstand extreme weather and temperature. In addition, it provides real-time monitoring and control of the microgrid.

Veir develops High-Temperature Superconductors (HTS)

US-based startup Veir offers high-temperature superconductors. The startup’s HTS cable operates at up to ten times the current of conventional wire while maintaining superconductivity. To maintain the HTS at operating temperature, Veir uses evaporative cryogenic cooling, which is twenty times more efficient than mechanical subcooling. This enables the generation and transmission of large-scale renewable energy, empowering utilities to easily transition to cleaner fuels.

8. Green Hydrogen

Hydrogen gas has the highest energy density of all fuels and produces near-zero greenhouse gas emissions (GHG). However, most hydrogen is derived from non-renewable sources in the form of grey and brown hydrogen. In the past decade, developments in renewable energy and fuel cells have pushed the shift to green hydrogen. While cleaner, it also struggles with the problems of low energy conversion efficiency of fuel cells and challenges in transportation. For these reasons, the developments in green hydrogen focus on improving hydrogen storage, transport, and distribution.

Lavo offers Green Hydrogen-Lithium Hybrid

Australian startup Lavo manufactures green hydrogen fuel cells that use solar energy and water to produce electricity. The startup’s patented solution, Lavo Hydrogen Battery System, features a metal hydride storage vessel that stores hydrogen. It also contains a lithium-ion battery for fast response time, thereby making it a hybrid solution. The battery system is durable and operates under wide temperature ranges. As a result, it avoids power outages under extreme weather conditions as well as enables businesses and communities to continuously store energy for days.

ElektrikGreen enables Green Hydrogen-based Fuel Cell Vehicles (FCVs)

ElektrikGreen is a US-based startup that uses green hydrogen to charge fuel cell vehicles. The startup’s at-home refueling station enables the charging of FCV by adding a fuel filler to the green hydrogen storage tanks. The technology integrates power conversion, energy storage, predictive management software, monitoring, and refueling, all in one simple-to-install system. ElektrikGreen’s solution also supports smart neighborhoods to maximize shared benefits through distributed energy.

9. Advanced Robotics

Production and process efficiency prove to be a major hurdle in harnessing renewable energy. Robotics enables accuracy and optimum utilization of resources to overcome this challenge. For example, automated solar panels orient themselves to maximize energy conversion. Equipment automation also expedites the maintenance processes while reducing the need for human work.

Drone inspection and robotics-based automatic operations and maintenance (O&M) handle dangerous repetitive work, thereby improving safety and productivity. An example of this is the use of drones based on phased array ultrasonic imaging to hastily detect internal or external damages on large wind turbines. Drones further enable the creation of digital twins and 3D maps using various data.

Greenleap Robotics designs Solar Panel Cleaning Robots

Indian startup Greenleap Robotics develops an autonomous cleaning robot for solar panels. The startup’s robot, Lotus A4000, uses ultra-soft microfiber cloth for removing dust and debris, enabling water-less cleaning. It also traverses misalignments among solar panels resulting in an improved cleaning range. Besides, centralized control facilitates predictive maintenance and self-charging for the robot. Greenleap Robotics enables large-scale solar plants to automate their labor-intensive work while being able to control and monitor it remotely.

SupAirVision provides Drone-based Blade Diagnostics

SupAirVision is a French startup that provides digitized wind blade diagnostics. The startup’s software tools, Sherlock and Volta, use AI to detect defects on the blades and diagnose the lightning paths of the blades, respectively. Another software tool, Clarity, detects the structural defects inside the blade. Together, they provide accurate, safe, and precise diagnostics, thus reducing wind turbine downtime. The technology benefits utility-scale wind turbine farms by offering scalable management solutions with minimum staff requirements.

10. Blockchain

Energy startups utilize blockchain technology to advance trusted transactions in the renewable energy sector. For instance, smart contracts advance peer-to-peer (P2P) electricity trading for transactive energy. Grids are vulnerable to cyber threats and blockchain is used to encrypt the data associated with grid operations and monitoring.

Through data encryption, blockchain facilitates digital transactions. Renewable energy providers are also taking advantage of blockchain to track the chain of custody of grid materials. Additionally, it allows regulators to easily access data for regulatory compliance.

Sitigrid offers P2P Energy Trading

British startup Sitigrid offers P2P energy trading using S-Chain, its patented distributed ledger technology. Using smart contracts, the startup facilitates the trading of surplus electricity in the open market and keeps a record of the transaction. It uses AI to optimize trades, thereby maximizing revenue for generators and minimizing costs for consumers. The underlying architecture provides local markets with an efficient settlement platform and empowers energy players to aggregate network services.

Green Life Energy promotes Renewables using Blockchain Tokens

UK-based startup Green Life Energy promotes the renewable energy sector through blockchain technology. It bridges the gap between Web3 utility and traditional industries through its digital carbon marketplace and ReFi (Regenerative Finance) payment platform. The platform reduces fraud, increases safety, and validates the nature of transactions.

By applying this model to renewable energy traders, carbon offsets, and renewable models, the startup helps the industry achieve systemic efficiency increases. Moreover, stakeholders enjoy all the benefits of transparency and accountability that blockchain offers.

Discover all Renewable Energy Technologies & Startups

To tackle climate change and meet environmental compliance, companies are turning to clean and sustainable energy. The challenge lies in making renewable energy cost-competitive with fossil fuels. Hardware innovations like advanced photovoltaics such as nanofibers and mono-passive emitter real contact (PERC) based panels improve solar conversion efficiency. Moreover, research on platinum-free catalysts, such as tin carbon, is enabling cheaper green hydrogen fuel cells.

The renewable energy trends and startups outlined in this report only scratch the surface of trends that we identified during our data-driven innovation & startup scouting process. Identifying new opportunities & technologies to implement into your business goes a long way in gaining a competitive advantage.

Start US Insights

by Josh Howarth

The global energy industry and government energy policies are consistently generating news headlines. Top energy trends like the push towards net zero, the transition to electric vehicles, the escalating price of fossil fuels, and even the basic systems that we use to heat our homes are the subject of ongoing – and often contentious – public debate. 

Strategic energy issues have long been in the public eye. A reliable supply of affordable energy is essential for daily life and economic growth, and energy sources have constantly evolved in step with technological advances. Nuclear power, the coal industries, and the oil crisis of the 1970s were all important political issues in their day. Public reactions to current trends in renewable energy are following a well-established pattern, and are based on similar, practical concerns.

The first fundamental difference between the 2020s and previous decades is that trends in renewable energy technology have created new possibilities that previous generations only guessed at. The second key difference is that climate change is acknowledged as a reality (although its causes and implications remain disputed). There is now a major momentum towards abandoning fossil fuels and developing sustainable green energy.

The 3 D’s of Modern Energy Evolution

Emerging trends in renewable energy can be concisely summarized as the 3 D’s: Digitalization, Decarbonization, and Decentralization. This blog post will explore the three pillars of future trends in renewable energy and how they are influencing investments in renewable energy.

Yossi Ron, ICL Group’s VP of Energy and Strategy Projects offers some valuable insights into the 3D’s of the sustainable energy revolution and how ICL is acting to integrate the three core principles into its own global operations and new projects. He also shares his thoughts on how trends in renewable energy technology are likely to create financial opportunities for companies like ICL.

Decarbonization

From the days of our ancestors burning wood to our modern reliance on fossil fuels, the evolution of energy consumption has been a testament to human adaptability. Carbon emissions surged exponentially during the industrial revolution, but are almost 150 times higher today than they were in 1850.

This alarming increase underscores the urgent need for change. As governments pivot towards sustainable policies, investments in renewable energy are accelerating, with trends pointing to a future of sustainability supporting innovation.

It’s companies like ICL that are playing a pivotal role in enabling the transition to clean energy, with innovative research and development and the development of clean energy storage products. Our commitment to decarbonization, fueled by such advancements, promises a cleaner, brighter, and more sustainable future for generations to come.

Decentralization

One of the most exciting global trends in energy supply infrastructure is the move towards decentralization. The traditional centralized energy model, with its dependence on fossil fuels, though once efficient, inadvertently led to monopolistic structure. Initial investments in renewable energy were fairly tentative, but the exigencies of climate change and public demand for green energy have supercharged both research and investment.

Another unfortunate consequence of (fossil fuel-dependent) centralized energy supplies is the potential for major variations in energy prices. The contemporary shift towards decentralized energy infrastructure signals a hopeful change, promising genuine energy independence and a shield against the volatility of fossil fuel pricing.

Future trends in renewable energy all point towards energy decentralization based on hybrid microgrids that draw on solar, thermal, hydro, wind, and even clean hydrogen energy. Embracing a mix of renewable energy sources and leveraging state-of-the-art technologies, including high-capacity storage solutions such as smart batteries, we’re on the brink of an energy renaissance. This paradigm shift empowers individuals, businesses, and municipalities, heralding a new era of decentralized yet globally impactful energy infrastructures.

Digitization

In an age where we can control our home’s temperature with a voice command, digitization is reshaping our energy experience. The post-World War Two era marked the dawn of computer technology’s significant role in energy and infrastructure management. Today, with leaps in AI, robotics, and other digital tools, we stand at the cusp of an energy transformation.

Digitization offers a spectrum of possibilities, from real-time data management and performance optimization to better utilization of assets and infrastructure and better return on investments. As we seamlessly integrate technologies like 5G and 6G into our daily lives and operations, AI-driven solutions are poised to optimize energy consumption.

The digital wave, when used wisely, has the potential to create secure energy systems that deliver an abundance of universally accessible, sustainable, and clean energy. The potential for economic growth and improvements to the quality of life for humanity is game-changing.

Zooming Into 2024: Energy Trends in Focus

As we set our sights on 2024 and beyond, several energy trends are emerging as game-changers.

Current trends in renewable energy are evolving so rapidly that it’s realistic to think in terms of months and years, as well as decades when we attempt to anticipate new developments and innovations. Looking ahead to 2024, there are definitely some overall global trends in energy development that are worth following closely.

1. The Shift to Renewable Energy Continues

The strategic global shift to renewable energy is continuing, despite disagreements about the pace of change and how to implement new technologies. The volume and scope of R&D in renewable energy technology and government stimulants are creating exciting investment opportunities.

It’s difficult to make accurate projections about the size of the renewable energy market, but the electric vehicle market alone is expected to reach US$1,381 Billion by 2032. When we factor in the manufacture, installation, and maintenance of solar energy plants, wind and tidal power generation plants, hydrogen plants, and upgraded decentralized energy grids, we’re possibly looking at one of the biggest financial opportunities in human history.

2. Electrification of Fossil-Fired Units

It’s becoming widely accepted that fossil fuel-fired units are no longer the future. The volatility in fuel prices following the conflict in Ukraine shattered a generation of complacency in many economies. Companies that can provide solutions or components for the affordable electrification of fossil fuel-fired units are in a growth industry.

The Environmental Protection Agency (EPA) recently proposed a new Clean Air Act that will aim to further reduce greenhouse gas emissions from fossil fuel-fired electric generating units. The proposed legislation is part of a wider trend towards the electrification of industrial boilers, turbines, and household heating units. As with the transition to electric vehicles, cost and convenience are major factors in winning public support. Companies that present viable solutions and products will be at the forefront of a growth market.

3. Waste to Energy

Circular economies are increasingly viewed as financially beneficial, as well as an ethical imperative. Any practical solution that allows the reuse, recycling, or safe conversion of waste to clean energy is likely to find a receptive market. There is great potential for scalability from household level up to industrial plants or regional waste management sites.

An excellent example is the ICL Amsterdam Phosphate Recycling Unit. The plant takes phosphates from sewage sludge ashes and bone meal, recycling it into viable ingredients for high-quality phosphate fertilizers. Other waste-to-energy technologies that are attracting investors include pyrolysis for converting waste plastics into fuel and plasma arc gasification that can produce hydrogen and carbon monoxide for fuel cells.

4. Energy Storage

The planned transition to electric vehicles has highlighted the need for localized energy storage solutions. Individual workplaces, residential associations, or even entire neighborhoods are likely to start taking responsibility for energy storage and distribution via hybrid microgrids or energy hubs. These will be enabled and managed by smart technology.

The smart battery market is expected to double by the end of the decade, with a predicted value of US$ 64.34 Billion. There’s now unprecedented research into battery technologies and the applications of smart batteries are likely to grow as the technology develops. One exciting scenario is that homes will generate their own electricity via PV panels during the day and store it for nighttime use. Blockchain technology will enable the sharing or transfer of stored energy via local microgrids.

5. Heat Pumps for Residual Heat

Heat is both an energy and an asset that is often generated as a byproduct of other processes. The majority of residual heat is either lost or underutilized. Heat pumps and any other technical innovations that can capture, channel, or store residual heat are expected to become standard requirements in future design and planning.

The UK government is actively promoting a £450 million Boiler Upgrade Scheme. It is keen to persuade householders to upgrade their fossil fuel boilers to heat pumps that (increasingly) run on clean electricity. Existing heat pump technology is better suited for milder temperate climates. As heat pumps become more popular, we’re likely to see research into technologies that make heat pumps viable in colder climates. A combination of domestic PV panels, smart batteries, and heat pumps may replace air conditioning units that currently place enormous strain on national grids during heatwaves.

ICL: Setting Trends in Renewable Energy

ICL Group. is a global leader in the field of specialty minerals. With decades of focus on sustainability, ICL is no stranger to groundbreaking initiatives. From the Green Sdom project to developing hybrid microgrids and exploring hydrogen energy, their commitment to a cleaner future is evident.

ICL is one of the world’s major suppliers of bromine and phosphate derivatives. The company is currently building a brand new $400 million dollar plant in the US to supply materials for LFP battery manufacturers. Smart batteries are essential for the transition to electric vehicles and for the development of hybrid microgrids. ICL is at the forefront of research and development into clean energy products.

Yossi Ron is optimistic about ICL’s own role in developing sustainable energy.

“Energy efficiency and energy conservation are going to be key to everything we do in ICL. Green Sdom is a flagship project but it’s just part of the picture. We run an initiative called the ACE program. The ACE program is an energy efficiency and decarbonization program. We’re working to take carbon out of our energy equation – that means building our own microgrids where feasible and using AI for smart energy production and conservation. 

We’re studying how to install our private microgrids – grids that will power entire industrial sites and ultimately sell surplus energy to the national grid. It’s really exciting and we’re creating a template that other businesses can follow in the future.”

Embracing Future Trends in Renewable Energy

ICL is leading the private sector in the development of renewable energy by transforming its own operations. Very few companies are attempting creation of an independent microgrid and implementing circular economies that are not only effective but profitable.

Through its new plant in the US, ICL is poised to become a major force in the supply of LFP battery materials. The company will be a direct contributor to the development of viable electric vehicles and a decentralized energy grid. ICL is continuing to allocate substantial resources to R&D across the spectrum of sustainable energy and is enthusiastically embracing a future defined by genuine energy independence and security.

AICL

September 22, 2023 1 By TAMI HOOD