How Technology Contributes to the Future of Renewable Energy?
Renewable energy is energy that comes from naturally replenished sources such as sunshine, wind, water, geothermal heat, and biomass. Renewable energy has many benefits for the environment, the economy, and human well-being, such as reducing greenhouse gas emissions, diversifying energy sources, creating jobs, and improving public health. However, renewable energy also faces many challenges, such as intermittency, variability, scalability, cost, and integration. To overcome these challenges and achieve a sustainable energy future, technology plays a crucial role. In this article, we will explore how technology contributes to the future of renewable energy, by highlighting some of the key areas of innovation and development.
Renewable Energy Technology
Renewable energy technology refers to the devices, systems, and processes that enable the conversion, transmission, storage, and utilization of renewable energy sources. Renewable energy technology is constantly evolving and improving, as new discoveries, inventions, and applications are made. Some of the examples of renewable energy technology are:
- Solar energy technology: Solar energy technology harnesses the power of the sun to generate electricity or heat. Solar energy technology includes photovoltaic (PV) cells, solar thermal collectors, concentrated solar power (CSP) systems, and solar water heaters. Solar energy technology has become more efficient, affordable, and widespread in recent years, thanks to advances in materials, design, manufacturing, and installation. According to the International Energy Agency (IEA), solar energy was the largest source of new electricity generation capacity in 2020, accounting for almost 40% of the total.
- Wind energy technology: Wind energy technology captures the kinetic energy of the wind to produce electricity or mechanical power. Wind energy technology includes wind turbines, wind farms, offshore wind systems, and small wind systems. Wind energy technology has also improved significantly in terms of performance, reliability, and cost, thanks to innovations in aerodynamics, materials, control systems, and grid integration. According to the IEA, wind energy was the second largest source of new electricity generation capacity in 2020, accounting for almost 30% of the total.
- Renewable energy storage systems: Renewable energy storage systems store excess or surplus renewable energy for later use, when the demand is high, or the supply is low. Renewable energy storage systems help to balance the grid, reduce curtailment, increase flexibility, and enhance reliability. Renewable energy storage systems include batteries, pumped hydro, compressed air, flywheels, hydrogen, and thermal storage. Renewable energy storage systems have become more accessible, scalable, and efficient, thanks to breakthroughs in chemistry, engineering, and digitalization. According to Bloomberg NEF, the global energy storage market is expected to grow from 9 gigawatts (GW) in 2018 to 1,095 GW in 2040, with a cumulative investment of $662 billion.
- Renewable energy infrastructure: Renewable energy infrastructure refers to the physical and virtual networks that connect, manage, and optimize the generation, transmission, distribution, and consumption of renewable energy. Renewable energy infrastructure includes smart grids, microgrids, distributed generation, demand response, and smart meters. Renewable energy infrastructure has become more intelligent, resilient, and interactive, thanks to the integration of information and communication technologies, artificial intelligence, blockchain, and internet of things. According to the IEA, the global investment in renewable energy infrastructure reached $303 billion in 2020, an increase of 2% from 2019, despite the COVID-19 pandemic.
The Impact of Technology on Renewable Energy
Technology has a profound impact on the development and deployment of renewable energy, as it enables the creation of new solutions, the improvement of existing ones, and the discovery of new opportunities. Technology can impact renewable energy in various ways, such as:
- Increasing the efficiency and productivity of renewable energy systems: Technology can help to enhance the performance and output of renewable energy systems, by reducing losses, increasing conversion rates, and optimizing operations. For example, technology can help to improve the efficiency of solar cells, from the current average of 20% to over 40%, by using new materials, such as perovskites, or new designs, such as tandem cells. Technology can also help to increase the productivity of wind turbines, by using larger blades, higher towers, and more advanced control systems, to capture more wind energy at lower costs.
- Reducing the cost and environmental impact of renewable energy systems: Technology can help to lower the cost and environmental impact of renewable energy systems, by using less resources, reducing waste, and increasing durability. For example, technology can help to reduce the cost of solar modules, from the current average of $0.2 per watt to less than $0.1 per watt, by using thinner wafers, less silver, and more automation in the manufacturing process. Technology can also help to reduce the environmental impact of wind turbines, by using recyclable materials, such as thermoplastic resins, or biodegradable materials, such as wood, to make the blades.
- Expanding the access and availability of renewable energy systems: Technology can help to expand the access and availability of renewable energy systems, by making them more adaptable, portable, and scalable. For example, technology can help to make solar energy more accessible, by developing flexible, lightweight, and transparent solar cells, that can be integrated into various surfaces, such as windows, roofs, walls, and fabrics. Technology can also help to make wind energy more available, by developing floating, airborne, and vertical-axis wind turbines, that can operate in different locations, such as deep water, high altitude, and urban areas.
Recent Trends in Renewable Energy Technology
Renewable energy technology is a dynamic and diverse field, that is constantly evolving and advancing, as new trends and opportunities emerge. Some of the recent trends in renewable energy technology are:
- Artificial intelligence for renewable energy: Artificial intelligence (AI) is the branch of computer science that deals with the simulation of human intelligence by machines, such as learning, reasoning, and decision making. AI can be applied to various aspects of renewable energy, such as forecasting, optimization, control, and maintenance. For example, AI can help to forecast the supply and demand of renewable energy, by using historical data, weather patterns, and market signals, to improve the accuracy and reliability of predictions. AI can also help to optimize the operation and management of renewable energy systems, by using algorithms, sensors, and actuators, to adjust the settings and parameters, to maximize the efficiency and productivity.
- Hydrogen for renewable energy: Hydrogen is the simplest and most abundant element in the universe, that can be used as a clean and versatile energy carrier, as it does not produce any carbon emissions when burned or used in fuel cells. Hydrogen can be produced from various sources, such as water, natural gas, biomass, and renewable electricity. Hydrogen can be used for various applications, such as transportation, industry, heating, and power generation. For example, hydrogen can help to store and transport renewable energy, by using electrolysis, to convert excess or surplus renewable electricity into hydrogen, and then using fuel cells, to convert hydrogen back into electricity, when needed. Hydrogen can also help to decarbonize hard-to-abate sectors, such as steel, cement, and aviation, by using green hydrogen, produced from renewable electricity, as a substitute for fossil fuels.
- Blockchain for renewable energy: Blockchain is the technology that underpins the digital currency Bitcoin, that enables the creation of a distributed ledger, that records and verifies transactions, without the need for a central authority or intermediary. Blockchain can be applied to various aspects of renewable energy, such as trading, financing, and governance. For example, blockchain can help to facilitate peer-to-peer renewable energy trading, by using smart contracts, to enable the direct and secure exchange of electricity between producers and consumers, without the need for a utility or a grid operator. Blockchain can also help to democratize renewable energy financing, by using crowdfunding, to enable the participation of small investors and donors, in the development and ownership of renewable energy projects.
Conclusion
Technology is a key driver and enabler of renewable energy, as it helps to overcome the challenges and unlock the potential of renewable energy sources. Technology contributes to the future of renewable energy, by increasing the efficiency and productivity, reducing the cost and environmental impact, and expanding the access and availability of renewable energy systems. Technology also creates new opportunities and possibilities for renewable energy, by applying emerging and disruptive technologies, such as artificial intelligence, hydrogen, and blockchain, to various aspects of renewable energy. Technology can help to accelerate the transition to a sustainable energy future, where renewable energy plays a dominant and decisive role.