The renewable energy sector continues to evolve at a rapid pace, driven by technological advances, policy changes, and shifting market dynamics. In 2024, several key trends are reshaping the power sector landscape.

Solar energy costs have plummeted by over 80% in the past decade, making it the cheapest source of electricity in many regions. New bifacial solar panels can generate power from both sides, increasing efficiency by up to 20%. Additionally, agrivoltaics – the practice of combining agriculture with solar installations – is gaining traction as a dual-use solution.

Wind power is also experiencing significant growth, particularly offshore. Floating wind turbines are opening up new areas for development in deeper waters. Meanwhile, advancements in turbine design have increased capacity factors, with some modern turbines generating electricity over 60% of the time.

Energy storage technologies are becoming increasingly important for managing the intermittent nature of renewables. Lithium-ion battery costs have fallen dramatically, while new technologies like solid-state batteries promise even better performance. Grid-scale storage projects are being deployed worldwide to enhance reliability and flexibility.

Policy support remains crucial for continued growth. Many countries have strengthened their renewable energy targets, and corporate procurement of clean energy continues to rise. These trends indicate a robust future for renewable energy in the global power sector.