Power Generation Industry Trends

For the past decade, solar energy has been the fastest growing source of renewable energy in the U.S. and is forecast to power 60% of global growth in renewable energy through 2024. New technologies target increasing energy efficiency, lowering costs and simplifying production.

New hybrid projects combine land-based wind turbines with solar energy and battery storage to generate more reliable electricity for the grid. Global capacity from offshore wind turbines is forecast to grow 25% annually over the next decade, with offshore floating turbines an emerging segment.

Hydroelectric power provides 60% of the world’s renewable energy. A growing segment is pumped storage, which releases water from a higher reservoir, through a turbine, to a lower one. Emerging technologies are now harnessing the movement of tidal currents and ocean waves to generate power.

T&D trends include renewable energy plants, customer-owned and third party-owned power generation connecting to the grid. Other trends include smart grids, smart electric meters, high-voltage direct current transmission systems (HVDC) and fossil fuel plants closing and disconnecting from the grid.