United States Missing in the IMD List of Competitive Economies for 2024
Expansion of Power Grids Necessary with Changing Energy Market Scenarios
By Snehal Singh , 09 September, 2024
Power grids are gaining momentum worldwide due to increasing demands for renewable energy. There is a shift in power from fossil fuels to renewables due to the transition to clean energy. This leads to a shift towards renewable energy. Hence, the power grid expansion with renewables will be necessary to solar and wind energy generation in 2024. The change in the energy sector leads to several opportunities for energy market expansion.
According to a survey in 2024, wind and solar energy tend to be the significant contributors to alternative energy sources. Solar and wind energy sources are primary renewable sources of electricity generation. The survey claims renewable sources like solar and wind may contribute up to 42 percent to electricity generation by 2028. Therefore, storing renewable or clean energy that requires efficient batteries is essential. It is necessary to store clean energy as these are less efficient than fossil fuels. With the help of efficient batteries, it will be easier to power the grids during peak demands of the year. Solar and wind energy production completely depends on weather conditions. It is necessary to build infrastructures and manufacture efficient batteries to store them for adverse conditions. For countries like the United States, where solar panels are more dependent, it is essential to store clean energy.
Experts claim that investment in renewables compared to fossil fuels is necessary to power the utility plants. In order to achieve net zero emissions by the end of 2050, it is essential to store renewable energies with efficient batteries and specific energy infrastructures. Moreover, the surge in demand for artificial intelligence and innovations in the energy market requires power grid expansion in 2204. Hence, it is necessary to boost the expansion of power grids to support the changing dynamics of the energy market.
Renewable Energy Generation in the United States
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Snehal Singh
Assistant Manager - Research
