The global tech energy industry, along with Europe, is developing new technologies and systems to generate clean energy and expand solar and other renewable energy sources. Although fossil fuels continue to be the primary energy source in various countries, renewable energy is becoming more readily available while bringing significant benefits.
Renewable energy has a vital role in transforming the world to reduce greenhouse gas emissions and other pollutants in the atmosphere.
Here are ten ways energy technologies can help change renewable energy for business owners and how upcoming entrepreneurs in Europe can explore and find opportunities in the renewable energy technology business.
1. Solar Energy
Solar panels are photovoltaic cells made from silicon or other types of material that transform direct light from the sun into power. It is a distributed solar system that generates clean energy for companies and homes. The panels are attached to a rooftop or supplied through a community project to provide power to a whole neighborhood.
The International Energy Agency predicts the energy cost of solar will become 35 percent cheaper in 2024. Globally, solar panel installation is expected to double by 2023.
Solar panels are safe for the environment and produce no air pollutants. Solar technology is the fastest growing and most cost-efficient energy source throughout most of Europe. With government initiatives promoting clean energy initiatives more and more, an increasing number of businesses and Europeans are turning to solar energy to help run their business since the cost and installation of the systems have dropped dramatically over the years.
2. Wind and Offshore Wind Energy
Wind energy and offshore wind power use blades that rotate in the wind to power a turbine that generates electricity. In parts of Europe, wind turbines provide some of the cheapest energy available. You can place a turbine anywhere there are high winds, open plains, or hilltops, with many wind farms found off the coast around many parts of Europe.
As a cheap and effective source of energy, and the ability to plant wind farms off the coast, there are plenty of opportunities for European businesses to get involved with wind as a renewable energy source.
3. Hydroelectric Power
Hydroelectric power is the number one renewable energy source in Europe, followed by wind power. It depends on fast-flowing water in large rivers or descending water from a waterfall, for example. The force of water is then converted into energy using the spinning motion from a turbine’s blade of a generator.
In Europe and other countries, large hydropower plants are referred to as non-renewable energy since their construction and subsequent operations can impact the environment. Small plants, however, when managed appropriately, have little effect on the environment since there is no restriction of water access to humans and animals.
4. Geothermal Energy
Geothermal energy production comes from beneath the earth’s surface, after drilling deep wells and bringing hot water above ground. The hot water becomes a hydrothermal resource and is then pumped through a turbine to generate energy. When geothermal energy plants pump water and steam back into the reservoir, however, low carbon dioxide emissions can be released into the air.
Distributed generation is more effective when combined with intelligent grids and regulated systems using computers and technology that help refine transmission. In Europe, the estimated growth of distributed generation is expected to reach a value of €147.5 billion in 2026
5. Biomass
Biomass is organic material from animals and plants, trees, crops, and waste wood. When the materials are burned, it generates chemical energy released as heat that is then converted into electricity. Some scientific studies find that many forms of biomass energy from forests produce higher carbon emissions than fossil fuels.
6. Ocean-Tidal Energy/Wave Energy
Ocean-tidal energy/wave energy is still in the developmental stage as an alternative energy source. Ocean-tidal energy is produced by the ocean movement impacted by the moon’s gravity. Science found that tidal energy approaches may harm wildlife, such as dams in a lagoon or an ocean bay. Wave power relies on devices, including structures or ocean floor anchors which can be found on or just beneath the surface of the water.
7. Energy Storage
Energy storage has the potential to transform and heighten renewable energies soon. Systems need storage due to varying wind and solar production. Businesses are developing multiple energy storage technologies to have an impact in this space.
An example of such a system is intelligent energy management technology which optimizes multiple technologies. Power storage allows an efficient flow of energy to be maintained despite the intermittent nature of wind and solar.
Storage technologies have the ability to help energy capture systems progress while increasing the use of renewable energies.
8. Distributed Generation
Distributed generation is slowly revolutionizing the field of renewable energy. It is gaining popularity as an affordable energy source in the commercial sector. Homes and factories are using solar panels combined with heat and energy systems to reduce the cost of electricity generation.
Advantages of distributed generation are:
- Decreased dependency on centralized power.
- Increased grid reliability.
- Creating a sustainable utility-scale renewable power source.
Distributed generation is more effective when combined with intelligent grids and regulated systems using computers and technology that help refine transmission. In Europe, the estimated growth of distributed generation is expected to reach a value of €98 billion in 2026.
9. Advanced Electrification
Advanced electrification is becoming more trendy in European countries as more countries shift their focus to renewable energy sources in the future. Companies in Europe are already installing 100 MW of utility-scale transmission and connected clean energy storage with high volume power connections.
The prediction is that the shift will ultimately reduce up to 90 percent of carbon dioxide by 2050.
This will provide an essential capacity for a network of rapid electric vehicle charging stations. Energy experts believe the project will speed up the energy transition in the United Kingdom, with the goal to reach net-zero emissions of carbon dioxide pollutants within 21 years.
10. Power-to-X Energy
Power-to-X energy covers various processes that convert energy into renewable synthetic fuel, heat, or hydrogen. It is a new technology that can facilitate a rapid shift to renewable energy in the chemical, steel, and food production industries. The use of renewable synthetic fuels can solve long-term energy storage obstacles.
Benefits of Renewable Energy
- Address global warming
- Broaden energy supply and reduce dependency on imported fuels.
- Create jobs and economic growth.
- Improve public health.
- Limitless energy of meeting future electricity needs.
- Stable energy costs
- Dependability and resilience
- Opportunities for European businesses and consumers following EU initiatives to reduce net carbon emissions.
Global Warming
Global environmentalists and scientists believe global warming is the result of human activities. Carbon dioxide and other emissions are overloading the atmosphere with gases that trap heat. Its impact is causing a rise in the sea level, drought, wildfires, and more storms than usual.
Job Creation
Across Europe, the demand to install more renewable energy systems is gradually increasing. This opens up a lot of opportunities for businesses to take advantage of, as well as bringing in more jobs. Windmills need technicians for the maintenance and service of equipment.
Employment Statistics
Over 100,000 full-time employees in manufacturing, turbine construction, operations, maintenance, transportation, and installation were employed in 2016. Wind turbines gained momentum with over 500 factories required to produce parts and $13 billion in investments for power installation. Covid-19 in 2020 caused industrial production to decline but remains stable in the EU and other global countries.
Health Benefits
Various health problems, including respiratory complications, heart disease, and cancer, are linked to air and water pollution discharged by coal and natural gas plants. A Harvard University study showed a shortened life expectancy can cost over $74 billion each year due to the public health effects of fossil fuels.
Vast Renewable Energy Alternatives
Today, there is a small fraction of electricity coming from a naturally replenishing supply of energy, such as solar. This includes winds, plant matter, sunlight, heat from the earth’s core, and fast-moving water. Renewable energy can provide a substantial share of energy to meet the needs of businesses and human consumptions.
Energy Price Stability
Renewable energy provides affordable electricity from solar power across the world and stabilizes energy costs in the future. Due to Moore’s Law, it is likely that the price of renewable energy processes will decrease in the future, while its effectiveness will continue to improve. Solar manufacturing markets are maturing, and companies are increasingly taking advantage of economies on a utility-scale.
As solar renewable energy is more commonly used, prices and demand for natural gas and coal power sources will decrease. Competition in the renewable energy sector will increase, as well as the diversification of energy supplies which will ultimately benefit the consumer.
Dependability and Toughness
Global solar energy and wind energy are less likely to fail on a large scale since the power is modular and comes from a variety of distributed systems. Modular systems compose of single wind turbines or solar arrays. Distributed systems are spread out over a large geographical area, resulting in fewer power outages to an entire region. Damaged equipment in the system will not disrupt operations or cause widespread blackouts.
The EU is at the forefront of limiting the effects of climate change and businesses in Europe can take advantage as a result
Important FAQs
What is the best renewable energy source for the future?
Depending on who you ask, but popular opinion seems to be solar energy. This is based on projections of energy capacity. Between 2019 and 2024, the demand for solar energy is expected to increase by 50 percent – reported by the International Energy Agency. The report found that solar, wind, and hydropower projects have been moving forward quickly in the past four years.
Why is renewable energy the future?
An essential factor to consider is the high dependency on fossil fuels resulting in a rapid depletion of the materials. Continuous use of oil, coal, and natural gas, could lead to such non-renewable resources running out. Renewable energy, such as solar, is a much better alternative to reduce global climate change.
What is the future of clean energy and how can European businesses take advantage?
Harnessing energy, along with the energy of solar, wind, water, and the earth’s heat, is becoming a reality in the 21st Century. Technological and financial innovations are bringing energy renewables, including solar, into the mainstream of the power industry. The transformation will lead to;
- Clean Energy Savings
- Reduced Air Pollutants
- Diverse Energy Resources
- Economic Development
The EU is at the forefront of limiting the effects of climate change and businesses in Europe can take advantage as a result. The demand for improved, cheaper, and highly efficient renewable energy technologies is only likely to increase as the reliance on renewable energy expands. With government grants and funds becoming more widely available, now is a great time to start a business working in the renewable energy sector in Europe.
Is there a future in renewable energy?
Yes, the future in renewable energy is promising and possibly fully sustainable internationally within the next 25 years. It can reduce energy use and cost, replacing fossil fuels with wind energy and solar energy systems. A dramatic transformation will need the full support of policymakers, investors, and other related organizations in the solar and other energy technology sectors.
What are the prospects of renewable energy resources in the future?
Renewable energy resources include solar, wind, hydroelectric, biomass, geothermal, ocean-tidal, wave, and geothermal heat. Countries such as Spain, Portugal, Italy, France, and Greece can take advantage of constant good weather when implementing solar technology. Whereas countries such as the UK, France, Portugal, Denmark, Sweden, Italy & Spain have vast amounts of coastline to implement Windpower initiatives. Europe has the geography, natural resources & progressive governments to lead the line in the push towards moving to renewable energies.
Do we have the technology for renewable energy?
Yes, and it will continue to improve. Technology has the incredible ability to consistently improve while reducing costs. Technology now and in the future will be the leading factor in ensuring the globe moves to a 100% sustainable energy system. Software, as well as hardware, plays an incredibly important role in forecasting future weather patterns, improving distribution, and analyzing data. Technology plays a much bigger role in renewable energy than just the hardware we see.
Can the world thrive on 100 percent renewable energy?
The transition to 100 percent renewable energies will take decades for full global transformation. Europe and China have a higher rate of transitioning to energy renewables compared to the United States. The United Kingdom plans to have net-zero carbon emissions by the year 2050.
How will renewables meet future demands?
Energy Resources have been a necessity for humans and businesses since the 1800s. Petroleum, coal, and natural gas fossil fuels were the most used resources until the 1990s. Since then, EU energy consumption from solar energy, wind, and geothermal energies has increased steadily. The diversity of global energy renewables on the market will meet the future demands of consumers and corporations, especially solar.
Can renewable energy save the world in the future?
Global health issues among human populations and animal life are growing among environmentalists and scientists. Renewable power alternatives can undoubtedly help save the world by controlling climate change and reducing carbon dioxide pollution. Solar, hydropower, and wind energies, for instance, are the best alternatives to protect the environment and life on planet earth.
Solar and other renewable powers rely on further investments in the industry and government policymaking. Solar technology impacts the energy industry with enhanced and new development and approaches to supply and generate power.
Final Word
If you are interested in entering the energy sector, the ten technologies changing the future of renewables are the best alternatives. The energy industry is filled with renewable resources, including solar, wind, stored energy, biomass, geothermal, hydropower, and new innovative approaches. You have the power to go green and contribute to protecting and improving the environment and the world we all live and thrive in.
When considering entering the renewable energy sector, it is hard to look past European companies as competent and committed partners. The EU is leading the charge to become completely reliant on renewable energy sources and committing budgets to put the infrastructure in place.
Partnering with an innovative and trusted European partner is a great way to get a start in this exciting space and one where you have a chance to be on the right side of history.
About Kromnix: Based in Paris, Kromnix, a One-Stop Platform of Tech Providers, is reinventing the way Tech Providers communicate on their innovative solutions. Kromnix enhances their visibility on the market, and promote their unique technologies in Europe. For more info: https://kromnix.com.