Power, it’s something we use on a daily basis, in fact, sometimes we may not even realise that we’re using it.
From charging laptops and mobile phones to boiling a kettle and running our cars – power is key to all of these. Of course, most of these operate on batteries of various shapes and sizes, provided by companies such as XP Power PLC. But what about the power itself?
For years there’s been a constant debate about power, or energy, and our reliance on fossil fuels. However, with many believing that by 2030 90% of the UK could be powered by renewable energy, and others believing that renewables won’t take off in the way people think; what could be the future of energy?
We’ve thought about this and put our predications below, for you to take a look at.
Solar Energy: More Economical
The Institute of Electrical and Electronic Engineers (IEEE) have suggest that within the next 10 years the most economical form of energy could in fact be solar.
That’s right, energy created by the sun could be the best energy to consume. However, for these solar PV systems to provide the most economical form of electricity, the market needs to continue to grow at a rapid rate. Which means, if the market does grow, we could see a dramatic shift in energy consumption.
More Natural Gas
Many out there think that natural gas could in fact be the way in which the energy market is going. This is down to natural gas being produced from shale, which is what is suggested could kill the economics of renewable energy.
Basically, if the price of gas remains relatively cheap, then utility providers will simply opt for a fossil fuel driven energy supply.
Both Markets will Grow
Over the last decade both the fossil fuel and renewable energy markets continued to grow. It was estimated that energy generation from coal will grow by 25% between 2009 and 2035, while shale gas production will increase four times its current amount during the same time frame. Meanwhile, renewable energy is thought to grow from 7% to 13% in that time too.
As we know, we live in a world where saving the planet is hugely important to many, and renewable energy seems to be a helpful solution to this.
But, looking at the estimated growth forecasts for both markets, unless those providing renewable energy can scale their growth to a similar level of their fossil fuel powered counterparts, a world where we all live on renewable energy could just be a pipe dream for the time being.