Sep 4, 2020

$3tr to be invested in renewables by 2030 - Frost & Sullivan

Renewable Energy
Frost & Sullivan
Energy
battery storage
Kristina Menzefricke
3 min
Decentralization, decarbonization, digitalization and the emergence of new business models will shape the global power sector
Decentralization, decarbonization, digitalization and the emergence of new business models will shape the global power sector...

Frost & Sullivan’s recent analysis, Growth Opportunities from Decarbonization in the Global Power Market, 2019-2030, reveals that the 2020s will be crucial for all the participants in the power industry as the transition toward renewable energy is expected to increase, while coal takes a downturn in most developed markets. Falling costs and renewable-friendly energy policies adopted by several countries in the six major geographies—North America, Latin America, Europe, the Middle East, China, and India—are prominent reasons why solar photovoltaic (PV) and wind capacity additions are expected to soar this decade. An estimated $3.40 trillion will be invested in renewable energy during the next decade, including $2.72 trillion in wind and solar. By 2030, 54.1% of installed capacity will be renewable (including hydropower), and 37.9% will be a combination of solar and wind.

“Decentralization, decarbonization, and digitalization are the three key pillars of the global energy transition,” said Vasanth Krishnan, Senior Research Analyst, Industrial Practice, Frost & Sullivan. “The power sector will witness strong growth in decentralization during the decade, with annual global investment increasing from $53.14 billion in 2019 to $92.54 billion in 2030. Pressure will continue to build for further decarbonization within the power system as the rate of adoption of digital technologies increases in both existing and future plants to boost operational performance.”

Krishnan added: “The surge in need for flexibility is the most significant trend observed across developed markets. System operators are coming under increasing pressure to manage the system with uncertain renewable output, declining coal output, and demand-side variability. As a result, technologies and solutions such as battery energy storage systems (BESS), gas engines, demand-side response (DSR), and virtual power plants (VPP) are witnessing unprecedented adoption rates amongst utilities, solution providers, and end consumers."

Conventional power plant operators will require extreme physical and digital agility to compete with alternative power sources and stay profitable in the longer term. In this regard, digital solutions will enable conventional thermal power plants to increase operational efficiency and asset utilization to meet the present and future needs of a smart power grid. Growth opportunities for market participants will vary considerably, depending on the region:

  • North America: High energy costs drive strong market growth for energy service and performance contracting, which will more than double its size during the decade to be worth $19.14 billion in 2030.
  • Latin America: Population and GDP growth, coupled with increasing electrification and industrialization, are forecast to drive electricity demand by 3.15% per annum to 2030.
  • Europe: By 2030, $12.91 billion is expected to be invested annually in battery energy storage. Total installed capacity is expected to go up from 2.91 GW in 2019 to 70.02 GW by 2030.
  • India: Renewable energy will account for 72.04% of capacity additions in India during the next decade. Competitive solar PV and wind project costs will be key to future investment.
  • China: Adoption of energy storage will accelerate rapidly in China. The country accounts for 62% of global battery storage production capacity and is investing to boost capacity further. This will benefit the energy storage sector, as it should enable battery prices to decline.
  • Middle East: Bolstered by Saudi Arabia’s shift inenergy policy, the solar power market in the Middle East will witness a surge in activity levels in the 2020s. Saudi Arabia, the UAE, Qatar, and Iran areexpected to be major markets for solar PV.

Opportunities from Decarbonization in the Global Power Market, 2019–2030 is the latest addition to Frost & Sullivan’s Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.

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May 4, 2021

Awesense launches digital clean energy marketplace

Renewables
Digitaltransformation
cleanenergy
Dominic Ellis
3 min
The Awesense Marketplace aims to provide a common framework for companies to collaborate towards the future of clean energy and digital transformation

Awesense has launched what it claims is the only energy-focused repository of solutions built to drive the industry's decarbonization agenda.

The Awesense Marketplace aims to provide a common framework for companies to collaborate towards the future of clean energy and digital transformation, uniting applications, solutions and algorithms to solve energy and grid challenges.

Solutions listed on the marketplace cover a range of cases, and launch companies include Doosan GridTech, Kitu Systems, vadiMAP, LO3 Energy, ENGIN, Utilidata, Clir Renewables, ChargeLab, SensorLink, Exeri, Easy SmartGrid, and Athena Power.

“We are welcoming a new era in the decarbonization of energy systems,” said Mischa Steiner, CEO of Awesense. “The goal of achieving a clean energy future requires collaboration amongst key industry players in the utilities and energy sectors. Sharing resources through the Marketplace means that our customers and partners have a truly seamless approach as we work towards our common goal - ultimately, decarbonizing the world’s energy system.”

Utilities, consulting companies, and other organizations struggle to develop solutions that can be scaled across many jurisdictions due to complex data integration and the lack of a standard, open data model. Using the solutions offered throughout the Marketplace, organizations can rapidly accelerate their transition to a decentralized, decarbonized future and develop solutions that are scalable across industry. The platform will open up new revenue streams in areas such as:

  • Distributed energy resource integration and control

  • Electric vehicle charging

  • Demand response and smart-home management

  • Grid services

  • Intelligent asset management

  • Transactive energy

  • Microgrid management

  • Advanced distribution system management

The new marketplace builds on Awesense's Digital Energy Platform, a digital twin based energy analytics platform that allows utilities to scale at the same pace as the rapidly changing technology landscape of the energy grid.

Together, the Open Energy Data Model and the Awesense Marketplace removes hurdles around data mapping and transformation, expedites data preparation and refining, and provides a common framework for companies to collaborate.

“The energy-specific data model allows utilities, technology companies, consulting firms, and other vendors to build solutions that can be easily integrated by other energy companies, to make a real impact on the industry as a whole, and develop new revenue streams for their organizations” said Steiner. “We’re looking forward to seeing the Awesense Marketplace grow as more partners committed to energy decarbonization join us.”

There are no simple solutions to putting the world on a sustainable path to net-zero emissions, according to the IEA. Reducing global CO2 emissions will require "a broad range of different technologies working across all sectors of the economy in various combinations and applications." it notes

Renewable Energy Hub of South Australia formed

Amp Power Australia has established the Renewable Energy Hub of South Australia, a strategic portfolio of large scale integrated Solar PV, Wind and Battery Energy Storage assets located in South Australia. The hub also includes the siting of the Spencer Gulf Hydrogen Energy Ecoplex, forming part of the South Australian Government's Hydrogen Action Plan. 

The portfolio, acquired from EPS, includes three large Solar PV projects totalling over 1.3 GW of generation, located at Robertstown (636 MW), Bungama (336MW) and Yoorndoo Ilga (388MW) with a total BESS capacity of up to 540MW across the portfolio.

Amp's expansion in Australia will include the implementation of Amp X, a proprietary digital energy platform 100% owned by Amp, which provides a diverse portfolio of disruptive and interoperable grid edge solutions, and includes a smart transformer, which enables real-time autonomous management and optimised dispatch of all forms of distributed generation and loads across the grid. 

Palmetto recently opened its marketplace in Arizona, and is now serving 20 states across the country, claiming its proprietary technology, marketplace business model, and consumer mobile application "are all designed to democratize access to clean energy".

 

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