Statistics say that global energy consumption will grow by 1.3% in 2023, amidst a stagnating economy and raised energy prices. Alongside this consumption, 2023 is expected to produce a number of energy trends, from continuing growth in the renewable energy industry to the further use of Carbon Capture and Storage (CCS).
Here we discuss each predicted energy trend for 2023 and what it means for customers.
Renewable Energy
Renewable energy plays an essential role in fighting climate change and the pursuit of net-zero emissions. The use of clean energy is steadily increasing and in 2023 there will be a continuing growth of renewable energy sources. We expect to see faster growth in the wind and solar energy industries. By 2024, around 33% of the world’s electricity is predicted to come from renewable energy sources.
The 2022 energy crisis has triggered unparalleled momentum behind the renewable energy sector, and the total capacity growth of renewable energy is set to almost double over the next five years. This trend is fantastic news and sets us on the course for a greener future.
We're able to consult on all things renewable energy and are up to date with the renewable energy industry, so contact us for a consultation.
Carbon Capture and Storage
Carbon Capture and Storage (CCS) is the process of capturing and storing carbon dioxide emissions. This type of technology is able to seize up to 90% of carbon dioxide produced from the use of fossil fuels.
CCS will continue to gain momentum throughout 2023. With the urgent need for decarbonisation, CCS strategies are being applied in more sectors, including hydrogen, power, cement, iron, and steel.
How does CCS actually work?
There are three steps to the CCS process:
1. Capturing the carbon dioxide for storage
The CO2 is separated from other gases produced in industrial processes, such as those at coal and natural gas-fired power generation plants, steel or cement factories.
2. Transport
The CO2 is then compressed and transported via pipelines, road transport or ships to a site for storage.
3. Storage
Finally, the CO2 is injected into rock formations deep underground for permanent storage.
Energy Prices
We are all familiar with the cost of energy crisis that has affected everyone worldwide. The prices of energy have skyrocketed over 2022, exacerbated by the European security situation, and are likely to remain high for some time.
These rising costs have compelled businesses to focus on how to reduce the amount of energy resources that they use in order to save money. However, the solar and wind energy industries do benefit from high energy prices, particularly in the European Union.
2023 Energy Trends
The continuing growth in renewables and innovations in CCS are both positive trends for the year ahead. At Falcon Energy, we are fully qualified to design and install various renewable energy systems. Contact us today to find out more.