Solar Energy
Solar energy continues to be one of the most promising renewable sources. With advancements in photovoltaic technology, solar power is becoming more efficient and cost-effective. However, for solar energy to reach its full potential, integration with energy storage systems is essential. The rise of floating offshore solar farms presents a new frontier for harnessing solar power. Projects like the world’s largest offshore floating solar power plant demonstrate the potential for large-scale adoption.
Moreover, continued research into advanced photovoltaic materials, including perovskite cells, could further improve efficiency rates. The declining costs of solar panels and government incentives are likely to accelerate market expansion, making solar energy a dominant player in the energy transition.
Wind energy
The wind energy sector is poised for significant expansion, particularly in offshore wind technology. Floating offshore wind (FOW) systems present new opportunities but also introduce technical and logistical challenges. Although market adoption has been slower than anticipated, industry experts predict a major uptick by 2030.
Bekaert, for example, is actively developing custom rope solutions tailored for offshore wind farms in Spain and France. The industry’s focus on higher-capacity turbines, improved durability, and better transmission technologies will make offshore wind a critical component of the renewable energy mix. However, regulatory delays and environmental concerns regarding offshore installations remain hurdles that need to be addressed.
Emerging renewable technologies
Beyond solar and wind, alternative renewable energy sources such as geothermal and tidal energy are gaining traction. Geothermal energy, with its capability to provide consistent baseload power, holds immense potential. Advancements in enhanced geothermal systems (EGS) could expand its applicability to regions previously considered unsuitable for geothermal power generation.
Similarly, tidal energy, which harnesses the power of ocean currents and waves, is progressing. While it remains in its early stages, pilot projects worldwide are proving the viability of tidal power. The main challenge remains high capital costs, but innovations in turbine efficiency and floating structures may lower costs over time.
Energy storage and transmission
Energy storage solutions are essential for stabilizing the renewable energy supply and addressing intermittency issues. Battery storage technology is advancing, with lithium-ion batteries dominating the market. However, alternative storage methods, including solid-state batteries and flow batteries, show promise for greater efficiency and longer lifespans.
Hydrogen fuel cells are another critical player in energy storage. Green hydrogen, produced using renewable electricity, is gaining momentum. Despite its slower-than-expected rollout due to funding challenges, the long-term growth trajectory remains strong. A streamlined supply chain and cost reductions in electrolysis technology will be crucial for mass adoption.
Smart grid technology is also a key enabler of the energy transition. By integrating artificial intelligence and automation, smart grids improve energy distribution, optimize load balancing, and enhance overall grid reliability. Investments in grid infrastructure and modernization efforts will be necessary to support the growing share of renewables.
Electric vehicles (EVs)
The EV revolution continues, albeit at a more measured pace than initially anticipated. While projections previously estimated a 20-50% growth rate in 2023, industry experts now predict that EVs will account for 50% of new vehicle sales by 2030-2035.
Key challenges include the cost of EVs, charging infrastructure limitations, and consumer concerns about range anxiety. Surveys indicate that 70% of consumers in Europe and the US would be willing to switch to EVs if vehicle ranges exceeded 500 km and prices fell within the $20,000-$25,000 range. To achieve widespread adoption, advancements in battery technology must focus on affordability and longer driving ranges. However, a full electric car park worldwide will never be reached. To that end, charging infrastructure on the continent of Africa will never be sufficient, and the distances cars travel in the US are far too far.
Green hydrogen
Green hydrogen has long been touted as a game-changer for decarbonization. As hard-to-abate industries like steel, cement, and heavy-duty transport seek viable paths to decarbonization, green hydrogen is emerging as one of the few scalable solutions for sectors where direct electrification isn't practical. It offers a clean alternative to fossil fuels in processes that require high heat or long energy storage.
However, the market has encountered delays due to complex funding structures and regulatory uncertainties. Current projections indicate a market shift of approximately 1.5-2.5 years. Despite these setbacks, the long-term outlook remains optimistic.
With over two decades of experience in the hydrogen market, Bekaert has established itself as a leading supplier of PEM electrolyzer products. Its Currento® metal fiber media, used as a porous transport layer (PTL) for electrochemical devices, is a high-performance material offering superior permeability and strength.
Bekaert and its partners are actively working on cost-reduction strategies to lower the levelized cost of green hydrogen production. Localized supply chains and simplified production processes will be crucial for scaling up hydrogen adoption across industries, including transportation, manufacturing, and power generation.
