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US, China, Germany, Spain and Australia at the epicenter of renewable growth: RatedPower

RatedPower has released the fourth edition of its Global Trends Report for 2024. The report is based on an industry survey and an analysis of 55 terawatts of solar simulations conducted on RatedPower's platform. Divided into sections, it addresses critical challenges, key trends, success factors for leading energy players, and an analysis of design trends from RatedPower software users.

The survey results reflect growing confidence in the future of renewable energy, highlighting solar, storage and green hydrogen as key growth areas over the next five years.

RatedPower's survey, which covered 30 countries and six continents, provided valuable insights into the industry's trajectory, highlighting the need for continued innovation, infrastructure development and international cooperation to achieve a cleaner, more sustainable energy future.

According to the opinion of the participants, the United States leads with 45.2% support, followed by China with 33.3%. In third place is Germany with 25%, followed by Spain with 22.6% and Australia with 21.4%. These are the five countries identified for their outstanding growth potential in the field of renewable energies.

Source: RatedPower


Confidence in the industry

The report revealed that more than 90% of respondents expressed high confidence in the future of the renewable energy industry, highlighting its resilience and adaptability. This optimism comes amid ongoing geopolitical unrest, including the prolonged conflict in Ukraine and tensions in the Middle East, which continue to impact global energy markets.

Grid saturation and instability

RatedPower's report identified grid saturation and instability as the top challenge for the industry in 2024, with 66.7% of respondents citing it as a critical issue. The increasing demand for renewable installations, particularly in regions like the United States and Europe, poses challenges to local grids. Measures such as high-voltage direct current in the UK and incentivizing batteries in Chile are being implemented to address these issues.

Source: RatedPower


Technological advances and storage solutions

The report highlighted the pivotal role of technological innovation in the industry's evolution. The adoption of bifacial modules and the growth of string inverters point to evolving design and engineering approaches. Battery energy storage systems (BESS) were identified as a critical player in ensuring a consistent energy supply and mitigating strain on the grid.

Global growth and legislative developments

Despite challenges, the global renewable energy sector experienced significant growth in 2023, particularly in solar PV and electric vehicles. Investments in the US surpassed $270 billion, and the European Union raised its 2030 renewable consumption target to 42.5%. The solar PV market flourished, with a 58% growth in total solar module capacity installed worldwide in 2023.

Source: RatedPower


Outlook for 2024

The renewable energy industry stands at a pivotal junction, with challenges and opportunities on the horizon. While concerns about grid saturation persist, the decline in apprehensions about permitting, regulation, and government incentives suggests a maturing market. The solar sector is poised for substantial expansion, with smaller plant designs, bifacial modules, and specific inverter preferences indicating a growing and evolving market.

The report concludes that the renewable energy sector in 2024 is characterized by challenges, advancements, and opportunities. Despite geopolitical conflicts, inflation, and supply chain disruptions, the industry remains positive, with ongoing installations, rising investments, and favorable legislation. The commitment to the clean energy transition remains unwavering, fueled by technological advancements, growing demand for renewables, and a focus on sustainability.


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