How will Renewable Energy sources will meet electricity demands in 2017?
In November 2016, India emerged as a major player by earning third place in the list of biggest power sector after China and US. In fact, the country is on the right track by installing more than 10GW of renewable per year from 2017. The three major areas, large-scale renewable, rooftop solar and off-grid sectors have shown an impressive growth in the recent years.
Continuous effort from the Indian Government and shifting of the focus towards the solar power energy has certainly helped in conserving the non-renewable sources of energy.
The power sector in India is one of the most important sectors and plays a critical role in the development of infrastructure and economic growth. With the country witnessing a rapid explosion of population, the requirement of energy has become essential.
Unfortunately, people living in the remote areas are facing adverse power crisis. Ever increasing demand for electricity is met by the installation of energy generating equipment. Moreover, with the initiative from the Government of India to focus on "Power for all" has accelerated the energy production.
Investment to increase the Market Size:
The government of India has been investing billions over the installation of renewable sources. Government's project named "175GW renewable by 2022" includes 135GW of utility-scale projects, requires an investment of nearly $100bn.
To meet this investment, Indian project developers are sourcing capital from multilateral organizations and issuing bonds.
According to the 12th -Five Year Plan, the total domestic energy production is to reach 669.6 million tonnes by 2016-17, which will further rise to 884 million tonnes by 2021-22. The wind power which was installed in the year 2016 is estimated to grow by 20 per cent in next few years.
The climate change has been the major issue faced by the nations of the world. Not only respective Governments but also top-notch companies too are participating in generating renewable electricity.
Google has listed itself in world's biggest corporate buyer of renewable energy. By 2017, the internet giant will buy 100% power for all the data centres and offices with 60,000 staff members.
Over the years, there has been a major evolution in solar and renewable energy industries. Furthermore, in 2017 there will be significant trend follow up in renewable energy taking a further step towards solar energy consumption. Let us evaluate the major trend expected to occur in 2017:
Renewable Jet Fuel: In 2016, major airlines had set a commitment to use renewable resources for their planes. For instance, JetBlue and United reached an agreement in October to integrate renewable jet fuel. The deal also presents a larger picture with international airlines also adopting renewable fuel route. So by 2017, you can expect other top major airlines to join hands with government for introducing these jet fuels.
Pumped Storage Hydroelectricity+ Renewable: In 2017, many countries will be using pumped storage hydroelectricity as a large-scale option for renewable energy on the grid. In fact, by the end of 2016, many pumped storage hydro sites were proposed for the use of renewable energy like wind and solar.
Solar Technology Plants to set base in India: As India has become the epicentre of investment in renewable energy sector, there will be growth prospects in Indian solar sector. Both Indian and global players are setting up their solar equipment manufacturing unit in India. For instance, US-based Abound Group is setting up its plant in India.
Lanco, on the other hand, is setting up integrated Solar PV equipment manufacturing in Chhattisgarh.
State-run Coal India will be developing 1000 MW solar power projects till 2019. By 2017, the mining major will be installing 1,000 MW green energy plants and 600 MW in four states of India.
Large Companies Commitment over Solar Energy: Large IT companies including search engine giant Google, will be focusing on obtaining power from renewable resources. In 2016, Google, Microsoft and Apple placed their commitments to buy renewable resources. In 2017, we can expect many more companies are joining hands to sign up the purchase agreements. This is a positive step by IT companies showing their interest towards the energy consumption.
India, along with other countries is facing a major environmental crisis. On the one hand, there are remote villages in India which still struggles to get regular power. On the other hand, environmental degradation and pollution have increased rapidly. Taking active and collaborative steps in pushing renewable energy resources such as solar energy and enhancing their usage will certainly help nations to face the challenge and build local economies for a secure energy future.