In this article we are going to list the 5 fastest growing energy sources in 2020. For a detailed coverage of this topic and a more comprehensive look, please head on over to the 10 fastest growing energy sources in 2020.
5. Solid waste (waste-to-energy)
Solid waste biomass is the conversion of energy from waste. The waste-to-energy plants burn municipal solid waste that is used to generate electricity. According to the U.S. Energy Information Administration for every 100 pounds of municipal solid waste in the United States, about 85 pounds can be burned as fuel to generate electricity. By 2025, the worldwide waste-to-energy (WTE) technologies market is expected to grow by 6.54%. In 2019 the global waste-to-energy was valued at $35.1 billion and by 2027 it is expected to reach $50.1 billion. According to research on a global level, solid biomass waste provides approximately 14% of the world’s energy needs.
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4. Agricultural biomass
Agricultural biomass is the plant residue left in the plantation field after the harvesting process. This is also known as rural biomass energy. Agricultural Biomass is an important source of renewable energy because of its abundant supply and cheap price. Agriculture biomass is highly important as according to the Asian Development Bank in 2003 in China the 20% of the climate-altering greenhouse gas emission came from agriculture production and residual left behind in fields. The global biomass power market size had a value of $49.8 billion in 2019 and is now estimated to grow at CAGR of 9.2%.
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3. Hydropower
According to the International Energy Agency, hydropower is the largest source of renewable electricity in the world as it provides utmost flexibility. By 2015, hydropower had a global share of more than 6% with a 10-year average growth rate of 3.3%. The Asia Pacific accounts for a major share in its steady growth. Among all the countries, China has the world’s biggest hydropower plant, the Three Gorges Dam. In 2011, this plant grew by 15.7%. The installed global hydropower capacity in 2019 was 1307 gigawatt. The progressive growth of hydroelectric power consumption is also because of its relatively low cost per unit. From 2020 to 2025, the hydropower market is expected to have a CAGR of more than 2.5%. The most famous key players are Centrais Elétricas Brasileiras SA, Ontario Power Generation, Statkraft and Duke Energy.
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2. Wind Energy
Wind energy is a process through which wind is used to generate electricity. The kinetic energy in the wind is turned into mechanical power by the wind turbines. Then the mechanical power is converted to electricity by a generator. China, United States, Germany, and India are the top four countries with the most wind turbines. In 2016, China added 19.3 gigawatts of wind power generation capacity and as a result, it provided 4% of total national electricity consumption. China was able to double its construction of new wind and solar power plants in 2020. It also signed over 400 wind power companies at the end of 2020, according to the Beijing Declaration. In 2018, the cumulative world capacity of wind energy was 650.7 gigawatts. As compared to 2019, the wind power generation increased in Europe by 7% in 2020. The most famous wind manufacturers are Vestas, Siemens Gamesa, Goldwind and General Electric (NYSE: GE).
1. Solar Photovoltaic
Solar photovoltaic is our top energy source in the list of 5 fastest-growing energy sources in 2020. Solar photovoltaic is a technology that produced electricity from sunlight. Unlike the wind turbine, it does not have any moving part. In a photovoltaic cell, sunlight removes electrons from their host silicon atoms. While solar photovoltaic produces electricity, solar thermal produces heat. According to the International Energy Agency in 2019 the power generation from solar photovoltaic increased by 22%. Due to this increase, the solar PV share in global electricity generation became almost 3%. In 2019, solar photovoltaic was also the third-largest renewable source of energy. The most famous solar thermal companies in the world are JinkSolar, Candian Solar and SunPower Corporation.
See also: 15 largest energy companies and 10 largest wind energy companies in the world
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