Energy

The renewable energy industry produces and distributes energy from sources like solar, wind, hydro, geothermal, and biomass, with the goal of reducing reliance on fossil fuels and lessening their environmental impact. While the size of the industry varies globally, it has experienced significant growth in recent years.

The renewable energy industry produces and distributes energy from sources like solar, wind, hydro, geothermal, and biomass, with the goal of reducing reliance on fossil fuels and lessening their environmental impact. While the size of the industry varies globally, it has experienced significant growth in recent years. In 2020, renewable energy sources contributed nearly 30% of the world's electricity generation, with the United States consuming 11% of its total energy from renewable sources in 2019. Despite this progress, the renewable energy industry still faces several challenges. One of the main obstacles is the intermittency of renewable energy sources, which can impact energy supply consistency and reliability. Furthermore, renewable energy technology is often more expensive to implement than traditional fossil fuel sources. Nevertheless, the industry is consistently enhancing its technology, improving efficiency, and lowering costs. To ensure safety, reliability, and interoperability of renewable energy systems, the industry adheres to various standards and regulations, such as equipment manufacturing and installation standards, grid integration, and power quality. For instance, the International Electrotechnical Commission (IEC) standards dictate requirements for wind turbines and solar panels, while the North American Electric Reliability Corporation (NERC) standards ensure grid reliability and the Institute of Electrical and Electronics Engineers (IEEE) standards maintain power quality. As governments implement policies to reduce carbon emissions and environmental awareness increases, the renewable energy industry's growth potential remains high. The International Renewable Energy Agency (IRENA) predicts that renewable energy could meet up to 86% of global electricity demand by 2050, solidifying the industry's position as a crucial player in the transition to sustainable energy.