MADRID, Spain (Feb. 27, 2024) — RatedPower, a part of Enverus, the most trusted energy-dedicated SaaS company, has released its 2024 Global Renewable Trends Report. The report is divided into sections that break down the critical industry challenges, key trends according to industry professionals, success factors for leading energy players and an analysis of the design trends from users of the RatedPower software.
Andrea Barber, VP of Power & Renewables at Enverus and co-founder of RatedPower, said, “We are excited to be able to produce the report for another year as a means of understanding the current state of the sector. Despite clear challenges across the industry, we are excited to see what the future holds and be a part of the journey toward the green transition.”
The survey revealed an increased confidence in the future of renewables, with solar, storage and green hydrogen chosen as key growth areas over the next five years. According to the respondents, the U.S., China, Germany, Spain and Australia made up the top five countries with the highest renewable growth potential.
The survey also asked respondents to share their views of the sector’s principal challenges, with grid saturation and instability, and permitting and regulation at the top cited by 66.7% and 56% of survey respondents, respectively. When asked about key trends, storage technology, such as battery energy storage systems (BESS), emerged as critical, as did alternate renewable deployments such as agri-PV, floating solar and offshore wind.
Delving into the stats on the RatedPower platform showed a considerable increase in simulations and the emergence of several trends around module, inverter and structure preferences. This year’s report included preferences around BESS simulations, which includes initial data from RatedPower’s recent update that allows users to perform the basic engineering of DC-coupled BESS.
Key data takeaways from the report:
- More than 90% of respondents rated their confidence in the industry’s future as either four or five out of five.
- 66.7% of those surveyed stated that grid saturation and instability was the critical challenge facing the renewables industry, up from 64% last year.
- 40.5% stated that solar is the renewables sector with the most significant growth potential over the next five years.
- There has been a significant increase in simulations using bifacial modules versus monofacial in 2023. Bifacial modules accounted for 90% of simulations in 4Q23.
- Hybrid plants have made up around 11% of simulations.
- Over 55% of simulations in 2023 have used string inverters. This upward trend has been tracking for the last few years.
About Enverus
Enverus is the most trusted, energy-dedicated SaaS platform, offering real-time access to analytics, insights and benchmark cost and revenue data sourced from our partnerships to 98% of U.S. energy producers, and more than 35,000 suppliers. Our platform, with intelligent connections, drives more efficient production and distribution, capital allocation, renewable energy development, investment and sourcing; and our experienced industry experts support our customers through thought leadership, consulting and technology innovations. We provide intelligence across the energy ecosystem: renewables, oil and gas, financial institutions, and power and utilities, with more than 6,000 customers in 50 countries. Learn more at Enverus.com.
About RatedPower
RatedPower helps companies discover the smartest ways to design and engineer utility-scale solar PV plants and maximize their potential through their software to automate and optimize the study, analysis, design, and engineering of photovoltaic plants and their electrical infrastructure in all its stages. RatedPower has helped design more than 55 TW in more than 160 countries. Bringing value to developers, IPPs, contractors, investors, and manufacturers, helping them make better decisions, democratizing engineering knowledge, and boosting the deployment of solar plants worldwide. Learn more at RatedPower.com.
Media Contact: Jon Haubert | 303.396.5996
