The world is becoming more sustainable and electrified. With that trend, renewable power growth is surging. In 2023, the world added an abundance of renewable energy, led by new solar power capacity which is trending towards being the world’s predominate source of energy. nVent solutions support renewable power generation as well as accompanying energy storage systems through a broad portfolio of solutions.
Renewable Energy is on the Rise
According to the International Energy Agency (IEA), global renewable capacity additions skyrocketed in 2023, reaching levels almost 50% higher than in 2022. The organization attributed this expansion primarily to growing capacity for wind and solar. It expects those two sources of renewable energy to account for 96% of the increase in renewable power capacity over the next five years.
Renewable energy is growing so quickly in part because it is a good investment. Wind and solar energy generation costs are typically lower than any alternatives - considering both fossil fuels and clean energy alternatives. Building out solar energy is one of the cheapest ways to grow power generation of any kind and electricity demand will continue to increase as electrification continues worldwide.
Renewable energy growth has also been supported by governments around the world as a part of the global effort to reduce carbon emissions. In an interview with the LA Times, Abigail Ross Hopper, President of the Solar Energy Industries Association, explains that she has seen the Inflation Reduction Act fueling investments in solar, pointing to the announcement of more than 60 new U.S. solar manufacturing facilities in the last year.
While inflation, high interest rates and availability of raw materials will continue to pose challenges for renewable energy expansion, this exciting industry will continue to accelerate in 2024. Innovations in solar power cells are increasing the efficiency of solar generation every year, which will help utilities meet growing power demands.
Energy storage is growing along with renewables. Power generation technologies that depend on certain environmental conditions to produce power (like wind and solar, which can only produce power when it is windy or sunny), need energy storage to provide power to customers when it is needed. The U.S. Energy Information Administration expects U.S. battery storage capacity to nearly double in 2024 if currently planned energy storage systems come on line by their intended completion dates.
nVent Solutions for a Renewable World
As demand for renewable energy and battery energy storage grows, it will bring new opportunities for nVent. nVent offers a range of renewable energy solutions designed to connect and protect systems that generate power from renewable sources such as wind and solar. These solutions include durable enclosures for sensitive equipment and controls, power connections and surge protectors for electrical equipment, and heat tracing technology for energy-efficient freeze protection and temperature maintenance.
nVent also provides solutions for battery energy storage systems including liquid cooling systems, leak detection, enclosures, electrical connections, power distribution, surge protection devices, lightning protection, and more. With a broad portfolio of solutions, nVent’s focus is on providing system solutions alongside design, engineering and installation support to help customers meet their battery energy storage needs.
For both battery energy storage and renewable energy, our solutions are designed to improve energy efficiency, add resiliency to critical systems, reduce labor costs in design and installation, improve utilization, reduce total cost of ownership, enhance safety and extend the lifespan of critical systems.