As the world’s population continues to increase, the demand for energy increases in turn to meet the needs of consumers. We have compiled some of the most prominent trends and projections for the energy industry in the coming years.
The [email protected] campaign’s goal is for electric vehicles (“EVs”) to reach 30% of market share by 2010. In China, the world’s largest automobile market, EV sales rose by 142% in 2018.1 Many car companies are also committing to increase their production of EVs, as consumer demand continues to increase.
Many countries are now announcing dates by which they will no longer allow the sale of traditional vehicles that run on internal combustion engines.
China is Leading the Transition to Clean Energy
China is not only the largest producer of solar cells, but it also added more solar than fossil fuel-based energy in 2017. This has helped contribute significantly to solar energy production, representing 7.3% of China’s power.2 Furthermore, as the world’s largest car market, they have also lead the trend as the world’s largest producer and consumer of EVs.
RE100 represents multinational companies that have committed to a goal of sourcing 100% renewable energy. Of the approximately 122 companies, so far over 25 have reached this goal. This includes Google, who achieved this goal in 2017, making them the world’s largest corporate buyer of clean energy thus far.2
Now that the production of clean energy is growing, the industry is becoming increasingly concerned with how to store this energy. Tesla has helped provide a solution by creating the world’s largest lithium-ion battery. The energy storage market is predicted to continue to grow in the coming years.1