With growing environmental concerns, climate change and extensive energy requirements for lifeline projects and communities around the world, many emerging economies established policies on alternative energy use and set national targets for a more sustainable future as they modernize their energy sector. The demand for renewables continues to grow and the sector is responding with the introduction of more systems and intelligent solutions to optimize the use of alternative energy solutions. There is a growing trend for digitalization and artificial intelligence (AI) with the use of big data to implement smarter ways in delivering the variable renewable energy (VRE) into the power grid – increased use of solar panels, wind turbines and other types of clean energy systems. There is also a rising trend of integrating different renewable energy systems and/or traditional and renewable sources to create hybrid systems.
Construction of projects in the alternative energy industry which are often too large, and complex, requires considerable CAPEX and takes time in planning and development. These can be mega water projects where governments and private entities may opt for concession-based models under different financial structures. In many cases, public-private partnerships (PPPs) are crucial to access sustainable funding that can drive the industry forward without putting pressure on government budgets and allowing other national priorities to be addressed. With private companies investing and operating projects with support from the government or municipality, PPP projects are managed more efficiently and milestones are kept on-track especially for the long haul. With the impact of the pandemic that has underscored the importance of sustainability, solar energy has become one of the crucial renewables to accelerate green growth. We can definitely expect more solar developments and projects, and this is evident by the upsurge of demand in photovoltaic (PV) panels. A four-year outlook report produced by SolarPower Europe, the world’s PV capacity would increase from around 630 GW (Gigawatts) at the end of this year to more than 1 TW (Terawatts) in 2022 and 1.2 TW by the end of 2023. At the end of 2024, the world would have 1,448 GW of solar. In addition, with the advent of digital transformation, the solar energy sector is welcoming smart AI and blockchain-driven technologies.