What are the future expectations of wind and solar energy for supplying global power? Here at Central Metal Fabricators, we fabricate, assemble, and install gas turbine silencing equipment and associated metal items. Our panel of industry experts delve into the matter below, and the findings might surprise you.
IEA Projections on Renewable Energy
As per data from the International Energy Agency (IEA), wind and solar power will generate more of the world’s energy by 2040 than it does today. But, while primary energy demand (TPED) renewables, which includes solar and wind, have higher usage than 1990, it likely amounts to less than you imagine.
In 2014, solar cells or photovoltaic (PV) cells and wind contributed a meager 0.6% of total global energy. Fast forward to 2040 and this number increases, but only to 2.9%. Respectively, coal, oil, and gas will continue to dominate as the top three energy power sources around the world.
Plus, the IEA prediction assumes that every country complies with the Paris Agreement on climate change. The US is currently not in the climate accord, and compliance is not likely to be gained by every other country, so the IEA’s estimate of less than 3% is likely more than it will be come 23 years from now.
Natural Gas and Nuclear Power Estimates
Natural gas will grow faster as an energy resource than any other TPED, accounting for 25 percent of global demand by 2040, based on projections by a recent ExxonMobil report. This will be less than oil, which will be the biggest resource, providing about 32% of the world’s energy, and more than nuclear power at 7%.
While renewable energy sources, such as solar and wind will grow over the next few decades, its development will be considerably slower than the rate and volume of natural gas.
Applying the Research
Regarding the above, you have an idea of the world’s energy picture for the near future, including only about 3% renewables. Understanding the energy supply for Central Metal Fabricators and many other industrial manufacturers is important so that we use the sources wisely to craft optimal products and plan for the future.
Internally, we manufacture an array of industrial products including dampers for gas turbines, boiler casings, steel hoppers, and busbars. Our top quality engineering design service replacement parts, gas metal arc welding, flux core arc welding, and more.