Renewable Energy Production Slows down due to Lack of Transformers
Energy Markets To See New Changes In 2024
By Shubhendra Anand , 18 January, 2024
With an end to the current economic year 2023, the energy market has high hopes for the upcoming 2024. The energy market expects to improve in all sectors in light of the transition to clean energy in the forthcoming years. The energy sector aims to develop new incentives for solar, wind, and electric vehicles, among others, as the primary developmental industries in 2024.
According to OPEC (Organization Of The Petroleum Exporting Countries), most nations' first three quarters of 2023 witnessed economic growth. Therefore, the economic growth for 2023 was recorded to be 2.9 percent in 2023 and expected to continue this advancement in 2024 with a growth rate of 2.6 percent. In the United States, the OECD (Organization for Economic Cooperation and Development) nations experienced a substantial advancement in the first half of 2023 that was expected to slide into the fourth quarter of 2023 and remain so throughout 2024. However, the eurozone performed less growth than expected until the third quarter of 2023. The Asia-Pacific region stabilized, as the economic development of countries like Japan and others served well, up to their potential in the first half of 2023. Non-OECD countries like Brazil, India, and Russia outperformed the expectations till the third quarter of 2023 and anticipate maintaining the balance in 2024. Analysts expect economic growth in 2023 and 2024 will be pivotal in shaping the global oil demand.
Based on a survey, the energy trends in 2024 will focus on the balanced oil market due to the increase in oil production from the non-OPEC economies. The United States emerged as the largest non-OPEC supplier of oil in 2023. However, the sources claim an inevitable slowdown in the progress of the United States in oil production for 2024. Simultaneously, for solar energy, 2024 will show saturation similar to 2023 with zero growth rate. The high cost of raw materials is the main reason behind the slowdown of the solar energy sector in 2023. Electric vehicles are expected to increase exponentially in 2024, following the balanced state of 2023. Therefore, the energy sector in 2023 is expected to see some changes, but at the same time, it will follow the trend of 2023.
Distribution of renewable energy sources in 2024
Latest News
Renewable Energy Production Slows down due to Lack of Transformers
Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental…
Packaging Manufacturer Collabs with Solar Projects to Enhance Cleantech in 2024
Companies are making significant moves towards the clean energy transition in various ways. In order to reduce carbon emissions, certain companies are investing in several rescue methods in 2024. Renewables production is growing over time as the…
Amazon Enables News Technologies to Help its Business Customers
Amazon is one of the leading global e-commerce platforms for consumers. The brand boosts its online shopping experience for users in multiple ways. Surveys show that Amazon regulates several business solutions to increase its products and services…
Asian Carbon Emissions Affects West’s Clean Energy Transition Process in 2024
Globally, countries are facing challenges in the transformation of green energy. The economies worldwide target to achieve net zero emissions. Hence, countries are introducing several ways to reduce environmental carbon emissions. Developing…
China to Boost Oil and Gas Production from New Sources in 2024
China is the leading nation in the energy market. Since the clean energy transition focuses on renewables, China surpasses other nations in renewables production. In a mission to strengthen its energy security, China moves forward with oil and gas…
Shubhendra Anand
Head Research
