A new annual survey of the renewable energy sector reveals that nearly 94% of respondents have high levels of confidence in the industry, with solar power and storage technologies identified as key areas for growth over the next five years.
The survey, conducted by RatedPower, interviewed more than 140 professionals and analyzed data from over 45,000 solar design projects for its fifth annual Renewable Energy and Solar Research Trends Report. Despite the overall optimism, grid instability was cited as the sector’s largest challenge.
“Storage technologies, solar power, and green hydrogen have all been identified as the primary areas for growth,” according to the survey. Respondents pointed to the United States, China, Australia, Brazil, and India as having the greatest renewable growth potential, driven by favorable geographic factors, government support, and economic incentives.
In terms of challenges, 60.1% of respondents highlighted grid instability and saturation as key concerns, followed by permitting and regulation at 49.7%. These concerns remained consistent with last year’s findings, although the percentage of respondents citing these issues dropped by about 6% each.
Notable trends in the sector include the increasing focus on Battery Energy Storage Systems (BESS) and the rise of alternative renewable technologies such as agri-PV, floating solar, and offshore wind. There is a shared sentiment across these areas that supportive policies, incentives, and streamlined regulatory processes are essential to unlock their full potential.
Andrea Barber, Vice-President of Power and Renewables at Enverus and co-founder of RatedPower, commented on the report, saying, “It has been a pleasure to produce the report for five years running. Over that time, we have seen substantial change, not just across the industry but also in technology’s power to transform the solar design process. Even though there are uncertainties and critical challenges to overcome, we’re energised by the possibilities ahead and are proud to be part of the transformative path to a greener future.”
According to the survey, 93.7% of respondents rated their confidence in the renewable energy industry’s future as either four or five out of five. Additionally, 48.3% of respondents cited storage as the most significant growth area, followed by solar at 30.8%.
The report also noted that bifacial solar modules continue to dominate the market, appearing in over 91% of simulations in all four quarters of 2024. Hybrid plants also made up between 11% and 28% of simulations during the same period.
