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Renewable Energy Adopted at a Record Breaking Rate

This entry was posted in renewable energy and industries on April 04, 2019 by II-VI Marlow Industries

Renewable energy including wind, solar, thermoelectric, and others are predicted to be the main power source of 2040 since they are being adopted at a faster rate than any other fuel in history, according to BP.

The UK- based oil company predicts even higher growth rates for renewable energy. It claims that by 2040, wind, solar, thermoelectric, and other renewable energy sources will account for 30% of the world’s electricity supplies. Last year, BP assumed renewable energy would grow from it’s current 10% of market share to 25% by 2040.

While renewable energy seems to be growing in usage around the world, it has various growth rates varying amongst geographic regions. For example, renewable energy has the highest acceptance rate in Europe and could become as significant as 50% of its energy supplier by 2040.

The significance of expected growth for renewable energy can be seen when compared to other global energy sources. Oil took nearly 45 years to grow from 1% to 10% of global energy supply. Likewise, gas took over 50 years to experience this same growth. However, renewable energy is expected to grow from 1% to 10% within 25 years and could be as short as 15 years.

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