The increase in patents for substation modernization indicates a targeted integration of advanced technologies, showcasing a strategic effort to secure innovations that enhance operational efficiency and grid stability. These patents represent a blend of technical innovation and strategic foresight, crucial for moving towards a more interconnected, smart infrastructure in the power and utilities sector, enabling remote management and improved safety in substation operations, says GlobalData, a leading data and analytics company.

In the Industry 4.0 era, advanced AI and ML technologies have revolutionized switchgear, enabling precise predictive maintenance through real-time load and fault analysis. Smart switchgears leveraging 5G for instant data transmission are key elements in optimizing energy distribution in smart grids and microgrids, minimizing downtime and enhancing electrical infrastructure, says GlobalData, a leading data and analytics company.

The electric vehicle (EV) sector registered exponential growth during the last decade due to depleting fossil fuel reserves and growing awareness about the impact of global warming. As EVs are a viable option to replace internal combustion engine (ICE) vehicles, EV sales increased substantially in several countries despite the automotive industry facing supply chain constraints in 2020 due to the COVID-19 pandemic.

Green energy technologies are in demand worldwide. Over 70 countries have set net-zero targets, and even more have pledged to lower their emissions. However, ambitious objectives to scale up green energy sources such as solar, wind, and nuclear are straining natural resources, particularly the minerals required to produce these essential technologies.

Kazakhstan achieved its short-term target of generating 3% of its electricity from renewables in 2020. In 2021, the country revised the renewables target for 2030 to 15% from the previous 10%. However, as per the current trend, the country will be able to achieve only 10.3% of electricity generation through renewables due to lack of flexible generation, states GlobalData, a leading data and analytics company.

The Portuguese government revealed plans to expedite renewable power development in April 2022, amid the ongoing war between Russia and Ukraine. The government set a target to achieve 80% of its electricity generation from renewables by 2026, four years earlier than previously planned. To achieve the new target, the country needs to invest heavily on energy storage solutions and upgrading its national grid, says GlobalData a leading data and analytics company.

A combination of factors such as complex regulations, lack of consistent and substantial federal support and high costs have hindered the growth of offshore wind in the US. However, offshore wind has several advantages over other forms of renewable energy, which makes it a valuable addition to the energy mix, especially as the US looks to decarbonize its power sector and transition to a low-carbon future, says GlobalData, a leading data and analytics company.

Hydrogen development, given its application across various industries, is indispensable to attaining energy transition, meeting decarbonization goals, and positioning leading companies as market experts. In 2022, green hydrogen production capacity reached over 109 kilo tons per annum (ktpa) worldwide, representing 44% growth compared to 2021, says GlobalData, a leading data and analytics company.

The rise in electricity prices has caused financial distress for transmission and distribution companies in Sweden, and for the population in general. A key challenge the country faces is the lack of transmission infrastructure between the northern and southern region. Sweden should focus on strengthening its transmission grid with upgraded cables and create a robust network between the northern and the southern region in order to unlock the power industry’s full potential amid the energy crisis, says GlobalData, a leading data and analytics company.

Despite being described as having ‘tremendous potential’ for renewable energy, Egypt is expected to see a shortfall on its renewable power generation target for both 2022 and 2035 partly due to its overdependency on gas, according to GlobalData. However, the leading data and analytics company does note that the country is set to meet its 2035 wind power target.

Australia has pledged to cut greenhouse gas (GHG) emissions by 43% and increase the share of renewable power generation in the country’s National Electricity Market to 82% by 2030, as part of plans to emerge as a renewables superpower and cater to the needs of South Asian countries.

To help divert a potential energy crisis, renewables are expected to play a major role in meeting Germany’s power demand as a result of the country’s gas and coal supply being stunted due to EU sanctions placed on Russia, observes GlobalData.

Due to a dearth of low-cost innovative solutions and scalability issues, several companies are failing to achieve their ambitious net-zero goals. Consortiums, with a collective goal of reducing carbon emissions, can address these challenges and attract investment from big companies to accelerate and support the implementation of decarbonization strategies, says GlobalData, a leading data and analytics company.

Since the change in government in 2018, the growth in Mexico’s renewable power sector has been slower, growing from 10.2 GW to 17.8 GW compared to the growth the sector saw between 2013 and 2018, where constitutional reforms allowed the renewable sector to take on a larger role allowing the industry to grow from 3.5 GW to 10.2 GW, observes GlobalData.

Japan is focusing on the rapid development of renewable energy to fill the void created by the Fukushima nuclear power plant disaster. Japan released the Sixth Strategic Energy Plan in October 2021, which increased the country’s renewable power (including hydropower) generation target from the previous 22-24% to 36-38% by 2030.

The recent Russia-Ukraine conflict has dented Denmark’s gas supply, as nearly 75% of the country’s gas imports are provided by Russia via a pipeline through Germany, says GlobalData. The leading data and analytics company notes that the government’s pledge to step up its renewable development program, by increasing the number of solar photovoltaic (PV) and onshore wind plants by 2030, will secure Denmark’s electricity supply in the long-term as 97% of its electricity generation by 2035 will be renewable power.

The Spanish government aims to achieve 160 GW of total installed renewable capacity by 2030 and has set a target to achieve 74% renewable electricity generation by 2030 and 100% by 2050. The country has taken a meticulous approach towards phasing out coal power generation by 2025, decommissioning oil-power plants by 2030, and phasing out nuclear power completely by 2035, found GlobalData.

‘Climate change’ is existential and is disrupting several natural systems, accelerating wildfires, sea-level rise and coastal flooding, and extreme storms. As a result, countries across the globe are joining hands to mitigate the twin challenge of climate change and energy security.

India announced new renewable energy goals last year to increase non-fossil power capacity to 500 GW and meet 50% of the country’s electricity needs through renewables by 2030. However, after including large hydro under the definition of renewables, the country is likely to achieve its 2022 target but may miss out on the solar specific target, and subsequently fall short of the 2030 target, says GlobalData, a leading data and analytics company.

In a bid to meet its target of zero emissions by 2050, Australia has come up with decarbonizing actions ranging from adopting electric vehicles to developing ethanol facilities to support the chemical industry, encouraging renewable refineries for the growth of biofuels. Furthermore, the country plans to increase its carbon capture and storage projects and develop low carbon hydrogen markets across all industries, says GlobalData, a leading data and analytics company.

The Austrian government has been actively encouraging the use of renewable sources for energy generation to help reduce the country’s dependence on fossil fuels, notes GlobalData, a leading data and analytics company. Austria’s recently submitted National Energy and Climate Plan (NECP) 2021-2030 focuses on the decarbonization and energy efficiency dimensions and related policies.

As a result of Brexit and its reliance on imports from the common EU market, the UK is now facing questions regarding higher energy prices and an unreliable supply of electricity. To combat this, the government needs to make substantial investments to meet more of its electricity demands by using renewable sources, observes GlobalData, a leading data and analytics company.

Vestas Wind Systems A/S has emerged as the leading manufacturer for wind turbines with an impressive 16.6 gigawatts (GW) of installations, or 19% share, of global installations in 2021, found GlobalData, a leading data and analytics company.

Thermal power was the most dominant segment of Morocco's power capacity in 2021 as it accounted for 60.5% of total capacity says GlobalData.

The global market for high-voltage (HV) switchgears is estimated to grow to $28.8 billion in 2026 at a compound annual growth rate (CAGR) of 3.31% during 2022–26 according to GlobalData.

Renewable power held a 19% share of the US’s total power capacity in 2020, according to GlobalData, and this share is expected to increase significantly to 48.4% by 2030. The leading data and analytics company notes that favorable policies introduced by the US government will continue to drive the country’s renewable sector, particularly solar PV and wind power.

Following the news that India has pledged to reach net-zero carbon emissions by 2070; George Monaghan, Thematic Analyst at GlobalData, a leading data and analytics company, offers his view:

As the COP26 meeting in Glasgow gets underway, many countries are behind on their targets for increasing the share of renewables in power generation no matter their income levels, partly as a consequence from delaying mobilising at least $100bn in climate finance.

Renewable power generation* in Denmark is expected to increase from 24.33 Terawatt-hours (TWh) in 2020 to 43.2 TWh by 2030, growing at a compound annual growth rate (CAGR) of 5.9%, according to GlobalData. The leading data and analytics company notes that the share of renewables in the generation mix is already quite high, at 86.4% as of 2020, and it is set to grow to 99.9% in 2030.

Renewable energy project contract awards in 2021 have eclipsed deals for conventional power plant projects in the Middle East as the region’s energy diversification agenda gathers pace, according to GlobalData’s MEED.