Future Outlook and Clean Energy Trends

As the Paris Agreement on Environment has initiated tangible steps for energy transition, 10 trends that will shape the clean technology sector in 2023,

1. Hydrogen will become more competitive as a low-carbon fuel, thanks to falling costs, supportive policies, and growing demand from various sectors.
2. Electric vehicles will continue to gain market share, driven by consumer preferences, regulatory incentives, and technological innovations.
3. Batteries will play a key role in enabling the integration of renewable energy sources, providing flexibility, reliability, and ancillary services to the grid.
4. Carbon capture, utilization, and storage (CCUS) will emerge as a viable option to reduce emissions from hard-to-abate sectors, such as cement, steel, and chemicals.
5. Biofuels will expand their role in decarbonizing the transport sector, especially for aviation and marine applications, where electrification is challenging.
6. Green ammonia will become a promising alternative to fossil fuels for power generation and industrial processes, as well as a potential carrier for hydrogen.
7. Offshore wind will grow rapidly, especially in Europe and Asia, benefiting from economies of scale, technological advancements, and supportive policies.
8. Solar photovoltaics (PV) will remain the dominant renewable energy source, with costs continuing to decline and efficiency improving.
9. Geothermal energy will gain more attention as a baseload renewable energy source, leveraging existing oil and gas infrastructure and expertise.
10. Green steel will emerge as a niche but growing market, as steelmakers adopt low-carbon technologies such as hydrogen-based direct reduced iron (DRI) and electric arc furnaces (EAFs).

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