Over the past decade, renewable energy generation has seen incredible growth. Wind generation, in particular, has expanded impressively thanks to technological advances, increasing adoption rates, and improved economic advantages. Here are just a few reasons that those drivers are in a position to fuel even more explosive growth in 2020.
Technological Advances
Technology is rapidly evolving across numerous industries. The renewable energy industry is changing faster than many other sectors, and with it comes opportunities for growth and expansion of services. Not only has new technology increased the amount of power generated and its efficiency, but it has also made wind electricity generation more available to smaller companies.
One of the newest innovations to wind electricity generation is larger turbine blades. These improved blades are engineered to capture more of the wind that flows past, making them far more efficient and slashing the cost of their energy by as much as 50% on wholesale markets.
Adding novel blade designs to strong technological developments in turbine design further reduces costs and improves efficiency, boosting the global wind energy market.
At this point in the life cycle of renewable energy, many technological innovations are improving both efficiency and cost reduction, moving the industry forward by leaps and bounds. As more new technology emerges, one can only imagine the amount of energy that will be generated on a global scale by wind alone.
Increased Adoption
Among the many options for energy generation, wind has risen to the top of the heap in the US renewable energy space due to steady growth over the past decade. Annual wind generation totaled 300 million megawatt-hours in 2019, outpacing hydroelectric generation by 26 million MWh. One of the contributing factors to wind generation’s growth in the US is the Production Tax Credit (PTC). This credit helped fund the expansion of wind generation infrastructure and, after its extension, continued to fuel the sector’s growth.
If you couple increased adoption with increasing efficiency and reduced costs, wind generation’s growth will surely continue. Even in the consumer markets, individuals are increasingly able to install wind turbines on their own property. While some still speculate that wind cannot fully replace other energy generation methods, it cannot be denied that it is an increasingly crucial part of the US energy market.
Economic Advantages
For companies outside of the energy industry, the ability to monetize the growth of wind generation has been difficult in the past. Today, more and more business owners and consumers are able to enter into the wind generation space and build upon the strong industry. One group who has begun to diversify their revenues with wind generation are farmers across the US using wind turbine leases.
For many farmers, their livelihood can be volatile. Changes in weather and market prices greatly affect their bottom line. Wind turbine leases, generally 30 to 40 years long, provide the landowners with yearly income that, although small, helps make up for economic dips brought by drought, floods, tariffs and the ever-fluctuating price of the crops and livestock they produce.
In addition to landowners taking advantage of turbine leasing, the average consumer can offset their energy costs by installing their own turbines. As we mentioned earlier, the reduced cost of smaller turbines allows the average homeowner to generate more electricity and, in many cases, take advantage of stipends toward installation and extra energy generation.
Wind electricity generation has seen an exciting decade of growth, and if the advances in technology, increased adoption, and economic advantages are any indication, that growth won’t be slowing down. For companies in the wind energy industry, having the right team in place to harness opportunities for growth is critical. Anistar Technologies is dedicated to connecting you with the best talent to help you achieve your business goals. Contact us today to learn more about partnering with Anistar Technologies.
