Launched by Lloyd’s Register (LR), the Technology Radar 2018 'Renewable Energy' report analyses the sizeable renewable energy impacts in the next five years and beyond. It provides answers from industry experts on their optimism, concerns and investment outlook on tomorrow’s energy mix.
If there were doubts that renewable energy sources could ever compete effectively with oil, natural gas and coal in power generation, developments in the past two years should have dispelled them. But, what will it take for renewable energy to become the primary form of energy consumed?
The LR 2018 Technology Radar - Renewable Energy study, asked the question: when will renewable energy become the dominant source of energy? Furthermore, the study examines which technologies are likely to have the greatest impact in different countries, and what are the key drivers and inhibitors for success.
The research sought the insights and opinions of leaders across the sector, as well as a survey of 800 professionals and experts around the world. The survey included respondents from organisations across the renewables value chain, including traditional energy companies with renewable energy assets or activities.
Respondents were asked to give their perspective on the challenges that need to be overcome for renewables to be the primary form of energy consumed, the rate of growth in their country and to rate a number of technologies and developments in terms of their potential impact, the amount of time it would take for these technologies to hit the market, and how likely they are to be adopted once they do. Respondents were also asked to reflect on the pace and success of innovation in their sector - and what they see as the major drivers and blockers post 2018.
Key findings include:
“Our latest Technology Radar - Renewable Energy research reflects the most current and forward-looking attitudes, actions, and investment behaviours in both global and local renewable energy markets. These trends are striving to shape tomorrow’s sustainable energy mix and are framing a clear end in sight for a big transformational shift in sustainable energy provision,” said Alasdair Buchanan, Director of LR’s Energy business, global provider of engineering and technology-centric professional services.
“It is this insight and the future-forward energy implications that position LR’s 2018 Technology Radar Renewable Energy report as essential to investor, developer, operator and regulator strategies for the years ahead.”
Karl Ove Ingebrigtsen, Director of LR's Low Carbon Power Generation business highlighted: “I am heartened by the optimistic outlook and by the measured and realistic approach that is displayed throughout the results and insights in this year’s research. It illuminates the outlook for renewable energy - and highlights the technologies that are expected to deliver the greatest impact, especially in grid transformation which must be based on a sound understanding of each country’s individual ecosystem; it is clear that this is advancing alongside technology, policy and investment.”
This is the fourth year LR has conducted its Technology Radar research. Whilst earlier editions have focused on the oil and gas sector and low carbon, this time around, the research concentrates on the renewable energy sector, with particular attention to sustainable energy drivers, geo-and political demographics, energy demand, market design, policy, technology, public appetite and social licence.
The research delivers insights that will help to inform industry debate and energy policy across the world, and may help to raise further discussions on areas such as standardisation and putting a price on carbon that treats all carbon equally which is an increasing focus for industry. For oil and gas producers a standardised carbon price scheme for emissions provides a financial incentive to seek solutions through efficiency and innovation in lower carbon technologies.
“We are seeing a real shift in thinking by the oil and gas majors as they increase their renewable energy portfolio and diversify their offering in the market. The halcyon days of high oil prices scuppering renewable energy growth and development is a distant memory; the energy industry is on a new low carbon growth and efficiency drive which will change the source of our energy supply forever,” said Ingebrigsten.
The 2018 Technology Radar Renewable Energy report was published on 13th February 2018. Click here to download the 2018 Technology Radar Renewable Energy report and findings, plus the Executive Summary in English, Chinese, French, German, Portuguese or Norwegian.