The development of renewable energy in the world and the challenges of the renewable energy industry

The International Energy Agency (IEA) has reported that in 2023, renewable energy sources added 507 GW of capacity to the global power system, with 75% of the new capacity coming from photovoltaic energy. This represents a 50% increase in new renewable capacity compared to 2022. China, the USA, Europe, and Brazil recorded significant increases in renewable energy production. IEA forecasts that within the next three years, renewable energy will become the primary source of electricity in the world. By 2028, 68 countries will have renewable energy as their primary source.

While renewable energy offers many benefits, it faces several challenges, including high initial costs, sensitivity to weather conditions, and the need for expensive energy storage systems or specific location and terrain requirements. Additionally, large-scale renewable energy installations occupy ten times more space than coal or natural gas power plants, and their production, installation, and transportation contribute to greenhouse gas emissions. However, the industry is actively addressing these concerns, with a focus on reducing waste and improving recycling processes for equipment like wind turbine blades and solar panels.

According to BloombergNEF, wind turbine blades have a service life of around 20 years, and the amount of composite waste from retired blades will increase 20-fold over the next two decades, reaching a maximum volume of approximately 782,000 t in 2044. That’s why Swancor, one of the few companies in the world, is developing new products that mimic the physical properties of the current material from which wind turbines are made, but are chemically recyclable.