The Outlook for The Renewable Energy Sector Through 2022

The outlook for the renewable energy industry through 2022 has been published by Deloitte. As per the report, the renewable energy sector continued to be impressively robust in 2021. Renewable energy sources are now among the most cost-effective energy sources in several sectors thanks to quick technological advancements, falling prices, and improved competitiveness of battery storage. Although there were problems with the supply chain, shipping costs went up, and the cost of essential commodities climbed with capacity installations still at an all-time high. 13.8 GW of new wind and solar capacity was added in the first eight months of 2021, a 28 percent increase over the same period in 2020. Numerous municipalities, states, and utilities adopted stricter requirements for the acquisition of energy storage as part of their ambitious clean energy targets.

In 2022, the demand for RE is expected to rise as awareness of climate change, backing for environmental, social, and governance (ESG) factors, and demand from the majority of market segments for cleaner energy sources rise.