Renewable Energy Industry Trends for 2024 and Israel Leading the Charge

Renewable energy is a topic that’s getting a lot of attention in corporate boardrooms. Companies are increasingly seeing the potential benefits of implementing new energy policies and are keen to learn more about different types of renewable energy. 

Not only can businesses improve their ESG ratings, but they can often reduce long-term operating costs and access new markets when they switch to sustainable energy solutions.

Exploring Renewable Energy Industry Trends

As the Western world embraces the concept of net zero carbon and pushes towards a transition to electric vehicles, we’re already seeing the efficient recycling of waste, sustainable agriculture, and ambitious reforestation initiatives. Industrialists are keen to keep pace with the green revolution and integrate renewable energy technologies into their own operations. 

When it comes to renewable energy industry trends, Israel is leading the charge. This blog post will explore the latest renewable energy trends in business and industry and focus on three leading companies that are doing exciting things with renewable energy – either on a product level or with flagship renewable energy initiatives in their own plants and factories. We’ll also take a look at various renewable energy types and examine the pros and cons of each type of green energy. 

Harnessing the Power of Nature to Generate Electricity

The concept of renewable energy isn’t new. Plenty of ancient cultures mastered the use of water wheels and there is some evidence that they were used in China at least 2,000 years ago. Hydropower was routinely used to drive flour mills, sawmills, and cloth factories in medieval times. The big breakthrough occurred during the Industrial Revolution when inventors first used hydropower to generate electricity. 

Modern supplies of hydroelectricity are usually generated at major dams. The power is reliable, relatively cheap, and easy to generate on demand. Hydroelectricity makes significant contributions to the national grid in countries that have adequate water supplies. Other sources of renewable energy are easy to harness but are much less reliable as a power source. 

Other Renewable Energy Types

Our ancestors used solar energy to dry food and to evaporate seawater for salt production. In the 21st century, the power of the sun is harnessed through advanced photovoltaic (PV) panels that convert sunshine into electricity. Once the initial material technical investment is made, and maintenance costs allowed for, solar energy is essentially a free resource. 

The main disadvantage of solar energy is that it depends on an adequate supply of direct sunlight. PV panels can’t generate electricity at night, or on overcast days. The same is true of wind power and, to an extent, tidal power. All depend on natural phenomena for the initial supply of energy. Under optimal conditions, they can be superb green power sources. The problem is that they are rarely consistent. 

New Advances in Renewable Energy Technologies

One major technological advance is transforming the potential of renewable energy in industry. The development of smart, high-capacity lithium iron phosphate (LFP) batteries is a game-changing force. Israel is leading in this industry as well, with a new $400M ICL battery materials manufacturing plant set to open in St. Louis By 2025. 

Green energy that is generated intermittently through solar, tidal, wind, or other renewable sources can now be stored until it is needed. A company that generates solar energy during sunlit hours can use it to power a manufacturing plant during a night shift, or on a cloudy day. 

One of the most important trends for renewable energy in industry is a strategic shift to clean hybrid grids. A business can calculate its future energy requirements and generate electricity from a variety of sources to meet these needs. This might include beds of solar panels erected on waste ground, waste biomass burners, wind turbines, or any other locally adapted methods. The key to the hybrid grid is effective energy storage and management. New blockchain technologies can precisely track units of electricity allowing their resale to other grids. 

A Strategic Shift Towards Energy Decentralization

The underlying renewable industry trend in the 21st-century industry is a strategic one. We’re already seeing a push for energy independence and a challenge to the monopolies of national grids and the dominance of major energy companies. Individual companies are showing real interest in taking responsibility for their own energy supplies. 

The growing push towards corporate energy independence and decentralization is partly from a desire to reduce energy costs and boost overall profits. It is also to ensure that businesses are using green energy and meeting government compliance targets and their own voluntary carbon net-zero targets. A company that buys electricity from the national grid may be receiving power from coal or oil burning stations and indirectly contributing to a wider carbon footprint.

The electrification of fossil-fired units often brings the additional benefits of reducing transportation and storage costs (and reducing strain on the infrastructure). Companies that switch to complete electrification across its plants no longer need to take delivery of substantial amounts of oil or coal and can rationalize and streamline their own supply chains. An electrified plant can increasingly be served by electric vehicles, which can be charged using the ordinary power supply. 

3 Companies that are Defining Renewable Energy Trends in the Industry

1. ICL Group 

ICL Group (NYSE: ICL) (TASE: ICL), Israeli-based,  is a leading global specialty minerals company and one of the largest fertilizer manufacturers in the world. ICL has major operations in several countries and is currently implementing its own innovative ACE program to implement energy efficiency and decarbonization. This involves strategic transitions to new microgrids (which the company is building from scratch) and the use of AI for smart energy production. 

They are also pioneering the profitable recycling of phosphate materials as part of a new circular economy built around NP/NPK fertilizer production. Their Amsterdam recycling facility is turning waste products into raw materials, which will in turn nourish valuable crops and feed hungry people. 

ICL is interested in all renewable energy types but is currently focused on integrating solar energy into its new Negev Desert microgrids as part of the Green Sdom Initiative. As part of the project, the company is also channeling funds into the development of green hydrogen through the electrolysis of water. They are a major innovator and leader and are creating renewable energy trends for others in the industry to follow. 

2. Adani Green Energy Limited

India is a growing market with enormous future potential for green energy. With almost 1.5 billion people and a rapidly growing tech sector, the size of the domestic Indian market is almost unrivaled. Adani Green Energy is determined to exploit that market and to help India transition to clean and renewable energy strategies. The company is also looking further afield and planning future expansion across Asia and the world. 

Adani is pioneering the development of wind and solar energy projects across India with a reported 46 operational projects to date. India is a vast country that experiences many months of hot sunshine annually. As such, it’s ideal for generating solar energy (outside the monsoon season). India also has numerous locations that provide optimal conditions for advanced wind turbines. Adani is investing heavily in the development of these locations, and creating much needed employment opportunities in the process.

One area where Adani excels (and is attracting the attention of foreign companies) is its innovations into the hybridization of wind and solar energy generation. At its simplest, the goal is to allow the generation of renewable energy on a 24 hour basis. When the PV solar panels are inactive at night, the wind turbines will capitalize on stronger nocturnal winds. India has enough unused land and remote locations to build massive hybrid plants that can generate some serious GWs!

3. Iberdrola 

Iberdrola is a Spanish company based in the industrial city of Bilbao. It’s one of Spain’s largest corporations and a leading producer of wind power. Two thirds of the group’s 62,045 MW operating capacity are generated from renewable energy sources. Iberdrola is a global company with an aggressive acquisitions policy. It owns, or has interests in dozens of companies worldwide, including Scottish Power. 

One area where Iberdrola is really making a mark is in the field of offshore wind energy. There are several advantages to operating offshore wind turbines (including stronger winds and fewer public objections to unsightly wind turbines). However, the offshore construction process is more challenging and can require higher initial investments. Iberdrola (and its many subsidiaries) have both the resources and the technical expertise to undertake ambitious and innovative offshore wind projects. 

Iberdrola has a clear commitment to sustainability and is strongly supportive of the United Nations Strategic Development Goals. The company is proving expert at creating renewable energy strategies that are profitable and sustainable. It is also committed to research and development and is conducting advanced research into the possible roles of clean hydrogen, methanol and ammonia.in sustainable energy and industry. Iberdrola is a company that will play an important part in the emerging clean energy revolution. 

The Future of Renewable Energy

Serious public interest in renewable energy began back in the 1990s. We’ve come a long way since then with clean energy and environmental protection at the heart of government energy policies. The realization by major corporations and industry that renewable energy trends can be the key to sustained profits and new markets is a game changer. 

Over the coming years, we can expect to see major investments in research and development and new infrastructure. Hybrid grids will deliver greater energy autonomy, even down to neighborhood and household levels. Companies will also seek to use new technologies to achieve energy independence and freedom from the monopolistic practices of national grids and major energy suppliers.

The United Nations has defined access to affordable, reliable, sustainable, and modern energy for all as its 7th Strategic Development Goal – SDG7. The major hope is that we will see a boom in clean and affordable energy that substantially reduces environmental damage and improves everybody’s quality of life. Companies that can deliver genuine sustainable energy solutions and products are in a strong position and can potentially reward investors and strategic partners. We are in an unstoppable green energy revolution that is changing the world!