Renewable energy has emerged as a possible alternative to address growing environmental concerns and the demand for long-term energy sources. With the world’s increasing demand for energy, it is crucial to look into other types of power production that are both clean and renewable. Renewable energy extends a wide variety of sources, each with its own set of advantages and qualities. In this blog, we will look at the different types of renewable energy, mentioning their benefits and relevance in reducing climate change and promoting a better future.
- Nuclear
- Market size – $217.4 billion
- Largest producing country – USA
Nuclear power is also a renewable energy source and remains a subject of debate due to safety concerns and waste disposal. It relies on uranium, a non-renewable resource, split through nuclear fission to generate electricity. Fast neutron reactors offer the potential to unlock thorium as fuel, utilizing 60 times more energy from uranium. This innovation also converts 1.5 million tonnes of depleted uranium waste into a valuable fuel resource. Fast neutron reactors mitigate the risk of significant depletion by renewing their own fuel supply. Despite ongoing controversies, nuclear power holds promise as a sustainable energy solution.
- Compressed natural gas
- Market size – $166.90 billion
- Largest producing country – USA
Compressed Natural Gas (CNG) is a versatile fuel that is also widely used among other types of renewable energy sources. It serves as a clean and sustainable alternative to conventional gasoline, diesel, or propane. One of the notable advantages of CNG is its ability to easily diffuse into the environment if leaked, making it safer to use. CNG finds significant applications in bi-fuel vehicles, which are essentially gasoline-powered cars that have been converted to operate on both CNG and traditional fuels. It is a promising option for achieving sustainable transportation and contributing to a cleaner future.
- Ethanol fuel – 3rd
- Market size – $163.9 billion
- Largest producing country – USA
Ethanol fuel, which is essentially the same as the ethyl alcohol found in alcoholic beverages, is commonly employed as a substitute for petrol or gasoline in motor vehicles. Using corn or grains to make ethanol fuel can lower emissions and improve gasoline’s octane rating. The rising emphasis on reducing fuel emissions by various governments, such as the expansion of London’s ULEZ zone this year, has led to a significant surge in the utilization of ethanol fuels in the past decade.
- Solar
- Market size – $106.62 billion
- Largest producing country – China
The sun is our primary energy source, and the most common way to generate energy is by using collector panels. These panels generate ideal conditions, which can transform into usable power. Solar panels are often utilized in desert regions to collect enough power to charge tiny substations. Many homes utilize rooftop solar panels to provide hot water and electrical supply. The problem with solar energy is that only some parts of the earth receive enough sunlight directly for a long duration of time to generate usable electricity. Also, its availability is affected by seasonal and weather changes, restricting regular usage.
- Biomass
- Market size – $91.3 billion
- Largest producing country – China
Organic matter typically provides a source of biomass energy, which people use extensively across the globe. Plants capture the sun’s energy through photosynthesis, converting carbon dioxide and water into carbohydrates. Burning plants release carbon dioxide and water back into the atmosphere. Biomass includes crops, plants, trees, yard clippings, wood chips, and animal wastes. It is used for heating, cooking, and industrial fuel. However, collecting biomass fuel is laborious, releasing significant carbon dioxide. Unsustainable and inefficient biomass use leads to vegetation destruction and environmental degradation.
- Wind
- Market size – $90.3 billion
- Largest producing country – China
Along with solar, hydroelectric, and geothermal energy, wind energy is also one of the key types of renewable energy. Wind power, a renewable energy source, is used globally onshore and offshore due to its minimal environmental impact. Wind turbines, grouped together on land or in the ocean, harness this power. In 2021, wind energy accounted for 6.6% of global electricity generation, up from 3.5% in 2015. Despite progress, calls for further expansion persist. While wind energy is sustainable and emission-free, challenges include remote site locations and landscape alteration with visible turbines and noise. Nevertheless, the benefits of wind power outweigh these limitations.
- Ocean thermal
- Market size – $67.22 billion (by 2030)
- Largest producing country – Japan
Ocean Thermal Energy (OTE) is also one of the types of renewable energy derived from the temperature difference between the surface water of the tropical ocean and the deeper levels. OTEC power plants harness this energy by operating with a minimum temperature difference of 20°C. The process involves utilizing the ocean’s warm surface water to boil a liquid, typically ammonia, generating high-pressure vapor. The turbine operates the produced steam to generate electricity through a connected generator. Colder water from the deeper ocean regions is pumped into the system to condense and cool the vapor back into a liquid state.
- Hydrogen
- Market size – $15.9 billion
- Largest producing country – Australia
Like other types of renewable energy, wind power is becoming increasingly popular as new advancements make it easier to build additional wind farms. Large turbines are used in these farms to harness the power of the wind, which then drives generators to generate electricity. On the other hand, wind power necessitates considerable investments and is subject to the fluctuating nature of wind speed, which affects power generation. People once considered wind farms a great solution for energy production, but their ecological impact is now revealing unexpected issues that cast doubt on their viability.
- Geothermal
- Market size – $7.24 billion
- Largest producing country – USA
Geothermal energy, which is continuously generated heat from within the earth, is harnessed for electricity generation in 26 countries and utilized for geothermal heating in 70 countries. The significant benefit of this energy source is its constant availability, reducing the need for additional power generation. Iceland stands out as a prominent user of geothermal power, with 30% of its energy coming from this source due to its highly active geology. Over 90% of homes in Iceland are now heated by geothermal energy, allowing the country to operate entirely on renewable energy.
- Tidal
- Market size – $4.9 billion
- Largest producing country – South Korea
Tidal power, also known as tidal energy, involves harnessing the energy from tides and converting it into electricity. Currently, tidal energy is an underutilized resource, but it holds great promise for future electricity generation. Tidal energy is an alternative to the environmentally harmful burning of coal and oil. Additionally, it offers a reliable energy source compared to other renewable sources like wind and solar power, as tides are highly predictable due to water’s denser and more powerful nature. National Geographic has highlighted the reliability of tidal energy as a promising aspect of sustainable electricity production.
The world’s growing demand for clean and sustainable energy sources has propelled the development and utilization of various types of renewable energy. From solar and wind power to hydroelectricity and geothermal energy, each renewable source offers unique benefits and contributes to reducing greenhouse gas emissions. We hope this blog has provided you with valuable insights into the different types of renewable energy.
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