An annual survey of the renewable energy sector has found that almost 94% of respondents have high levels of confidence in the industry, with storage systems and solar power identified as key areas of growth.
Despite the overall optimism, grid instability was highlighted as the biggest challenge for the renewables sector.
RatedPower surveyed more than 140 professionals from across the sector and analysed data from over 45,000 solar design projects for its fifth annual Renewable Energy and Solar Research Trends Report.
Storage technologies, solar power and green hydrogen have all been identified as the primary areas for growth over the next five years, according to the survey.
The United States, China, Australia, Brazil and India have been highlighted as having the greatest renewable growth potential, driven by a combination of favourable geographic factors, governmental support, and economic incentives.
The survey also asked respondents to share their views on the sector’s principal challenges. Grid saturation and instability (60.1%), and permitting and regulation (49.7%) rose to the top of the list.
This mirrored the top two challenges from last year, but the percentage for both dropped by about 6% respectively.
Notable trends in the sector include the growing emphasis on Battery Energy Storage Systems (BESS), as well as the rise of alternative renewable technologies like agri-PV, floating solar, and offshore wind.
A shared sentiment across all these areas is the need for supportive policies, incentives, and streamlined regulatory processes to unlock their full potential.
In all, 93.7% of respondents rated their confidence in the renewable energy industry’s future as either four or five out of five.
A total of 48.3% stated that storage has the most significant growth potential over the next five years, with solar in second place at 30.8%.
The report also found that bifacial modules continue to dominate, being the chosen module in over 91% of simulations in all four quarters of 2024.
Hybrid plants have made up between 11% and 28% of simulations through all four quarters of 2024.
Andrea Barber, vice-president of power and renewables at Enverus and co-founder of RatedPower, said: “It has been a pleasure to produce the report for five years running.
“Over that time, we have seen substantial change, not just across the industry but also in technology’s power to transform the solar design process.
“Even though there are uncertainties and critical challenges to overcome, we’re energised by the possibilities ahead and are proud to be part of the transformative path to a greener future.”