Banpu Next identifies 5 clean-energy trends to watch in 2023

The report identifies the trends as:

• battery energy storage systems,
• building integrated photovoltaics,
• offshore wind,
• power-to-X, and
• green hydrogen.

A battery energy storage system is an energy storage system that includes a battery to store excess energy and provide reserve capacity when electricity demand is high.

Integrated photovoltaics incorporate solar panels into the design and construction of building components, such as roofs, awnings, and windows. This allows for automatic power generation from buildings, which reduces electricity bills, heat, noise, and CO2 emissions.

Offshore wind is considered to be a never-ending source of energy, and many countries are already leveraging it, Banpu Next said. Offshore wind has the greatest potential to reduce CO2 emissions. It generates more energy than onshore wind because it is stronger.

Power-to-X is the conversion of renewable electricity from wind and solar into fuels and chemicals, such as green hydrogen, ammonia, as well as materials for the chemical industry. These fuels can then be used in industrial plants, logistics and transportation, and district cooling systems, Banpu Next said.

Green hydrogen is hydrogen produced using renewable energy. Green hydrogen produces no greenhouse gases and can be used as a raw material in oil refineries, fertiliser and iron production, and as a fuel in electricity generation and logistics.

The cost of producing green hydrogen is currently higher than the cost of producing other types of hydrogen, but it is expected to fall and green hydrogen will become more widely available, Banpu Next said.

The adoption of these five forms of clean energy will depend on the use of new technologies like artificial intelligence and big data in their production to enhance energy management through real-time monitoring, control, and direction.

In a country focusing on the Bio-Circular-Green economic model, emerging clean-energy trends create opportunities to produce or supply them, the report said.

Energy technologies will become more diverse, greener, and smarter in the future, it said.

A report by the International Energy Agency forecasts that clean energy technologies will be worth about US$650 billion a year if the world achieves its net-zero goal by 2030.