The geopolitical and macroeconomic uncertainty of the past three years has pushed the global power sector into a period of considerable shifts that will govern the industry in 2024. The wars in Ukraine and the Middle East, growing tensions between China and the West, supply chain shortages and disruptions, rising interest rates and divisions on how to tackle climate change complicate the advancement of business opportunities in the global power sector.
At the same time, renewable energy investments are at record highs, energy storage and dispatchable capacity are growing to meet power grid needs, electrification is creating new forms of consumption and new market players, and new policies and company strategies are stimulating even greater expansions in energy infrastructure.
As 2024 begins, the Global Power and Renewables team at S&P Global Commodity Insights considers five key trends we believe will define power and renewables markets worldwide this year.
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