The Latest Energy Market Trends in 2021

0
160

The energy market regularly faces multiple changes in sales and consumption trends around the world. But with the advent of the pandemic in 2020, the global economy underwent a significant turnover. Despite the rollout of vaccines, the road leading back to normal is long and arduous. A rapid transformation in trends has also driven up the per-unit energy prices of most suppliers. You can compare those with a few clicks through Utility Bidder.

Here are some of the recent trends that we experienced in the energy market.

Altered Consumption Patterns of Business Energy

The years 2020 and 2021 came with an implementation of a lockdown that stretched beyond the designated time. In such conditions, it should come as no surprise that brick-and-mortar businesses had to close down. Several firms were legally required to halt their in-person operations from retail to tourism and leisure to automobile. Although several were eligible for funds like the Closed Businesses Lockdown Payments, the profits took a nosedive. For the energy market, it followed that the consumption and need for business energy also reduced dramatically. By the end of 2020, consumption dropped by 3.1% overall.

Change in Carbon Emissions

The alarming rise in the global temperature and pollution stirred a widespread environmental concern in the past decade. There are both natural and artificial causes of greenhouse gases like carbon dioxide and carbon monoxide. Generally, the automobile and transport industry elevates the damage through emissions. But with the reduced use of fuel by vehicles and businesses, carbon emissions also declined by 5.8%. Several sources estimate it as the most evident decline of carbon emissions in history. Hence, for some, it may be the silver lining of the pandemic. However, we can expect the emissions to rebound in the current year.

What Does the Pandemic Mean for Renewables?

While we are discussing the silver linings of the dark times, there is more good news. Globally, there has been an increased inclination towards renewable energy. Despite the lower electricity demand, the installation of more plants continued. The operations resulted in higher electricity generation from renewable resources, 7% more than in 2019. Owing to an increased concern or perhaps the cheaper rates, more people subscribed to bioenergy this year. Wind and solar panels are among the top contributors to this currently expanding trend. You can also expect green hydrogen production and consumption to grow further.

How Does the Future Look?

Experts have gauged that beyond 2021, the global energy demand is likely to expand considerably. It seems probable due to the rapid developments in third world countries and an ever-growing global population. The worldwide electricity demand will peak by as much as a whopping 60%. But we may be able to control and keep the carbon emissions below 2%, especially with the favorable trends for renewable energy. Technological advancements such as motorized shades and programmable thermostats can also help contribute towards a greener planet. Many regions will reshape their emission standards to stay in tune with the trends in the energy market.