The Energy Industry in 2024: 3 Trends To Watch
What are the 3 trends we’ll be watching within the energy industry, in 2024?
Following the COP28 Conference in December - where a Global Pledge was made to triple renewable energy capacity and double the rate of energy efficiency improvements by 2030 - it’s safe to say energy is a hot topic in 2024.
So what are the 3 trends we’ll be watching within the energy industry?
1. A global focus on renewable energy
In December 2023, world leaders met in Dubai (UAE) for the COP28 Conference and set goals for tackling climate change on a global level. They pledged to transition away from fossil fuels and reduce global emissions by 43% by 2030. (Which isn’t that far away as we start 2024!)
Advances in solar panel efficiency and the increasing affordability of wind turbines have made these technologies more accessible than ever before. Governments and businesses worldwide are investing heavily in renewable projects, driving the growth of clean energy capacity.
Whilst you may feel far removed from this decision, you could be directly impacted as an electrician, plumber or heating engineer.
As nations commit to tripling renewable energy capacity, there will likely be a surge in the installation and maintenance of renewable energy systems in the UK. This includes heat pumps, solar panels, EV charging points, and the smart technology that goes with linking them together, to create renewable-powered properties.
We predict that tradespeople who are trained in renewable energy installations will be significantly ahead of their competitors by the end of 2024.
2. Smart energy grids
The future is smart…and smart technology is now reaching beyond Alexa-powered light bulbs and smart speakers. It’s officially made its way into the UK’s grid systems.
Smart grids are those which integrate the use of IoT devices, sensors, and data analytics. According to the Energy Networks Association Smart Networks Portal, there are currently 1600 smart grid projects underway in the UK.
As grid infrastructure becomes more dependent on high-performance systems and the ability to collect real-time data, the maintenance and troubleshooting required will also increase. And that requires electricians who are both skilled in their trade and interested in how smart technologies play their part in the future.
The UK already has a shortage of electricians, so if you're already trained you could be even more in demand in 2024!
Looks like smart meter installations were just the beginning…
3. Hydrogen as a key energy source
As world leaders aim for net-zero, and to drastically cut down carbon emissions, hydrogen is emerging as a key potential source of energy.
Green hydrogen, produced from the breaking down of water molecules using renewable energy, is also gaining momentum as a clean and versatile energy carrier.
In 2024, investments into hydrogen production and hydrogen infrastructure are expected to leap, with applications ranging from industrial processes to fuel cells for cars.
Multiple trades are set to be impacted as - you guessed it - installation and maintenance of hydrogen-based energy systems will be in demand, including for EV fuel cells and other hydrogen-powered appliances.
2024 Trends Summary
The year 2024 holds a lot of promise for the energy industry, with more interest in renewables on a global scale, more focus on smart technology closer to home, and the continuing evolution of hydrogen as a reliable energy source.
But as exciting as these industry trends are, the people who are able to install, maintain, fix and enhance energy systems are key to the future of the sector.
If you’re an electrician, plumber or heating engineer looking to train, upskill, reskill and future proof your business in 2024, get in touch!
Universal Skills Group is an Ofsted Outstanding training provider for the UK’s energy sector, partnering with big brands and individuals alike.
We’d love to be part of your trajectory in 2024.