Investigating and predicting the role of photovoltaic, wind, and hydrogen energies in sustainable global energy evolution

Abstract

The global shift toward next-generation energy systems is propelled by the urgent need to combat climate change and the dwindling supply of fossil fuels. This review explores the intricate challenges and opportunities for transitioning to sustainable renewable energy sources such as solar, wind, and hydrogen. This transition economically challenges traditional energy sectors while fostering new industries, promoting job growth, and sustainable economic development. The transition to renewable energy demands social equity, ensuring universal access to affordable energy, and considering community impact. The environmental benefits include a significant reduction in greenhouse gas emissions and a lesser ecological footprint. This study highlights the rapid growth of the global wind power market, which is projected to increase from $112.23 billion in 2022 to $278.43 billion by 2030, with a compound annual growth rate of 13.67%. In addition, the demand for hydrogen is expected to increase, significantly impacting the market with potential cost reductions and making it a critical renewable energy source owing to its affordability and zero emissions. By 2028, renewables are predicted to account for 42% of global electricity generation, with significant contributions from wind and solar photovoltaic (PV) technology, particularly in China, the European Union, the United States, and India. These developments signify a global commitment to diversifying energy sources, reducing emissions, and moving toward cleaner and more sustainable energy solutions. This review offers stakeholders the insights required to smoothly transition to sustainable energy, setting the stage for a resilient future.