Mid-Year Outlook: Renewable Energy Faces Greater Hurdles

May 20, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Renewable energy dominates power project spending in the U.S. and Canada, but a perfect storm of impediments threatens to slow the growth of solar and wind generation capacity, according to Britt Burt, Industrial Info's' vice president of research for the global power industry.

Burt was one of the speakers at Industrial Info's Mid-Year U.S. & Canada Industrial Market Outlook event on Wednesday. Industrial Info tracks a wide variety of power-related projects, including grassroot plants and expansions, he said, "but we pride ourselves in finding hard-to-find projects such as modernizations, upgrades, refurbishments and maintenance activity."

Much grassroot and expansion project activity being tracked by Industrial Info is from renewable energy resources, predominately solar and wind, he noted. Much of the growth in the sector has been prompted by state-level renewable portfolios and clean energy standards. Last year, five states expanded or initiated ambitious renewable energy targets, with Nebraska and North Carolina calling for renewable sources to make up 100% of their portfolio.