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Two ways renewable energy is a good bet in 2023

On Behalf of | Feb 17, 2023 | Intellectual Property, Renewable / Sustainable Energy |

Entrepreneurs are wise to consider a shift to focusing on ways to bring renewable energy technologies to market in 2023 and beyond. Experts are predicting big rewards whether the shift to renewable energy means starting a business in the green sector or expanding current operations to encompass a greener approach to business.

Just how big are the rewards?

Allied Market Research, a global market research and business consulting organization, recently released a study that valued the global renewable energy market at over $880 billion in 2020. As if that is not enough to grab your attention, experts predict this market to grow to almost $2 billion by 2030.

What are trends to watch for this year?

The thought of green energy likely brings to mind visions of solar panels and wind turbines. Although innovations for these devices are likely beneficial, other areas that will trigger growth in this sector include:

  1. Artificial intelligence. AI can serve to help manage renewable energy resources by helping to navigate supply and demand issues.
  2. Internet of things (IoT). The IoT plays a role in pretty much everything, including the energy sector.

Advances within these forms of technology are needed to help guide renewable energy use and better ensure the infrastructure is present where needed to meet society’s growing demands.

These are not the only trends to watch this year. Experts are also watching the evolution of green hydrogen into a reliable and reusable energy source and have found promise within the bioenergy arena with the potential to convert a much larger portion of biological matter into energy than we do today.

Is there anything else I should know before making this shift?

Savvy entrepreneurs likely already know the importance of protecting any innovation — but it bears repeating. Various legal tools are available to help better ensure that you reap the rewards of your innovations. An attorney can review the invention or new idea and help you decide which form of intellectual property protection is best for your business’ needs.



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