Future of Alternative Energy

As we strive to build viable green sources of power, future alternative energy sources will be various because:
a) one single source cannot meet an ever-increasing demand and
b) to avoid dependence on a dominating source which is the case with fossil fuels.

Solar and wind power will be the main forces to be reckoned with in terms of future alternative energy. Solar has been making significant technological and economic leaps and it seems set to carry on this way. Wind power is already a established source of energy, supplying millions of homes worldwide. With the advent of offshore wind farms, the future of this alternative energy looks indeed very powerful. Another source of power that has been talked about is ground heat, which means tapping into the ground to regulate household heating and cooling. In the United States, the ground below the frost line maintains an average temperature between 50 and 54 degrees Fahrenheit in most areas of the country. Using geo-exchange systems, it is possible to keep temperatures constant and save up to 70% in home climatization costs.

From a financial market point of view, future alternative energy will be at the center of the next booming market, say economic pundits. According to a report in The Economist, the energy market is worth about $6 trillion a year, based on a yearly consumption of 15 terawatts worldwide. By 2050, it is estimated that consumption will have grown to 30 terawatts. With such a gargantuan market, companies specializing in future alternative energy will be able to move to the mainstream and, unlike the tech boom of the 1990s, benefit from a market characterized by longevity where technologies can co-exist with, instead of replacing, existing ones.