Global demand for renewable energy is increasing
Health care. That is the market that is going to explode.
When I started working in the financial industry a couple of decades ago, that was the refrain I heard constantly.
All eyes were on the baby boomers. With nearly 75 million, there was growing concern about their growing health needs.
We would need more doctors. More nurses. More physical therapists. More home health aids. More aids for personal care.
And they were right.
The US Bureau of Labor Statistics estimates that job growth for home health aides will increase by 46.7% between 2016 and 2026. Jobs for personal care aides are projected to grow by 37 .4% during the same period of time.
But there is an industry that is growing even faster, creating even more job opportunities. And more opportunities to profit…
Renewable energy: the booming industry
Whether you think climate change is a big deal or a complete hoax, the fact is that renewable energy is a growing market around the world.
The US Bureau of Labor Statistics reported that solar panel installers were projected to see job growth of 105.3% between 2016 and 2026.
There are approximately 260,000 Americans working in the solar industry.
In 2016, solar installations accounted for 39% of all new electricity generating capacity, surpassing all other technologies for the first time. And during the first half of 2017, solar power accounted for 22% of all new capacity, second only to natural gas.
The United States has more than 47 gigawatts of total solar capacity now installed. This is enough to supply 9.1 million homes.
Part of this phenomenal growth is coming from the falling price of solar panels. Since 2010, the cost of installing solar panels has plummeted more than 70%.
As installing solar panels has become more affordable, more residents have turned to them as a viable way to dramatically lower their energy bills and use a cleaner form of energy.
But solar power isn’t the only renewable energy creating a buzz of opportunity.
Wind power soars
Wind power is also experiencing significant growth. Wind turbine maintenance technicians are expected to see job growth of 96.1%, double that of home health aides.
Earlier in the month, WindEurope reported that European wind power set a new record on October 28 after some 24.6% of EU electricity demand was covered by wind power. This beat the previous record set earlier this year of 19.9%.
The late October storm that spun German wind turbines resulted in the creation of 39,409 megawatts. That’s the equivalent of 40 nuclear reactors.
In July, Scotland broke a record by generating the equivalent of 118% of the country’s electricity for six days.
And New York is considering a plan to add up to 40 turbines across 60 square miles with the expectation of generating 124 megawatts. That’s enough power for 20,000 people.
New York’s wind power generation has grown from 48 megawatts in 2005 to 1,827 megawatts in 2017. However, it still trails Texas with its 20,320 megawatt wind power capacity and Iowa’s 6,911 megawatts of wind power capacity. .
The key is that there is still ample room for growth.
The next jewel for your wallet
As prices drop and technology continues to advance, more businesses and even residents will flock to renewables as a power source.
We are seeing more and more stories about renewable energy farms and plants meeting our energy needs despite falling oil and natural gas prices.
Solar and wind energy are booming.
But while wind and solar power frequently grab all the headlines, there is another renewable energy source that is available in almost every part of the world and could see a massive boom in demand.
As you look for new opportunities to increase your wealth, the renewable energy sector continues to offer excellent upside potential…and far less uncertainty than healthcare.
