“the Rise Of Renewable Energy: A Look At 2023’s Electricity Landscape” – Abu Dhabi, United Arab Emirates, 05 April 2018 – By the end of 2017, global renewable energy generation capacity increased by 167 GW to reach 2,179 GW worldwide. This represents an annual increase of around 8.3%, the average for seven consecutive years, according to new data released by the International Renewable Energy Agency.
Are the most complete, up-to-date and available figures on renewable energy capacity statistics. It contains nearly 15,000 data points from more than 200 countries and territories.
“the Rise Of Renewable Energy: A Look At 2023’s Electricity Landscape”
“These latest data confirm that the global energy transition is moving forward at a rapid pace thanks to rapidly falling prices, technology improvements and a favorable policy environment,” said CEO Adnan Z. Amin. “Renewable energy is now a solution for countries looking to support economic growth and job creation, as well as those seeking to limit carbon emissions, expand energy access, reduce air pollution and improve energy security.”
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“Despite clear evidence of strength in the power generation sector, the full energy transformation goes beyond electricity to include the heating, cooling and transportation end-use sectors, where there is significant growth potential for renewables,” added Mr. Amin.
Solar photovoltaics (PV) grew by 32% in 2017, followed by wind power by 10%. Underlying this growth is a significant reduction in costs between 2010 and 2017, with the levelized cost of solar PV electricity falling by 73% and onshore wind by almost a quarter. Both technologies are now in the cost range of fossil-based electricity. fuels.
China continued to lead global capacity additions, installing nearly half of all new capacity in 2017. 10% of all new capacity came from India, mainly solar and wind. Asia accounted for 64% of new capacity additions in 2017, up from 58% last year. Europe added 24 GW of new capacity in 2017, followed by North America with 16 GW. Brazil is on track to accelerate renewables, installing 1 GW of solar generation, a tenfold increase over last year.
Off-grid renewable capacity saw unprecedented growth in 2017, with about 6.6 GW serving off-grid customers. This represents a 10% increase from last year, with approximately 146 million people now using off-grid renewable energy sources.
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Hydropower: The amount of new hydropower commissioned in 2017 was the lowest in a decade. Brazil and China accounted for most of this expansion (12.4 GW or 60% of all new capacity). In Angola and India, hydropower has increased by more than 1 GW.
Wind power: Three-quarters of new wind power capacity has been installed in five countries: China (15 GW); USA (6 GW); Germany (6 GW); Great Britain (4 GW); and India (4 GW). Brazil and France have also installed more than 1 GW of electricity.
Bioenergy: Asia accounted for most of the increase in bioenergy capacity, with 2.1 GW in China, 510 MW in India and 430 MW in Thailand. Bioenergy capacity also increased in Europe (1.0 GW) and South America (0.5 GW), but growth in South America was relatively low compared to previous years.
Solar: Asia continues to dominate global solar capacity expansion with 72 GW increase. Three countries accounted for most of this increase, with China increasing by 53 GW (+68%), India by 9.6 GW (+100%) and Japan by 7 GW (+17%). China alone accounted for more than half of all new solar capacity installed in 2017. Other countries that installed more than 1 GW of solar in 2017: US (8.2 GW); Turkey (2.6 GW); Germany (1.7 GW); Australia (1.2 GW); South Korea (1.1 GW); and Brazil (1 GW).
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Geothermal Energy: In 2017, geothermal power capacity increased by 644 MW, with major expansions in Indonesia (306 MW) and Turkey (243 MW). Turkey passed the 1 GW geothermal capacity mark at the end of the year, and Indonesia is fast approaching 2 GW. Adoption of renewable energy, particularly wind and solar, is accelerating as governments and corporations step up decarbonization efforts to minimize climate impacts. change. We estimate that global non-hydro renewable electricity generation could triple between 2023 and 2032.
In this report, we explore the factors that support our strong growth outlook and the significant investment opportunities that could arise as a result.
We forecast global non-hydro renewable electricity capacity to grow by 195% over the next decade, from an estimated 2,064 gigawatts (GW) at the end of 2022 to 6,060 GW in 2032.
Subsequently, the share of non-renewable sources of water in global electricity generation may increase from a projected 14% share in 2022 to a significant share of 31% in 2032.
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Many national and subnational governments have specific renewable energy targets. To encourage the growth of renewable energy sources and achieve these goals, governments offer a range of subsidies, grants, feed-in tariffs, renewable energy auctions and project tenders.
The De-Inflation Act is a prime example, as it expands and expands clean energy tax credits, which are expected to provide significant headwinds to renewable energy growth in the US.
Further evidence of the positive effects of supportive policies is the U.S. offshore wind industry, which has begun to thrive thanks to recent policy efforts at the state and federal levels.
In the private sector, some corporations want to leverage their renewable energy sources for sustainability goals, including locally. For example, almost all Ikea buildings have rooftop solar systems.
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However, the most common procurement route for corporations is through power purchase agreements (PPAs) with the renewable energy generator that owns and operates the renewable energy project.
PPAs allow corporations to reduce emissions without directly building clean energy facilities. In the United States, more than 300 corporations have the most active PPA market, reaching a record high of 20 GW of renewable energy capacity by 2022.
Tech companies, including Amazon, Google and Meta, have signed the largest cumulative capacity PPAs in the past decade.
Further supporting the strong growth outlook is the expectation of continued advances in clean energy technologies. Improvements to renewable energy system components such as solar modules and wind turbines can extend the systems’ range of applicability and performance. More importantly, more powerful solar modules and wind turbines reduce the amount of equipment required for a project, reducing land, labor and construction costs.
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Also, advances in floating solar panel systems and floating offshore wind technologies could expand the areas where projects can be built, which could be particularly beneficial in land-scarce countries. In addition, advances and growth in energy storage should allow for higher shares of renewable energy in power grids.
Wind and solar power remain the renewable technologies of choice given their scalability, technological sophistication and increasing availability. In particular, the cost competitiveness of renewable energy systems is of considerable interest to governments, corporations and residential energy users.
Between 2010 and 2021, the cost of onshore wind and solar photovoltaic (PV) power will drop by 68% and 88%, respectively, due to technology advances and economies of scale.
Supply chain challenges have driven up the price of wind and solar power over the past year, but both remain highly cost-competitive given natural gas’s frequent price hikes.
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Combined, these attributes position the solar and wind segments for significant power gains. We estimate that the two sectors could account for nearly 88% of total global power growth over the next decade, far outstripping projected power growth from other sources such as fossil fuels and other renewables.
Over the next 10 years, solar power capacity could grow at a compound annual growth rate (CAGR) of 11.6% and global wind power capacity could deliver a CAGR of 9.7%.
Global investments in renewable energy will reach a new record high of $495 billion in 2022, up 17% from 2021.
We expect investments in renewables to continue to grow as the energy transition accelerates. As investment increases, significant opportunities may emerge for renewable energy companies, particularly those in the solar and wind energy value chain. Equipment manufacturers of solar modules, cells, inverters, wafers and control systems, wind turbine manufacturers, wind and solar project developers and asset owners all stand to benefit. Over time, we expect these players to green the energy sector and in the process create attractive opportunities for investor participation.
Us Renewable Energy Transition
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1. Analysis of Global X ETF from various sources. For a complete list, see the link below “Analysis of predictions from the following sources”.
13. Analysis of Global X ETF from various sources. For a complete list, see the link below “Analysis of predictions from the following sources”.
15. BloombergNEF. (2023, January 26). Global investment in low-carbon energy technologies topped $1 trillion for the first time.
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6. Ministry of Economy, Trade and Industry (MTI). (2022, February 25). Japan’s energy. Natural Resources and Energy Agency.
8. Ministry of Economy, Trade and Industry (MTI). (November 26, 2021). The structure of the strategic energy plan. Natural Resources and Energy Agency.
10. Caron Brief. (2022, May 3). China policy: Analysis: What do China’s giant wind and solar farms mean for its climate goals?
12. Rosatom. (2022, Sept
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