Renewables grow fastest, could boost global economy

An Expert's View about Energy in the United States

Posted on: 5 Feb 2016

Global renewable energy annual installed capacity additions overtook the global coal and gas annual installed combined capacity additions in 2014 and also in 2015.

Renewables grow fastest, could boost global economy Global renewable energy annual installed capacity additions overtook the global coal and gas annual installed combined capacity additions in 2014, which was 100 Gigawatts (GW), and is expected to maintain top position in 2015 as well. Renewables have the potential to meet half of the world’s energy needs by 2050 and to boost global economy, shows a report from GlobalData. According to the report, renewables accounted for 103.7 GW of the global annual installed total capacity of 244.1 GW, in 2014. Onshore wind, solar PV and Small Hydropower (SHP) dominated the renewable power market in 2014, and is expected to lead in 2015 as well. The global renewable installed capacity stood at 796.8 Gigawatts (GW) in 2014, and is expected to increase to 913.5 GW in 2015. It is forecast to increase to 1,511 GW in 2020, at a year-on-year growth rate of 11.3 percent during the 2014–2020 period. The most important challenge in the deployment of renewable energy is that it is more expensive than conventional fuels. In order to make renewable energy competitive, it is necessary for governments to provide support in the form of favorable policies and incentives. Substantial investment was made into renewable energy in the US, Germany, Spain, India and the UK, already in the late 1990s. Renewable power installations in developing markets such as China, India, Mexico, Republic of Korea, Brazil, Vietnam and Indonesia, showed an increasing trend, in comparison with the major markets of North America and Europe. The report covers country rankings for renewable technologies such as wind, solar, small hydro, geothermal, ocean and biopower based on annual capacity additions, new investments, renewable energy policy updates, installation outlook, major deals and projects in the renewable energy sector and expected trends in the near future. Source: GlobalData
Posted: 05 February 2016

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