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According to a white paper by IHS Markit, an international market research firm, the annual increase in renewable energy generation capacity worldwide will increase from 200 GW in 2020 to about 250 GW in 2022, and then increase to more than
300 GW by 2024.
This growth was mainly driven by falling costs of wind and solar and the successive announcements of net-zero commitments by countries and businesses
.
IHS said the average cost of solar photovoltaic (PV) systems fell by 54% from 2015 to 2021, and solar is now "the resource of choice everywhere.
"
It will account for the main share
of new renewable energy capacity added between 2021 and 2024.
Germany, Italy, Spain, South Korea and other countries have recently raised or plan to raise their solar development targets
.
Onshore wind, on the other hand, saw record installations in 2020, with 120 GW of new installed capacity set to arrive, and 2021 is expected to be another strong year, with developers in the US and China scrambling to complete projects
before subsidies in these markets expire at the end of the year.
However, the growth of wind energy in Europe has been hampered
by land-use impacts in some parts of the continent and increased competitiveness of solar energy.
"The cost-effectiveness of advanced turbines with a capacity of more than 5 MW and a load of 40% makes it an economical option
," the white paper says.
”
Offshore wind is reaching a new peak, with 11 GW of offshore wind capacity expected to reach 2021, double the 2020 level
.
China is growing rapidly adding new capacity, while Japan, the UK and Poland have launched higher offshore wind targets
.
In the United States, the offshore wind sector will once again enjoy strong support
.
IHS Markit identified the auction system and corporate purchasers as two important factors
supporting the future growth of renewable energy.
"New markets such as Ecuador and Myanmar held their first auctions in 2020, Vietnam is about to conduct its first solar tender, and newcomers such as the Philippines and Slovakia are likely to have their first auctions
in 2021.
"
Meanwhile, enterprise power purchase agreements (CPPAs) are on the rise
.
In the U.
S.
, the new corporate offtake deal is almost on par with
all other renewable energy contracts signed in 2020.
In the energy sector, oil and gas companies, such as BP, Shell and Total, are also increasing their investments
in renewable energy.
According to IHS Markit, oil and gas companies acquired 18 solar and wind acquisitions in 2019 and 17 in 2020, compared to just nine in 2018
.
According to a white paper by IHS Markit, an international market research firm, the annual increase in renewable energy generation capacity worldwide will increase from 200 GW in 2020 to about 250 GW in 2022, and then increase to more than
300 GW by 2024.
This growth was mainly driven by falling costs of wind and solar and the successive announcements of net-zero commitments by countries and businesses
.
IHS said the average cost of solar photovoltaic (PV) systems fell by 54% from 2015 to 2021, and solar is now "the resource of choice everywhere.
"
It will account for the main share
of new renewable energy capacity added between 2021 and 2024.
Germany, Italy, Spain, South Korea and other countries have recently raised or plan to raise their solar development targets
.
Onshore wind, on the other hand, saw record installations in 2020, with 120 GW of new installed capacity set to arrive, and 2021 is expected to be another strong year, with developers in the US and China scrambling to complete projects
before subsidies in these markets expire at the end of the year.
However, the growth of wind energy in Europe has been hampered
by land-use impacts in some parts of the continent and increased competitiveness of solar energy.
"The cost-effectiveness of advanced turbines with a capacity of more than 5 MW and a load of 40% makes it an economical option
," the white paper says.
”
Offshore wind is reaching a new peak, with 11 GW of offshore wind capacity expected to reach 2021, double the 2020 level
.
China is growing rapidly adding new capacity, while Japan, the UK and Poland have launched higher offshore wind targets
.
In the United States, the offshore wind sector will once again enjoy strong support
.
IHS Markit identified the auction system and corporate purchasers as two important factors
supporting the future growth of renewable energy.
"New markets such as Ecuador and Myanmar held their first auctions in 2020, Vietnam is about to conduct its first solar tender, and newcomers such as the Philippines and Slovakia are likely to have their first auctions
in 2021.
"
Meanwhile, enterprise power purchase agreements (CPPAs) are on the rise
.
In the U.
S.
, the new corporate offtake deal is almost on par with
all other renewable energy contracts signed in 2020.
In the energy sector, oil and gas companies, such as BP, Shell and Total, are also increasing their investments
in renewable energy.
According to IHS Markit, oil and gas companies acquired 18 solar and wind acquisitions in 2019 and 17 in 2020, compared to just nine in 2018
.
