Solar and Wind to Push Global Renewable Energy Share to 36% by 2020

The solar PV sector has expanded massively in recent years

NEW YORK March 27, 2013


Initiatives aimed at cutting carbon emissions and establishing long term energy security will see renewable energy claim a 36% share of global cumulative installed capacity by the end of the decade, states the latest report from business intelligence firm GBI Research.

The new report* explains that solar photovoltaic (PV) and wind energy will be the primary technologies forecast to drive global renewable energy installed capacity from 1,695 GW in 2012 to 2,762 GW in 2020 – boosting the industry's share of the world total installed capacity from 30% to 36%.

The solar PV sector has expanded massively in recent years, and with countries including India and China announcing ambitious future solar PV targets, there are no signs of this growth abating in the near future. Correspondingly, GBI Research predicts global solar PV installed capacity to reach 331 GW by 2020 from 97 GW in 2012, climbing at a Compound Annual Growth Rate (CAGR) of 16.6%.

Spurred on by favourable government policies in countries such as Germany, China and the US, the global installed capacity for wind is also expected to prove a key contributor to renewable energy, more than doubling from 284 GW in 2012 to 685 GW by 2020, according to GBI Research forecasts.

The capital costs of renewable energy generation are currently higher than those of conventional methods, but government initiatives and technological advances have steadily decreased renewable generation expenditure over the last four to five years, lowering the Levelized Cost of Energy (LCOE) and further driving the industry.

* Cost of Power Generation – Renewables Compete with Conventional Alternatives as the Levelized Cost of Electricity (LCOE) is driven down by Technological Developments and Mass Deployments

-ABOUT GBI RESEARCH-

GBI Research is a market-leading provider of business intelligence reports, offering actionable data and forecasts based on the insights of key industry leaders to ensure you stay up-to-date with the latest emerging trends in your markets.

Featured Product

SOLTEC – SF8 SINGLE-AXIS TRACKER

SOLTEC - SF8 SINGLE-AXIS TRACKER

Under the slogan "engineered for greatness", the SF8 tracker aims to revolutionize the photovoltaic market with its new minimum 2x60 configuration and 4 to 6-strings. This tracker is elegantly designed while it reinforces its structure to perform in any terrain. In addition, the SF8 tracker increases the rigidity of its structure by 22% more than the previous generation of Soltec trackers, the SF7. The SF8 is specially designed for larger 72 and 78 cell modules, an increasing market trend.