Global Renewable Energy: 2009 – 2018
Global Renewable Energy: 2009 – 2018 ( Solar Thermal Magazine)
The future of human civilization is slowly but surely moving towards renewable energy. The existing reserves and undiscovered sources of fossil fuels and other combustible or radioactive minerals will eventually be exhausted or become too expensive to extract. In response to spiralling power requirements, more money has been invested in new renewablesbased generation capacity than in non-renewables-based generation capacity in recent times. The International Energy Agency (IEA) estimated last year that the power industry still needs to invest USD 17 trillion from 2013 through 2035 to satisfy rising electricity demand.
The increase of renewable energy’s share in total installed energy capacity was evident in most geographies in 2013. The growth of renewables was noticeable across Asia, Latin America, the Middle East and Africa, with new investment in all technologies. The Middle East and North Africa (MENA) region and South Africa in particular, witnessed the launch of ambitious new targets in 2012, as well as the emergence of policy frameworks and renewables deployment. Globally, the most significant growth occurred in the power sector, with global capacity exceeding 1,560 gigawatts (GW), up more than 8 percent over 2012.
Hydropower rose by 4 percent to approximately 1,000 GW, and other renewables collectively grew nearly 17 percent to more than 560 GW. However, wind energy experienced a significant decline in installation in 2013, mainly due to a dramatic drop in the US market. Around 35 GW of new wind power capacity was brought online in the year, lower than 2012 additions that were in excess of 45 GW. In terms of overall investments, the global wind sector saw a slight decline to USD 80.3 billion in 2013, down from USD 80.9 billion in 2012. Asian countries, such as China and India, were the growth drivers, contributing more than 52 percent of new installed capacity share. The Europe and North America were the other significant contributors with 34 percent and 9 percent capacity additions, respectively.
Meanwhile, global investments in renewable energy dropped for a second successive year to USD 254 billion in 2013, an 11 percent decrease from 2012 levels. The decline was reflected in a sharp fall in solar system prices, and the effect of policy uncertainty in many countries. Looking at global investment in clean energy sector-wise, wind saw a small decline to USD 80.3 billion in 2013 from USD 80.9 billion in 2012, while there was a more pronounced reduction in solar, to USD 114.7 billion from USD 142.9 billion.
The governments of several countries are focusing on policy framework to create a congenial environment for the growth of the renewable energy market. Around 138 countries across the world had set renewable energy targets for the end of 2012.
The Fukushima nuclear disaster in Japan impelled many countries to develop policies for the development of sustainable energy sources. Feed-in-tariffs (FITs) and renewable portfolio standards (RPS) are the most common policies being adopted by a majority of the countries that have renewable energy policies. The renewable energy sector has the potential to double its present share, but that requires action from all regions. The US Energy Information Administration (EIA) estimates that about 10 percent of world energy consumption is from renewable energy sources with a projection of 14 percent by 2035. That renewables is the fastest growing energy source for actual electricity production globally, increasing at 3.1 percent per year, is indication of its outlook.
SCOPE OF THE REPORT – Global Overview of the Renewable Energy Market – Sources of Renewable Energy and their Current Global Status – Region-wise Status of the Market – Country-specific Status of the Market
– Outlook of the Industry
