The power sector is experiencing a notable growth in renewable energy sources, propelled by an array of factors such as technological progress, policy incentives, and a heightened awareness of the imperative for sustainable energy solutions.
Consequently, renewable resources particularly solar photovoltaic (PV) and wind energy are gaining a larger share in the energy portfolio.
Driven primarily by declining costs and strong policy support, particularly for solar PV and wind energy, the global renewable power installed capacity is estimated to surge from 3.42TW in 2024 to 11.2TW by 2035, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Renewable Energy: Strategic Intelligence”, reveals that the global renewables market expanded from a cumulative installed capacity of 0.93TW in 2015 to 3.42TW by the end of 2024, representing a compound annual growth rate (CAGR) of 16%.
The total cumulative installed capacity is projected to record a CAGR of 11% during the period 2024-35.
