The International Energy Agency (IEA) has released a new market update on the outlook for renewable energy in 2023 and 2024. While emphasizing that the main actor in renewable energy growth will be solar energy, it is reported that new records are approaching.Solar energy will continue to be the main actor
The report said global renewable energy capacity will increase by 107 GW in 2023 to over 440 GW, the largest absolute increase ever. With this record, solar power will continue to be the main source of global renewable capacity growth in 2023, accounting for 65 percent or 286 GW of growth.After two consecutive years of decline, onshore wind power additions are expected to increase by 70% in 2023 to reach 107 GW, an all-time record. The annual solar market growth is expected to continue and to reach approximately 310 GW in 2024, an increase of over 7 percent compared to 2023. Overall, it is estimated that by the end of 2024, the cumulative renewable energy capacity in the world will reach over 4500 GW, equaling the combined energy capacity of China and the United States.
“Low module prices, more distributed PV system purchases and a policy push for large-scale installation are triggering higher annual additions in all major markets, including China, the European Union, the United States and India,” the IEA said in its published report.The European Union accounts for 74 percent of the expected growth in residential and commercial solar PV systems, with the majority (82%) coming from six key markets: Germany, Spain, the Netherlands, France, Italy and Sweden. The report cites market conditions triggered by the Russian invasion of Ukraine as the main reason behind this trend.
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