Wed. Jul 17th, 2024

In 10 years, solar and wind capacity will increase significantly in the world

Natasha Kumar By Natasha Kumar Jul11,2024

In 10 years, solar and wind capacity will increase significantly in the world

As noted in the Wood Mackenzie forecast, from 2024 to 2033, developers will put into operation new solar and wind installations with a capacity of more than 5, 4 terawatts (TW), increasing the global total to 8 TW. This is in line with overall plans to electrify the economy and achieve decarbonisation targets.

The capacity of energy storage systems (with the exception of hydro-accumulating stations) will increase by more than 600%, and almost 1 TW of new capacity is expected to be put into operation during the same period. This makes energy storage one of the fastest-growing markets in energy as the challenges of integrating renewables grow.

Analysts at Wood Mackenzie say wind and solar installations will grow from about 500 GW in 2023 to an average of 560 each year. GW over a 10-year period. China will remain the leader in this regard – 3.5 TW of solar, wind and storage capacities are expected to be installed here between 2024 and 2033.

“Ultra-low module prices accelerated the pace of solar deployment last year in Europe and China, and this will continue in the near term, – said Wood Mackenzie Principal Analyst for Distributed Solar Photovoltaic Systems Juan Monge. – But grid constraints and a return to lower electricity prices, and eventually to lower capture rates, will affect markets and other regions.

In 2023, the global deployment of energy storage systems increased by 162% compared to the previous year – up to 45 GW/100 GWh. It is expected that the figure will be much higher this year – up to 159 GW/358 GW•h. The market is forecast to grow by 926 GW/2,789 GWh between 2024 and 2033. And China alone will add an average of 42 GW/120 GW•h per year over the next 10 years.

Wind installations in China are expected to add an average of 91.5 GW annually, while the rest of the world this indicator will be an average of 85 GW per year. “In May, China's central government announced a plan to promote the energy transition and ensure the country achieves carbon-neutral goals, – noted Wood Mackenzie senior analyst Lucas Stavole. – Project development has been accelerated in the short term, and investment in renewable energy will be a long-term economic driver.

The deployment of offshore wind farms will average 39 GW of connected capacity annually between 2024 and 2033.

Natasha Kumar

By Natasha Kumar

Natasha Kumar has been a reporter on the news desk since 2018. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Times Hub, Natasha Kumar worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my natasha@thetimeshub.in 1-800-268-7116

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