Renewable energy represents a possible solution to two major global issues, global warming and diminishing fossil fuel reserves. Renewable energy is sustainable and clean, emitting no – or very little – Carbon Dioxide (CO2).
These factors have caused major countries to shift focus towards the development of renewable energy sources. Substantial investment was made into renewable energy in the US, Germany, Spain, India and the UK, in the late 1990s. Renewable energy sources are currently the fastest-growing energy sector in the world, with the potential to meet half of the world’s energy needs by 2050.
The global renewable installed capacity stood at 796.8 Gigawatts (GW) in 2014, and is expected to increase to 913.48 GW in 2015. It is forecast to increase to 1,511.23 GW in 2020, at a Compound Annual Growth Rate (CAGR) of 11.3% during the 2014–2020 period. Renewable power installations in developing markets such as China, India, Mexico, Republic of Korea, Brazil, Vietnam and Indonesia, showed an increasing trend, in comparison with the major markets of North America and Europe.
According to GlobalData, renewables accounted for 103.66 GW of the global annual installed total capacity of 244.10 GW, in 2014. Onshore wind, solar PV and Small Hydropower (SHP) dominated the renewable power market in 2014, and is expected to lead in 2015 as well. Global renewable energy annual installed capacity additions overtook the global coal and gas annual installed combined capacity additions in 2014, which was 100.14 GW, and is expected to maintain top position in 2015 as well.
The viewpoint provides a recap of the global renewable energy sector in 2015. It covers country rankings for renewable technologies such as wind, solar, small hydro, geothermal, ocean and biopower based on annual capacity additions, new investments, renewable energy policy updates, installation outlook, major deals and projects in the renewable energy sector and expected trends in the near future.
Reasons To Buy
- To understand the global renewable energy market performance in 2015 and expected market trends in near future – more