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Growth of Renewable Energy: What Does the Future Hold?
Renewable power capacity is set to expand by 50% between 2019 and 2024, led by solar PV. This is according to The
International Energy Agency (IEA)’s ‘Renewable 2019’ report, which found that solar, wind and hydropower projects are
rolling out at their fastest rate in four years.
Global capacity forecast:
In the main case forecast, renewable electrical capacity increases 50% (1 220 GW) by 2024, from 2 502 GW in 2018.
Solar PV, including utilityscale and distributed applications, accounts for almost 60% of all renewable capacity
expansion over the forecast period, followed by wind, hydropower and bioenergy.
Figure: Renewable electricity capacity forecast summary [1]
R2018=Renewables 2018 forecast for 201823(IEA, 2018). R2019=Renewables 2019 forecast for 201924
Future Capacity of Solar Energy
The IEA report found that solar energy will account for 60% of the predicted renewable growth, primarily due to its
accessibility and the cost of solar power is expected to decline by 15% to 35% by 2024. Hence, the residential solar
power is expected to expand from 58 GW in 2018 to 142 GW by 2024, and annual capacity additions are expected to
more than triple to over 20 GW by 2024. Commercial and industrial solar energy capacity is forecast to constitute 377
GW in 2024, up from 150 GW in 2018, with China predicted to be the largest growth market. [2]
Global power generation
The role of renewable resources in power generation grows at an accelerated pace. From around 25% today,
renewable will grow their share of global generation to around 50% by 2035 and to close to 75% by midcentury. [3]
1) https://iea.blob.core.windows.net/assets/a846e5cfca7d4a1fa81bba1499f2cc07/Renewables_2019.pdf
2) https://earth.org/thegrowthofrenewableenergywhatdoesthefuturehold/
3) https://www.mckinsey.com/~/media/McKinsey/Industries/Oil and Gas/Our Insights/Global Energy Perspective
2019/McKinseyEnergyInsightsGlobalEnergyPerspective2019_ReferenceCaseSummary.ashx
Sources Similarity
The Growth of Renewable Energy: What Does the Future Hold?
ꞏ This is according to The International Energy Agency (IEA)’s ‘Renewable 2019’ report, which found that solar, wind
and hydropower projects are rolling out at their fastest rate in four years. Renewable Energy: Growth Projections
25%
https://conrema.org/2020/11/30/thegrowthofrenewableenergywhatdoesthefuturehold/
earth.org
Hence, the residential solar power is expected to expand from 58 GW in 2018 to 142 GW by 2024, and annual
capacity additions are expected to more than triple
13%
https://earth.org/thegrowthofrenewableenergywhatdoesthefuturehold/
Page 2
Global Energy Perspective 2019: Reference Case January 2019 10%
• The role of renewable resources in power generation grows at an accelerated pace. From around 25% today,
renewables will grow their share of global generation to around 50% by 2035 and to close to 75% by midcentury •
Coal and oil generation decrease rapidly, partially substituted by renewables, …
http://www.averefrance.org/Uploads/Documents/1595238752b6ddd84a9cc636257258701ca934e763McKinsey
EnergyInsightsGlobalEnergyPerspective2019_ReferenceCaseSummary.pdf