Data from energy transition analysts Wood Mackenzie has demonstrated that over 5.4TWac of new solar and wind capacity will come online from 2024 -2025. This will bring the worldwide cumulative total to 8TWac.
This will be an increase from 2023’s 500GW figure of newly installed solar and wind capacity and will have an average annual figure of 560GW over 10 years. In addition to this, the analysts predict that energy storage capacity will increase by 600% – with an anticipated 1TW of new capacity expected for 2014-2025.
Wood Mackenzie’s analysis determines that this is due to the international collective effort to reach decarbonisation targets and electrify economies.
Luke Lewandowski, VP, Global Renewables Research, comments:
“Global demand for renewables has reached unprecedented levels, driven by country-level policy targets, technology innovation, and concerns over energy security.
“Integrated power technology solutions will continue to evolve, evidenced by a significant increase in storage-paired capacity growth, despite inflation, grid constraints and permitting challenges.”
The data also predicts that China will continue to lead the charge in solar, storage, and wind implementation – forecasting the country to connect 3.5TWac to the grid between 2024-2033.
Lewandowski adds: “Solar PV leads the deployment race, accounting for 59% of global capacity due to come online between 2024 and 2033.
“Energy storage will have the most balanced geographic footprint over the outlook due in part to its important role in helping to make renewable power available.”
Highlights
- Wood Mackenzie anticipates that global PV will increase by 4.7TWdc between 2024-2025 – with China leading on 50% of the growth.
- Europe’s thriving distributed PV market has begun to decline, with residential installations contracting over 30% in Germany and more than 50% in the Netherlands in Q1 – due to reduced retail rates.
- Global energy storage will most likely reach 159GW/358GWh by 2024’s end.
- Between 2024-2033 there will be a 636% increase in installed energy storage (926 GW/2789GWh).
- China is anticipated to also lead in the energy storage market, expecting around 42 GW/120 GWh annual capacity added over the next decade.
