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Solar Power Generation Capacity to Amplify by 600 GW

Solar Power Generation Capacity to Amplify by 600 GW

by November 14, 2018 Energy, World

The world’s total solar photo voltaic (PV) power generation capacity is ready to amplify by 600 GW by 2023 as conjectured by International Energy Agency in a report today.

The PV technology will expand from 600 gigawatt (GW) by 2023 from the 2017 level of 391 GW, making solar PV capacity to be more than all other renewable energy technologies combined, or as much as twice Japan’s total capacity.

“This growth is expected to continue, and solar PV capacity is expected to reach 1,000 Gw by 2030. China remains the absolute solar PV leader by far, holding almost 40 per cent of global installed PV capacity in 2023. The United States remains the second-largest growth market for solar PV, followed by India, whose capacity quadruples,” the report titled Renewables 2018 released here said.

The study also points out that wind energy will remain the second-largest contributor to renewable capacity growth, expected to expand by 60 per cent while, in absolute terms, hydropower will be the largest renewable electricity source by 2023.

The report provides global trends and developments for renewable energy in the electricity, heat and transport sectors. It was presented by Cédric Philibert, Senior Analyst, Renewable Energy Division at IEA in the presence of executives from TERI and Council for Energy, Environment and Water (CEEW).

According to IEA, modern bioenergy will have the biggest growth in renewable resources between 2018 and 2023 and renewables will continue their expansion over the next five years, covering 40 per cent of global energy consumption growth. Their use will continue to increase rapidly in the electricity sector and will account for almost a third of total world electricity generation in 2023.

“Modern bioenergy is the overlooked giant of the renewable energy field. Its share in the world’s total renewables consumption is about 50 per cent today, in other words as much as hydro, wind, solar and all other renewables combined,” IEA Executive Director Fatih Birol said, adding that right policies and rigorous sustainability regulations will be essential to the full potential of bioenergy segment.

The report also highlights that renewables use will expand far more slowly in the transport and heat sectors due to weaker policy support and additional barriers to deployment. So, the development and growth of renewables in both the sectors will be critical to enable the full transition of energy generation to low-carbon pathways.