Market research and analysis firm Frost & Sullivan have issued the 2018 Global Renewable Energy Outlook revealing that in 2018, renewable power generation capacity will grow by 13.3% and the global renewable investments will reach US $228.3bn this year.
The renewable energy market is expected to achieve 154.6GW of new energy capacity by the end of this year and majority of the energy capacity will come from solar photovoltaics with almost 90GW, followed by wind with 53GW.
Wind and solar PV
The report points out that wind and solar PV will continue to grow strongly, while biomass, geothermal, and small hydro will expand steadily but at a slower pace, and the ocean power sector will strive to get the right support to take off.
Factors driving the renewable energy market include rising electricity demand, decarbonisation goals, and government incentives. Also, market expansion is being challenged by resource unavailability, high risks associated with investing in the market and the high upfront costs required to implement a project.
Renewable technologies are being adopted rapidly across all regions, with very few countries being left out of the market. Latin America, and Africa and the Middle East will experience the greatest growth in installed capacity during 2018, at 20.1% and 52.3%, respectively, due to their small installed base. Asia will be responsible for 58% of the total capacity growth in 2018.
Frost & Sullivan has a robust and proven research methodology that delivers high-quality findings. It has established relationships with leading participants in the renewable energy market value chain, which has helped it conduct primary research for the purpose of its research services.