The annual value of renewable energy capacity installed will double in real terms to US$395 billion in 2020, rising to US$460 billion in 2030, compared with US$195 billion in 2010 – according to analysis company Bloomberg New Energy Finance.
As a result, in 20 years’ time 15.7% of total energy production will come from renewable sources (including large hydro), up from 12.6% last year.
These are the results of the Global Renewable Energy Market Outlook, a new piece of research published for Bloomberg New Energy Finance clients, presenting the firm’s latest forecasts on the size of the world renewable energy markets out to 2030.
Graph alongside shows the annual value of renewable energy capacity installed, 2005-30 by region in US$billion. (Source: Bloomberg New Energy Finance.)
Cost reductions will spur deployment of solar power, which will undergo the second‐fastest percentage growth of all technologies (after offshore wind) from 51GW in 2010 to 1,137GW
by 2030.
This will require significant capital – an annual average of US$130 billion over 2010‐30 compared with $86billion in 2010.
The wind (on‐ and offshore) sector will continue to expand, attracting US$140 billion in 2020 and $206 billion per annum by 2030 (2010: $82 billion).
The bioenergy sector will see renewed activity, with the commercialisation of second‐generation
technologies.
Investment in biofuels, biomass and waste‐to‐energy is projected to increase from $14 billion in
2010 to $80 billion in 2020 and then remain level over the next decade.
The graph alongside shows the annual value of renewable energy capacity installed, 2005-30 by technology sector in US$billion. (Source: Bloomberg New Energy Finance.)
Guy Turner, director of commodity market research at Bloomberg New Energy Finance, said: “These results indicate that last year’s record renewable energy investment was no one‐off despite the recent economic gloom."