Share of renewable installed capacity in total capacity mix will continue to increase
As per GlobalData’s Power database, share of renewable installed capacity in total power capacity mix increased from 16% in 2016 to 25.2% in 2021. It is expected that share of renewables will reach 53.8% in 2035. Cumulative installed capacity for renewables in 2021 was 2,052 GW in 2021 from 1,073 in 2016. Renewable installed capacity is expected to increase to reach 8,032 GW in 2035 at a CAGR of 10.2% during 2021-2035.
In terms of generation, share of renewables of the total electricity generated increased from 9.9% in 2016 to 15.4% in 2021. It is expected that global renewable generation share will reach over 35.6% by 2035. Power generation from renewables reached 4,172.6 TWh in 2021 from 2,343.4 TWh in 2016. It is expected that electricity generation from renewables will reach 14,386 TWh in 2035 at a CAGR of 9.2% during 2021-2035.
Solar PV emerged as the largest renewable power source in 2021
Solar PV emerged as the largest renewable power source in 2021 in terms of cumulative installed capacity with around 892.7 GW. Solar PV overtook wind power which had a total capacity of 826.8 GW in 2021. Solar PV and wind account for 83.8% share of total installed renewable capacity in 2021. Solar PV will continue to lead global renewable capacity during 2022-2035 and will reach over 4,810 GW by 2035 at a CAGR of 12.8%. Of the total renewable capacity additions expected during 2022-2035, solar PV alone will account for over 65% capacity share followed by wind with over 30% share.
In terms of annual capacity additions, solar PV emerged as the largest renewable source in 2016 surpassing wind. Solar PV installed 79.7 GW in 2016 while wind power added over 55 GW. From 2016, solar PV continued to surpass wind in terms of annual additions and in 2022, it is expected that solar PV will add more than double the capacity of wind.
Top five countries account for over 67% of the total renewable capacity in 2021
China, US, Germany, India, and Japan are the top five renewable markets in the world in 2021 in terms of cumulative capacity. These top five countries account for over 67% of the total renewable installed capacity in 2021. In terms of capacity additions during 2022-2035, China, US, Germany, India, and Australia will be the top five renewable markets in the world. These top five countries account for over 72.5% of the total renewable capacity added during 2022-2035.
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