USD 3.40 trillion investment expected globally in Renewable Energy by 2030
02 September 2020: Frost & Sullivan’s recent analysis, Growth Opportunities from Decarbonization in the Global Power Market, 2019-2030, states that an estimated $3.40 trillion will be invested in renewable energy during the next decade, including $2.72 trillion in wind and solar. By 2030, 54.1% of installed capacity will be renewable (including hydropower), and 37.9% will be a combination of solar and wind.
The report further indicates that the 2020s will be crucial for all the participants in the power industry. There will be a transition towards renewable energy, while coal expected to take a downturn in most developed markets. Falling costs and renewable-friendly energy policies adopted by several countries in the six major geographies-North America, Latin America, Europe, the Middle East, China, and India-are prominent reasons why solar photovoltaic (PV).
Releasing the report, Vasanth Krishnan, Senior Research Analyst, Industrial Practice, Frost & Sullivan, said “The power sector will witness strong growth in decentralization during the decade, with annual global investment increasing from $53.14 billion in 2019 to $92.54 billion in 2030. Pressure will continue to build for further decarbonization within the power system as the rate of adoption of digital technologies increases in both existing and future plants to boost operational performance.”
Renewable energy will account for 72.04% of capacity additions in India during the next decade. Competitive solar PV and wind project costs will be key to future investment.
