Solar, Wind, Hydro Together Estimated to Produce 80% of Global Electricity Generation by 2050

As per the report, wind energy market is expected to expand as the world’s significant source of renewable electricity generation by 2025 and is expected to play a critical role in decarbonizing the power system and improving flexibility.

November 19, 2020. By Manu Tayal

Tags:

Solar photovoltaic (PV), wind, and hydro, together, are estimated to produce approximately 80 per cent of the global electricity generation, which in turn is expected to create an opportunity for the market to grow in the future by 2050, as analyzed by the leading market research store ‘Research and Markets’ in its report Renewable Energy Market - Growth, Trends, and Forecast (2020 - 2025).

As per the report, wind energy market is expected to expand as the world’s significant source of renewable electricity generation by 2025 and is expected to play a critical role in decarbonizing the power system and improving flexibility.

Additionally, Asia-Pacific region is one of the largest regions in the renewable energy market, which is concentrating on the cleaner version of fuels rather than just focusing on crude oil and its products. The deviation of energy sources would not only reduce the dependency of fossil fuels but would also help to control the rising air pollution within the region, added the report.

The report predicted that Asia-Pacific renewable energy market majorly consists of 18 countries, with 52 per cent of the world’s population, represent 88 per cent of the people living in the region and account for nearly 39 per cent of the global primary energy supply. China and India dominate the region, with 28 per cent of the global energy supply.

In 2018, the region has dominated the renewable energy market with the highest installed capacity of around 1,000 GW and generating more than 2000-terawatt hour of electricity. China is the dominating country within the region, with a majority share in electricity generation from the renewal sources, it further said.

Among all the available renewable technology, hydropower dominates the region with maximum market share. During 2018, hydropower installed capacity exceeded 500 GW, followed by the wind with installed capacity over 200 GW.

Meanwhile, the report also said that renewable energy market is fragmented, and some of the key companies in the market include Siemens AG, Vestas Wind Systems A/S, General Electric Company, NextEra Energy Inc., Orsted A/S, Suzlon Energy Limited, Berkshire Hathaway Energy Co., and Avangrid Inc. among others.

Please share! Email Buffer Digg Facebook Google LinkedIn Pinterest Reddit Twitter
If you want to cooperate with us and would like to reuse some of our content,
please contact: contact@energetica-india.net.
 
 
Next events

 

Last interview
 
 
 Energetica India is a publication from Editorial Omnimedia. No reproduction in whole or part of content posted on this website.