Global renewable energy industry will be an arena for around USD 3.4 trillion (EUR 2.8tr) of new investments over the next decade as installation costs decline and coal power generation fades. 2020s will be “crucial” for all power industry players as the industry transitions toward the wider use of renewable energy, with some USD 2.72 trillion of the estimated investment to be channeled into wind and solar. As a result, by 2030, 54.1% of the world’s installed power capacity will be renewable, of which wind and solar will contribute 37.9%.
Major uptake on the wind and solar front, in particular, is expected this decade, triggered by the falling costs and renewable-friendly energy policies adopted in countries in North America, Latin America, Europe, the Middle East, as well as in China and India. Pressure will continue to build for further decarbonisation within the power system as the rate of adoption of digital technologies increases in both existing and future plants to boost operational performance. Growth opportunities will vary depending on the region. The focus in Europe and China will be battery storage, while energy service and performance contracting is forecast to be a priority for the North American market. A major driver in India will be the deployment of fresh solar and wind power capacity.