By the end of 2018, 154.6 gigawatts (GW) of new renewable power capacity will have been installed globally. The greatest share will come from solar photovoltaics (PV) with almost 90 GW of new additions, followed by 53 GW from wind. Biomass, geothermal, and small hydropower plants are also benefitting from rising electricity demand, decarbonization goals, and government incentives. However, expansion will be slower as they depend on resource availability, have greater risks, and require higher upfront costs. Ocean power will continue growing, but it will be awhile before it reaches the status of other renewables.
To kick-off National Energy Awareness Month, Frost & Sullivan shares its recent analysis, Global Renewable Energy Outlook, 2018, which states the global investment in renewable energy is expected to touch $228.3 billion in 2018, with a slightly slower year-on-year growth rate of 0.7 percent due to the solar capacity reductions in China. The analysis also presents the key trends, participants, total installed capacity, and forecast capacity additions in the renewable energy market. It covers the power generation technologies of biomass power, geothermal power, small hydropower (SHP), ocean power, solar PV power, and wind power.
For further information on this analysis, please visit: http://frost.ly/2t2
“The Chinese government’s announcement of modifications to its solar policy dramatically changed the projections the renewable industry had for 2018 and the following years,” said Maria Benintende, Energy & Environment Senior Industry Analyst at Frost & Sullivan. “Worldwide, we see that as the number of countries cutting subsidies increases, the market is compelled to consider purely commercial alternatives to feed-in tariffs, such as competitive auctions and private-sector power purchase agreements.”
Key regional highlights from the study include:
“The future of renewable power will be hybrid, with special emphasis on storage solutions. The pace of growth will depend on the level of government backing in terms of setting up support mechanisms to enable 100 percent renewable energy generation,” added Benintende. “To succeed in this market, OEMs need to evolve from being equipment and related service providers to being power generation solution providers.”
Solutions such as remote monitoring and diagnostics, unplanned maintenance, refurbishment and revamps, and performance-enhancing digital applications are creating numerous revenue streams for OEMs and service providers. In addition to advanced solutions and technologies, developing strategic partnerships with other renewable OEMs and storage and grid service start-ups will open up numerous growth opportunities for participants.
Global Renewable Energy Outlook, 2018 is the latest addition to Frost & Sullivan’s Power Generation research and analysis available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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