Renewable Energy

The renewable energy industry is majorly driven by the rapid growth of the solar PV market, which accounted for nearly two thirds of the power capacity at the global level in 2016, with more than 160 gigawatts set to become online. The solar PV capacity witnessed a growth by almost 55%, reaching approximately 74 gigawatts and with China accounting for more than 50% of the expansion. According to Insights and Reports, solar PV is expected to represent the largest capacity additions for renewable energy on an annual basis for the next five years. It is expected that growth in the renewable energy industry could be up to 25% by the end of 2023, with an addition of more than 1100 gigawatts, with China spearheading the market.

China is expected to continue dominating the renewable energy market with capacity addition crossing the 400 gigawatt mark by 2023, followed by the U.S., which is expected to cross the 150 gigawatt mark by the same time period. However, it is expected that by the end of 2023, more than 60% of the renewable energy market will be captured by China, India and the U.S.

U.S is the second largest market for renewable energy despite policy uncertainty. Multi federal tax incentives coupled with renewable portfolio standards are some of the factors driving the demand for onshore wind and solar capacities, which in turn is augmenting market growth for renewable energy.

India is expected to double its presence renewable energy capacity by the end of 2021 and its growth is expected to surpass that of the European Union. Wind and solar PV represent more than 90% of the country’s growth capacity