Wood Mackenzie projects that solar energy will contribute 59% of new renewable installations between 2024 and 2033, with China leading this growth. The solar energy market is expected to see developers install 3.8 TW (AC) of global capacity within this period, reflecting the rising trend in solar energy investment.
Global Renewable Energy Growth
Analysts predict that combined wind and solar installations will reach 5.4 TW, bringing the global total to 8 TW by 2033. The energy storage sector, particularly lithium batteries, will also see significant growth, with a 600% increase leading to nearly 1 TW of new capacity. Luke Lewandowski, Vice President of Global Renewables Research at Wood Mackenzie, highlighted that this growth is expected despite challenges like inflation, grid constraints, and permitting issues.
Solar Energy Market Dynamics
The cumulative installed global solar capacity could nearly quadruple by 2033. China is anticipated to account for 50% of this new capacity, driven by ultra-low module prices and aggressive solar energy policies. Juan Monge, Principal Analyst of Distributed PV at Wood Mackenzie, noted that Europe and China have seen intensified solar deployments due to these low prices. Maximizing solar PV and wind power capacity will depend on technology developments, expanded grid infrastructure, and flexibility solutions.
Energy Storage and Future Trends
The global energy storage market is projected to reach 159 GW/358 GWh by the end of this year. By 2033, an additional 926 GW/2,789 GWh is expected, marking a 633% increase. China will continue to lead, with an average annual capacity growth of 42 GW/120 GWh. This expansion underscores the critical role of energy storage in making renewable power widely available.
Wood Mackenzie also forecasts a year-on-year increase in installed solar capacity until 2026. A brief slowdown is expected, followed by renewed growth driven by planned procurement. This forecast underscores the robust potential for continued investment in solar technology and energy market trends.
In summary, Wood Mackenzie’s predictions highlight significant developments in solar energy and storage, driven by technological innovations and strong green energy policies. The global solar energy market is poised for substantial growth, particularly in China and Europe, reflecting broader trends in the energy sector.
Source：thisdaylive.com
