2020 To See 22.5% New Energy Globally

Renewable energy to reach 22.5% share in global power mix in 2020

16 July 2018 (Power Technology)

“The global power sector is witnessing a gradual transition from conventional thermal power-generating sources toward clean energy technologies…The renewables share was 8.6% in the global energy mix in 2010 and is expected to increase to 22.5% in 2020…As changing geopolitical interests in the Middle East change the oil and gas supply markets, renewable energy is turning out to be a bright area in the global energy economy…[Growth rates over the last two years] were higher when compared with conventional fuel market rates…Global cumulative installed renewable power capacity was 1,236 gigawatts (GW) in 2017. Renewable power installations in developing markets witnessed a significant growth in comparison with the developed markets of North America and Europe…The total installed capacity of renewable energy sources was 437GW in 2010…It grew more than 2.5x to 1,236GW in 2017 and had an installed capacity share of 18.2%. Wind power was the largest renewable source…followed by solar…[Growth is forecast to continue as costs for wind and solar PV fall and incentive schemes are] replaced by reverse bidding mechanisms, leading to a boom in the construction of utility-scale power projects…” click here for more

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