China continue to dominate in the absolute solar PV, accounting for nearly 40 per cent of the world’s installed PV capacity in 2023
The overall capacity of solar photo voltaic (PV) power generation worldwide is estimated to reach nearly 600 gigawatt (GW) by 2023 from 391 GW in 2017, according to a report by Paris-based autonomous intergovernmental organisation International Energy Agency (IEA).
This will make the solar PV capacity to be higher as compared to all other renewable energy technologies collectively, or as much as double the total capacity of Japan, the agency said in the report.
China continue to be the leader
“This growth is likely to continue, and the capacity of solar PV power generation is projected to reach around 1,000 GW by 2030. China continue to dominate in the absolute solar PV, accounting for nearly 40 per cent of the world’s installed PV capacity in 2023. The second-biggest growth market for solar PV would be the US, followed by India, whose solar PV capacity to increase by four times,” according to the report titled Renewables 2018.
Wind energy will continue to be the second-biggest contributor to the growth of renewable capacity, and likely to expand by 60 per cent. However, in absolute terms, the largest source of renewable electricity will be hydropower by 2023, the report noted.
Biggest expansion to be in bioenergy
The biggest expansion in renewable resources will be of modern bioenergy segment, between 2018 and 2023. The renewables will maintain their growth in the next five years, contributing 40 per cent of the world’s energy consumption growth, the IEA said.
Fatih Birol, Executive Director, IEA, said “Modern bioenergy’s share in the total global renewables consumption is around 50 per cent currently. In other words, its share is as much as hydro, solar, wind and other renewables combined.”
Right policies and strict sustainability regulations will be crucial to utilise the full potential of bioenergy, Birol added.
The report also pointed out that the use of renewables will increase more sluggishly in the heat and transport sectors because of weaker policy support and additional deployment barriers. Therefore, the growth and development of renewables in the two sectors will be essential to enable the complete shift of energy generation to low-carbon methods.