Policy and technology development, global renewable energy installations hit highs

2024/09/25

TechNewsTechnology News
August 30, 2024
Author MoneyDJ

InfoLink, a research organization, said that benefiting from favorable policies and technological development, the renewable energy market will grow significantly in 2023, with the installed capacity of solar energy, wind energy and energy storage reaching new highs, although the contribution of renewable energy to electricity production is expected to be limited in quantity and proportion. However, due to continued geopolitical turmoil and increasingly frequent extreme weather events, countries need to be more active in increasing the deployment of renewable energy and continue to promote policy and technological innovation to ensure that renewable energy can be deployed and applied more widely.

InfoLink stated that the U.S. market has benefited from solar, wind and energy storage subsidies provided by the Inflation Reduction Act (IRA), which has significantly reduced the levelized cost of energy (LCOE) and promoted capacity growth. However, trade barriers are expected to impact supply and installation speed.

In the European market, affected by the conflict between Russia and Ukraine, natural gas and electricity prices have soared since the beginning of 2022, pushing up the surge in renewable energy installed capacity in 2023. European countries have set ambitious goals under the National Energy and Climate Plans (NECP). It is expected that by 2030, the annual installed capacity of solar energy will grow steadily, reaching 10% of new solar power installed in a single year by 2030. Increased to nearly 140 GW. The 600 GW target of the "REPower EU" plan is also expected to be achieved early between 2026 and 2027, and the cumulative installed capacity in 2030 may exceed 1,000 GW.

Europe’s energy storage market is also set to experience significant growth. The front-of-meter energy storage market, driven by energy reform policies and subsidies, is expected to exceed the behind-the-meter energy storage market. Major markets such as the UK, Italy and Germany will continue to expand, and emerging markets such as Belgium, Greece and Spain will also gradually grow. InfoLink predicts that the cumulative installed capacity will reach 500 GWh by 2030.

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