Renewable energy projects to take off by 2030, says new reportSeptember 8, 2020
Frost & Sullivan have predicted that in ten years there will be a $3.4 trillion global investment.
A new Frost & Sullivan report has predicted that by 2030, renewable energy projects will have a $3.4 trillion in global investments.
The Opportunities from Decarbonization in the Global Power Market, 2019-2030 report.
The firm’s research was published in the Opportunities from Decarbonization in the Global Power Market, 2019-2030 report. It predicted that most developed markets would watch a downturn in coal.
Instead, by the end of the prediction period, there would be a 54.1 percent renewable power installed capacity, including hydropower. This could be comprised of 37.9 percent solar and wind combined, said the report.
The report cited falling costs and policies friendly to renewable energy projects as primary drivers of the adoption of solar photovoltaic and wind power over the next decade. They will be rising in six major regions including North America, Europe, China, India, the Middle East, and Latin America, said the report.
About $2.72 trillion will be invested into wind and solar renewable energy projects by 2030.
High energy costs across North America are predicted to push strong market growth for contracted energy service and performance. This, according to Frost & Sullivan, will more than double in size by 2030, bringing its worth to $19.14 billion.
“Decentralization, decarbonization and digitalization are the three key pillars of the global energy transition,” explained Frost & Sullivan senior research analyst Vasanth Krishnan in a release at the end of August. “The power sector will witness strong growth in decentralization during the decade, with annual global investment increasing from $53.14 billion in 2019 to $92.54 billion in 2030.”
Krishnan added that pressure will only continue to rise in decarbonization efforts in electricity as digital technology adoption also increases. This will mean added demand on existing plants to increase their operational performance and to bring in additional plants as well. He said that the sudden sharp rise in the need for flexibility will push renewable energy projects across developed markets.
“As a result, technologies and solutions such as battery energy storage systems, gas engines, demand-side response and virtual power plants are witnessing unprecedented adoption rates amongst utilities, solution providers and end consumers,” he said.