The global renewable energy market is making up for losses from the pandemic period

According to the International Energy Agency, the renewable energy market is rebounding after the problems caused by the pandemic – inflation and interrupted supply chains. 2023 will be a record year in this sector.

The report presented by the International Energy Agency assumes that renewable energy projects implemented in 2023 will have a total capacity of 440 GW .

Renewable energy growth by technology

Photovoltaic systems definitely dominate the projects implemented in 2023 . The total installed capacity in the installations launched this year is expected to be 287 GW . Last year this value was 220 GW.

Wind energy also experienced significant growth. Offshore wind farms launched in 2023 have a total capacity of 17 GW. In 2022, this value was 11.4 GW. In the case of onshore wind farms, we can talk about an increase of almost 40 gigawatts. From 63 GW in 2022 to over 107 GW in 2023.

The only areas of the renewable energy market that saw declines compared to last year are hydropower and biomass-based energy.

Catalysts for renewable energy growth

The increasingly favorable policies of the European Union, the USA and India play a huge role in the dynamic development of the renewable energy sector . It should be noted that the impetus for introducing new regulations in the EU is largely Russian aggression against Ukraine. European countries must look for new solutions in the context of energy security.

China’s position as a world leader in the renewable energy industry is also strengthening . According to estimates, by 2024 they will provide 70% of the power of all offshore wind energy projects and 50% of the power of PV projects.

The entire report can be found HERE .

Source: IEA.org