Photovoltaic wind power and energy storage sector analysis chart

Why are solar PV & wind so important?

Solar PV and wind together account for 95% of all renewable capacity growth through the end of this decade due their growing economic attractiveness in almost all countries.

How will solar PV & wind impact global electricity generation?

The share of solar PV and wind in global electricity generation is forecast to double to 25% in 2028 in our main case. This rapid expansion in the next five years will have implications for power systems worldwide.

What is data on renewable power capacity?

Data on renewable power capacity represents the maximum net generating capacity of power plants and other installations that use renewable energy sources to produce electricity. For most countries and technologies, the data reflects the capacity installed and connected at the end of the calendar year.

What is the IEA photovoltaic power systems programme?

The IEA Photovoltaic Power Systems Programme (IEA PVPS) is one of the TCPs within the IEA and was established in 1993. The mission of the programme is to “enhance the international collaborative efforts which facilitate the role of photovoltaic solar energy as a cornerstone in the transition to sustainable energy systems.”

How did macroeconomic changes affect wind and solar PV projects?

The macroeconomic changes also drove up costs and contract prices for wind and solar PV projects, and a lack of reference price adjustments and contract price indexation methodologies reduced the bankability of projects, mostly in advanced economies.

How many GW will solar PV produce in 2024?

The current manufacturing capacity under construction indicates that the global supply of solar PV will reach 1 100 GW at the end of 2024, with potential output expected to be three times the current forecast for demand.