Solar PV Power Gen Capacity to Grow to 600 GW, Says IEA Report – CORPORATE ETHOS

Solar PV Power Gen Capacity to Grow to 600 GW, Says IEA Report

By: | November 14, 2018

Nov 14:  From 391-gigawatt solar photo voltaic (PV) power generation capacity in 2017, the world’s total solar photo voltaic (PV) power generation capacity is likely to increase to around 600 gigawatt by 2023.

As per reports quoting the International Energy Agency (IEA), with this expansion, the solar photo voltaic (PV) capacity will be more than all other renewable energy technologies taken together and also double that of Japan’s capacity.

The report, titled Renewables 2018, reveals that the growth is likely to continue and by 2030, this might reach 1,000 Gw. In 2023, China will lead the solar photovoltaic market with a global PV capacity of 40 percent. The report also stated that the US will be the second largest growth market for solar PV. Indian PV capacity will multiply and will follow the US to be the third in the list.

The study mentions that wind energy will continue to be the second largest renewable capacity growth sector. This is likely to expand by 60 percent. By the year 2023, the hydropower will become the major renewable electricity source.

The global trends and developments for renewable energy in the electricity, heat, and transport sectors are revealed in the report. The report was presented by Cédric Philibert, Senior Analyst, Renewable Energy Division at IEA. Executives from TERI and Council for Energy, Environment, and Water (CEEW) were also present during the report presentation.

The time span of 2018- 2023 will see a huge growth of modern bioenergy in renewable resources, said IEA. In the next five years, the renewables will cover around 40 percent of the global energy consumption growth which means sector will see a huge expansion. This will be the same in case of the electricity sector. By 2023, the renewables will hold a third of total world electricity production.

Fatih Birol, Executive Director at IEA, has been quoted by news sources as saying that modern bioenergy is a huge segment in the renewable energy field which was missed out. It covers 50 percent of the total renewable consumption in the world. He went on to say that precise policies and strict sustainability regulations are required make use of the bioenergy segment.

As there a feeble policy support and additional barriers to deployment in the transport and heat sectors, the expansion of the renewables will be slow in these segments. In order to move to low-carbon generation the growth of renewables in these two segments are vital.