Renewable Energy Capacity to Grow 50% Worldwide by 2024, IEA Says

22 Octobre, 2019, 17:25 | Auteur: Therese Cote
  • IEA: Solar set for 'spectacular' growth over next five years

The installation of solar PV systems on homes, commercial buildings and industrial facilities are set to take off over the next five years, transforming the way electricity is generated and consumed, according to the latest renewable energy market forecast.

Those gains represent an increase of about 1,200 gigawatts from 2018 to 2024, equal to the total installed capacity in the U.S., according to a report published Monday by the International Energy Agency. Solar PV accounts for 60 percent of the rise.

The text highlights that the photovoltaic market in the world is experiencing 'spectacular growth'. What's more, this disruption could make it harder to integrate electricity from renewable sources into grids, affecting the revenues of electricity distributors. The rest would be utility-scale solar farms.

Still, the number of solar rooftop systems on homes is set to more than double to some 100 million by 2024, with the top markets on a per capita basis that year forecast to be Australia, Belgium, California, the Netherlands and Austria.

While the USA and countries within the European Union step-up their efforts to increase the usage of wind turbines and solar PV panels, it looks set to be China that will be at the front when it comes to deploying these technologies. Despite the president's antipathy to renewables, the USA remains the second-largest growth market after China, with expansion driven by federal tax incentives put in place by the previous administration and by net-metering schemes in many states.

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The share of renewables in power generation is expected to rise to 30 per cent in 2024 from 26 per cent today.

Solar PV generation costs are expected to decline a further 15 per cent to 35 per cent by 2024, making the technology more attractive for adoption, the IEA said.

Although nuclear power is the second-largest source of low-carbon electricity today, with 452 operating reactors providing 2700 TWh of electricity in 2018, or 10 percent of global electricity supply, its promise is fading, according to the IEA.

Fatih Birol, chief executive at the IEA, described small-scale solar's potential as "breath taking", but stressed that its development needs to be "well managed" in order to balance the needs of system owners against other consumers and energy and distribution companies. The heat and power sectors become increasingly interconnected as renewable electricity used for heat rises by more than 40%. Growth is dominated by Asia, particularly China, and is driven by energy security and air pollution concerns. And the share of renewables in total transport fuel demand still remains below 5%.

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