September 28, 2020 (Investorideas.com Newswire) The global power sector has witnessed a shift in capacity additions from conventional power sources to renewables. With a focus on decarbonizing electricity supply, the focus that governments and utilities have made on increasing the share of renewables in the overall energy mix has led to the establishment of support measures that offer a level playing field against conventional sources. Therefore, it is expected that renewable energy adoption will continue its upward trend, and is expected to says GlobalData, a leading data and analytics company.
GlobalData's latest report, 'Thematic Research: Renewable Energy', highlights that the changing geopolitical situation in the oil and gas supply markets in the Middle East is expected to lead to demand for renewable energy across the globe.
Sneha Susan Elias, Senior Analyst of Power at GlobalData, comments: Over the past decade, the growth of renewable power has gained momentum in many countries. With the current Middle East situation, industry maturing and costs falling significantly to make renewable power economically viable with little or no subsidies, GlobalData expects renewable energy adoption to continue its upward trend and for more countries to implement large-scale renewable power installations in 2020.
"Hydropower, biomass, and biogas were the dominant renewable technologies 15 years ago, however, wind and solar have since dominated and will remain the leading renewable power sources in the foreseeable future. Except for small hydropower which occupied a share of 2% in the global power mix in 2019, the growth of all other renewable technologies is expected to be significant. Wind and solar are likely to make the largest contribution to the total installed renewable energy capacity at a CAGR of 7.2% and 9.8% respectively during the period 2020-2030. By 2030, solar PV will overtake wind to be the dominant renewable source and contribute to 34.5% of the total renewable power capacity.
In the past, renewable electricity has been expensive compared to conventional electricity, making it dependent on incentives and subsidies. Following technological advances, wind and solar are becoming economically competitive.
Elias adds: "Onshore wind technology has evolved into an established and mature technology with a low cost of generation. Renewable projects are now starting to compete with conventional power, proving they can in fact replace conventional power in many countries. The US, China and the countries of Europe are expected to largely increase their renewable generation in the coming years.”
For more information
To gain access to our latest press releases: GlobalData Media Centre
Analysts available for comment. Please contact the GlobalData Press Office:
EMEA & Americas: +44 (0)207 832 4399
Asia-Pacific: +91 40 6616 6809
Notes to Editors
4,000 of the world's largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make timelier and better business decisions thanks to GlobalData's unique data, expert analysis and innovative solutions, all in one platform. GlobalData's mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, technology, energy, financial and professional services sectors.
This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com