Solar photovoltaic will lead the development of renewable energy

The development of renewable energy is accelerating.

In its latest report "2019 Renewable Energy", the International Energy Agency (IEA) predicts that the total installed capacity of global renewable energy will increase by 50% 1200GW from 2019 to 2024, with solar photovoltaic playing a leading role. Of this total, solar photovoltaic alone accounted for 60 per cent of the expected growth, while onshore wind energy accounted for 1/4 of the growth. Although hydro still accounts for 1/10 of the increase in total installed capacity of renewable energy, its growth rate is slowing.

By 2024, China will account for 40% of the growth in global renewable energy installations, according to the report. Forecasts for China are higher than last year, mainly due to improved system integration, lower wind abandonment rates and increased competitiveness of solar photovoltaic and onshore wind energy.

The "2019 Renewable Energy" report is the market analysis and forecast of renewable energy and technology by the International Energy Agency (IEA) from 2019 to 2024. The report provides global trends and development prospects for renewable energy in the power, thermal and transport sectors.