New analysis from Frost & Sullivan, Annual Renewable Energy Outlook 2014, forecasts the global installed capacity of renewable energy to more than double from 1,566GW in 2012 to reach 3,203GW in 2025 at an average annual growth rate of 5.7 per cent.
PV is expected to account for 33.4 per cent of total renewable energy capacity additions over the 2012-2025 period. Wind follows closely at 32.7 per cent, ahead of hydro power at 25.3 per cent. Other renewable technologies will represent the remaining 8.6 percent of capacity additions. However, economic difficulties in many parts of the world are affecting the outlook for renewable energy. In much of the Western world, the weak economic climate has impacted support schemes, which will continue to be the lifeline for many renewable energy installations until grid parity is achieved. In the wind power market, offshore wind will witness lower-than-expected growth, as political support wanes in Europe. With small-scale wind turbines opening up new applications, global wind capacity will reach 814GW in 2025 from its 2012 level of 279GW.