Wood Mackenzie,s Projected Capacity Increases Highlights Commitment to Electrification and Decarbonization. Here are key five points that you should know from the report:-
Significant Increase in Solar and Wind Capacity: The global capacity for solar and wind power is expected to surpass 5.4 terawatts (TWac) in new installations by 2033, reaching a cumulative total of around 8 TWac. This surge aligns with global efforts to electrify economies and meet decarbonization targets.
Fourfold Growth in Solar Power: Solar photovoltaic (PV) capacity is anticipated to nearly quadruple from 2024 to 2033, with an estimated 4.7 terawatts direct current (TWdc) to be installed. China will contribute significantly, accounting for half of this expansion.
Dominance of Solar PV: Solar PV is leading the renewable energy deployment, making up 59% of the global capacity set to come online between 2024 and 2033. Factors such as ultra-low module prices have accelerated deployments, particularly in Europe and China.
Expansion in Wind Energy: Over the next decade, more than 1.7 TW of wind energy capacity is expected to be added globally. China’s policy initiatives are a major driving force behind this growth, with plans to promote energy transition and meet carbon-neutral goals.
Massive Growth in Energy Storage: Energy storage capacity, excluding pumped hydro, is projected to grow by over 600%, with nearly 1 TW of new capacity operational by 2033. This increase is crucial for integrating rising renewable energy sources, reflecting a robust global commitment to sustainable energy systems.
