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British consultancy GlobalData, in figures shared with pv magazine , projected that global renewable capacity could reach 11.2 TW by 2035, led by solar. Cumulative PV capacity is expected to reach 2,378 GW by the end of the year and 2,849 GW by 2026. According to figures from London-based analytics and consulting firm GlobalData, the world is expected to have installed 7.6 TW of solar energy by the end of 2035. The figure comes from the companys latest report, “ Renewable Energy: Strategic Intelligence,” which projects that global installed capacity of all renewables will increase from 3.24 TW in 2024 to 11.2 TW in 2035, with solar accounting for the majority of installed capacity. Other figures from GlobalData, shared with pv magazine , project that cumulative global solar capacity will reach 2,378 GW by the end of the year and rise to 2,849 GW by the end of 2026. The firm’s longer-term forecasts show global solar capacity exceeding 4.8 TW by the end of 2030, approaching 6 TW by the end of 2032, and surpassing 7 TW by 2034. GlobalData said that continued growth in renewable deployment will be driven primarily by declining costs and strong policy support, especially for solar and wind. Rehaan Shiledar, senior energy analyst at GlobalData, noted that energy transition strategies, along with growing electricity demand driven in part by the emergence of hydrogen energy and the advent of artificial intelligence, will also fuel market growth. “The renewable energy sector is poised for substantial growth, led by the solar photovoltaic and wind industries,” Shiledar added. “Furthermore, the global commitment to reducing carbon emissions has fostered a regulatory environment conducive to investment in these sustainable energy alternatives.” GlobalData also said the pace of investment in wind projects is expected to outpace that of solar, but total investment in photovoltaics will remain higher, exceeding $300 billion annually until the end of the decade. Shiledar acknowledged that solar and wind are expected to dominate electricity generation in the near future, but noted that tariffs and restrictions on offshore wind leases imposed by the U.S. government are already significantly impacting the renewable energy industry. “However, the global commitment to reducing carbon emissions, technological advancements, and the demand for cleaner energy solutions will accelerate the adoption of renewable energy worldwide,” Shiledar concluded. |
