Here comes the boom: Wood Mackenzie forecasts massive solar, wind, and storage growth

We are living in the boom times of renewable energy growth, as the data junkies at Wood Mackenzie oftenremindus. Much to the delight of those within the industry – and much to the chagrin of my dog around July 4th weekend- it sounds like we’ll be booming for the foreseeable future.

The firm’s latest analysis predicts developers will put more than 5.4 terawatts (TWac) of new solar and wind capacity online over the next decade, increasing the cumulative global total to 8 TWac.

Energy storage capacity (excluding pumped hydro) will grow by more than 600%, Wood Mackenzie predicts, as nearly 1 TW of new capacity is expected to come online from 2024-2033.

“Global demand for renewables has reached unprecedented levels, driven by country-level policy targets, technology innovation, and concerns over energy security,” stated Luke Lewandowski, vice president of global renewables research at Wood Mackenzie. “Integrated power technology solutions will continue to evolve, evidenced by a significant increase in storage-paired capacity growth, despite inflation, grid constraints, and permitting challenges.”

Annual capacity will increase from approximately 500 GW of new solar and wind capacity installed in 2023, and average 560 GW annually over the 10-year outlook. China will continue to dominate solar, energy storage, and wind uptake, with 3.5 TWac forecast to be grid-connected between 2024 and 2033, notes WoodMac’s analysis.

https://www.renewableenergyworld.com/solar/here-comes-the-boom-wood-mackenzie-forecasts-massive-solar-wind-and-storage-growth/