The International Energy Agency (IEA) recently published a report that predicts continued rapid growth in renewable energy over the next 5 years – increasing by more than 40% by 2017. The report says that despite economic uncertainties in many countries, global power generation from hydropower, solar, wind and other renewable sources is projected to increase to almost 6 400 terawatt hours (TWh) – or roughly one-and-a-half times current electricity production in the United States.
The new study, Medium-Term Renewable Energy Market Report 2012, examines in detail 15 key markets for renewable energy, which currently represent about 80% of renewable generation, while identifying and characterising developments that may emerge in other important markets. It completes a series of IEA medium-term market reports also featuring oil, natural gas and coal. Like the others, it presents a forecast of global developments and detailed country projections over the next five years.
The report says that renewable electricity generation should expand by 1 840 TWh between 2011 and 2017, which is almost 60% above the 1 160 TWh growth registered between 2005 and 2011. Renewable generation will increasingly shift from the OECD to new markets, with non-OECD countries accounting for two-thirds of this growth. Of the 710 GW of new global renewable electricity capacity expected, China accounts for almost 40%. Significant deployment is also expected in the United States, India, Germany and Brazil, among others.
“The Medium-Term Renewable Energy Market Report provides a bottom-up, country-level forecast which analyses in detail the factors which will shape the growth of the sector over the next five years. It is a unique and key benchmark for both public and private decision makers, as it assesses the expected role of renewables in the context of national power systems, taking into account existing market and policy frameworks, and competing technologies” said IEA Executive Director Maria van der Hoeven.