The first truly global energy crisis, triggered by the war in Russia and Ukraine, has sparked unprecedented momentum for renewables.
Renewable capacity expansion in the next five years will be much faster than what was expected just a year ago. Over 2022-2027, renewables are seen growing by almost 2 400 GW in IEA’s main forecast, equal to the entire installed power capacity of China today. That is an 85% acceleration from the previous five years, and almost 30% higher than what was forecast in last year’s report.
Renewables are set to account for over 90% of global electricity capacity expansion over the forecast period. Electricity from wind and solar PV more than doubles in the next five years, providing almost 20% of global power generation in 2027.
Solar PV’s installed power capacity is poised to surpass that of coal by 2027, becoming the largest in the world. Cumulative solar PV capacity will be almost triple, growing by almost 1 500 GW over the period, exceeding natural gas by 2026 and coal by 2027.
Annual solar PV capacity additions increase every year for the next five years. It’s obvioustly that there is huge potential market for solar PV industry.