/LONDON, December 16, 2022, 10:00 GMT, RENEWABLE MARKET WATCHTM/ The global renewable energy capacity growth is going to reach a new record level at the end of 2022. The world is in a global energy crisis that has not been seen for decades. The main drivers of this crisis were the growth of commodity prices since 2020 due to the COVID-19 pandemic and recovery period, the disruption of supply chains, and Russia’s invasion of Ukraine. Europe is at the centre of this crisis, but it has significant influence over the markets and economies worldwide. However, according to the Renewable Market Watch™, the newly installed global renewable energy capacity will grow by more than 3500 GW by 2032. There is no power to stop renewables progress for the following ten years.
In 2022, the Renewable Market Watch™ supported several important renewable energy events and initiatives, such as SolarPower Summit 2022, REUTERS Utility Scale Solar and Wind Europe Conference and Exhibition 2022, RE-Source 2022, Romanian Renewable Energy Summit 2022, RE-Source Southeast 2022, SolarPlaza Summit Balkans 2022, and others.
By 2032, global cumulative renewable electricity capacity is forecast by the Renewable Market Watch™ to rise more than 75% from 2022 levels to over 6 800 GW – more than the current total global power capacity of fossil fuels and nuclear combined. Renewables are set to account for almost 95% of the increase in global power capacity through 2027, with solar PV alone providing more than half. Solar PV will be the most installed power capacity worldwide by 2027 and surpass coal, natural gas and hydropower.
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About Renewable Market Watch™
Renewable Market Watch™ is delivering strategic insight into emerging renewable energy markets through its experienced research team and cutting-edge predictive analytics data platform. We partner with our customers to provide research, data and consulting reports in areas appropriate to their specific requirements. Our primary focus is emerging renewable energy markets of Asia Countries, Balkan countries, Central and Eastern Europe, CIS states (former the Soviet Union), LATAM countries and MENA countries. Our market reports are featured in reputable international media such as Bloomberg, Yahoo Finance and others. For more information about Renewable Market Watch™, please visit: