/23rd December 2020, RENEWABLE MARKET WATCHTM/ The global energy system is undergoing rapid transformation. With the 2030 Sustainable Development Goals and the Paris Climate Agreement serves as inspiration, countries, cities, and corporations worldwide continue to take meaningful action on renewable energy development. 2019 was another historic year for the global renewable power sector mix over the past year. Renewable energy sources have continued to dominate new additions to the world’s power generation over the past year.
Renewable capacity reached 2,537GW globally by the end of 2019, up 176GW from the previous year. More solar PV capacities were installed globally than any other power generation technology. Solar alone saw more new capacity deployed than fossil fuels and nuclear combined. Solar added almost twice as much capacity as its renewable peer, wind power. A total of 97.08GW of grid-connected solar photovoltaic (PV) capacity was installed globally in 2019, according to the International Renewable Energy Agency (IRENA). This led to a total global cumulative solar photovoltaic (PV) power capacity of over 580GW in 2019 after the solar exceeded the 300GW mark in 2016 and the 400GW level in 2018.
The biggest surprise in 2020 was the COVID-19 (Coronavirus). The virus spread has brought severe disruption and uncertainty in the supply chain for all renewable energy technologies and the project finance market. Only in a few months, this new virus turned into a worldwide pandemic, challenging many governments, citizens, and the global economy. The team of Renewable Market Watch™ made great efforts to give you access to exclusive information you will not be able to find elsewhere. We promise to continue in 2021 and the next years to serve you as the best source of information regarding news, analyses, reports, and other industry insights about emerging renewable energy markets.
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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 the Asia Countries, Balkan countries, Central and Eastern Europe, CIS states (former Soviet Union), LATAM countries, and MENA countries. For more information about Renewable Market Watch™ please visit: