PCCA Journal|1
st
Quarter 2015
29
Frost & Sullivan Offers Renewable Energy Outlook
T
he past decade has witnessed
significant developments in
policies for renewable energy.
Previously, less than 50 countries world-
wide had support policies for renewable
energy; this number now stands at more
than 130. As a result of political and
financial support, investments in renew-
ables have risen dramatically in recent
years. In fact, the European Union has
set binding targets to source 20 percent
of the bloc’s total energy consumption
from renewable energy by 2020. Accord-
ingly, individual member states have set
renewable energy consumption targets
ranging from 10 percent for Malta to 49
percent for Sweden.
New analysis from Frost & Sullivan,
Annual Renewable Energy Outlook 2014,
forecasts the global installed capacity of
renewable energy to more than double
from 1,566 gigawatts (GW) in 2012 to
reach 3,203 GW in 2025 at an average
annual growth rate of 5.7 percent.
Solar photovoltaic (PV) technology is
expected to account for 33.4 percent of
total renewable energy capacity addi-
tions over the 2012-2025 period. Wind
follows closely at 32.7 percent, ahead
of hydropower at 25.3 percent. Other
renewable technologies will represent
the remaining 8.6 percent of capacity
additions. However, economic difficulties
in many parts of the world are affect-
ing the outlook for renewable energy. In
much of the Western world, the weak
economic climate has impacted sup-
port schemes, which will continue to be
the lifeline for many renewable energy
installations until grid parity is achieved.
“It is little wonder then that renew-
able energy installations have seen
a gradual shift in market power to
emerging economies,” said Frost & Sul-
livan Energy & Environmental Industry
Director Harald Thaler. “On account of
urbanization, population growth, energy
security concerns, and strong economic
development, regions such as Asia, Latin
America, the Middle East, and Africa
have increasingly been contributing to
renewable energy capacity growth.”
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