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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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