Annual Renewable Energy Outlook 2014
DescriptionRenewable energy has made strong advances in the power generation fuel mix in many developed and developing nations in the past decade. Energy-hungry nations are increasingly turning to renewables in order to meet their rapidly increasing demand. While some better established sources of renewable power, such as small hydro, biomass, wind, and increasingly solar PV (photovoltaic), are supported in a more concerted manner, niche renewable energy sources such as geothermal and concentrated solar power (CSP) are also on the rise where the natural conditions are suitable. The study focuses on hydro, wind, solar PV, CSP, biomass and waste, geothermal, and marine power globally, highlighting key trends and developments in 10 regions.
ABOUT THIS REPORT
Aims and Objectives
-To provide an analysis of the key global trends affecting the renewable energy market for power generation during the course of the current decade.
- To provide insight into growth opportunities with a full analysis of the major markets in the global energy and power sector.
- Hydro Power
- Wind Power
- Solar Photovoltaics (PV)
- Concentrated Solar Power (CSP)
- Bioenergy and Waste
- Geothermal Power
- Marine Power
The information provided includes internal estimates and forecasts based on in-house data and analyses, as well as publicly available information from external sources including the International Energy Agency (IEA), the US Energy Information Administration (EIA), BP Statistical Review of World Energy, the International Atomic Energy Agency, and national sources.
RENEWABLE ENERGY - INTRODUCTION
The past decade has witnessed significant developments in policies and markets for renewable energy. While in the early part of the past decade, less than countries worldwide had renewable support policies in place, this number has presently increased to more than XX. Systematic and concerted support for solar energy, for instance, has meant that annual installations of solar photovoltaics (PV) increased from gigawatts (GW) in 2002 to GW in 2013, an eighty-fold increase. Investments in renewables have also risen dramatically in the past decade.
Political and financial support has played a major role in taking renewable energy to greater heights. The European Union (EU) has set binding targets to source xx% of the bloc’s total energy consumption from renewable energy sources in 2020. Individual member states’ targets range from % for Malta to xx% for Sweden. Climate and energy policies and long-term price-based instruments such as subsidies and taxes can significantly increase the penetration and innovation of renewable energy sources.
The current economic difficulties in many parts of the world have started to affect the outlook for renewable energy and the sectors that have, for some time, escaped relatively unscathed from the vagaries of global economic turmoil. Significant reductions in investment volumes were recorded in both 2012 and 2013, though some of this is due to price declines among some key technologies such as solar PV.
The economic downturn in much of the Western world has impacted support schemes, which many renewable energy installations will continue to rely upon until grid parity is achieved. On the other hand, renewable energy installations in 2013 saw the continued gradual shift in market power to emerging economies where economic growth and revised energy priorities will drive a sustained increase in the adoption of renewable energy. Urbanisation, population growth, energy security concerns, and economic development objectives are key drivers for a predicted rise in the contribution of renewable energy capacity in emerging regions such as Asia, Latin America, the Middle East, and Africa.
As a result of technological innovation and mass deployment leading to scale economies, the cost of renewable energy has declined dramatically in recent years. Overall, the cost of solar PV modules is estimated to have dropped by % between 2008 and 2013. Price declines of wind turbines have been much lower, but higher capacity factors have reduced the actual cost of wind-generated electricity, making it more competitive with fossil-fired power. Such developments, combined with the need to diversify away from a high reliance on fossil fuels, enable developing countries to accelerate the adoption of new energy sources. Concerted renewable energy strategies have been in place in countries such as China, India, and Brazil for some time, but other emerging markets are also increasingly promoting renewables in a more systematic manner.
Table of Contents1.Executive Summary
2. Scope and Coverage
3. Renewable Energy Overview
4. Hydro Power
5. Wind Power
6. Solar Photovoltaics (PV)
7. Concentrated Solar Power (CSP)
8. Bioenergy and Waste
9. Geothermal Power
10. Marine Power
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