According to a recent study by Wood Mackenzie, there will be over 5.4 terawatts (TWac) of new solar and wind capacity coming online over the next 10 years, bringing the cumulative global total to 8 TWac. Additionally, energy storage capacity will grow by more than 600%, with nearly 1 TW of new capacity coming online between 2024-2033.
“Global demand for renewables has reached unprecedented levels, driven by country-level policy targets, technology innovation, and concerns over energy security,” stated Luke Lewandowski, vice president of global renewables research at Wood Mackenzie. “Integrated power technology solutions will continue to evolve, evidenced by a significant increase in storage-paired capacity growth, despite inflation, grid constraints, and permitting challenges.”
He added, “Solar PV leads the deployment race, accounting for 59% of global capacity due to come online between 2024 and 2033. Energy storage will have the most balanced geographic footprint over the outlook due in part to its important role in helping to make renewable power available.”
According to Power Engineering, China will continue to dominate new solar, energy storage, and wind projects, with 3.5 TWac forecast to be grid-connected between 2024 and 2033.
Wood Mackenzie’s global solar PV forecast projects 4.7 terawatts direct current (TWdc) will be built between 2024 and 2033; China will be responsible for 50% of that capacity growth.
The global energy storage market is on track to reach 926 GW/2789 GWh between 2024 and 2033; China will remain the global leader in this sector as well, with an average of 42 GW/120 GWh annual capacity additions forecasted in the next 10 years.
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