Renewable Energy Market Analysis - Analysis highlights growing investment in solar, wind, and hydro sectors, supported by decarbonization initiatives worldwide.

The Renewable Energy Market Outlook is overwhelmingly positive, characterized by aggressive capacity expansion, sustained cost declines, and profound technological shifts. The consensus forecast, including projections from the International Energy Agency (IEA), indicates that global renewable power capacity is set to more than double by 2030. This growth is critical for achieving global climate targets, such as the COP28 goal of tripling worldwide renewables capacity by the end of the decade. The shift is so significant that the IEA projects renewable energy will surpass coal to become the world's top source of electricity by 2025.

Looking ahead, Solar PV will remain the dominant force, accounting for approximately 80% of the global increase in renewable capacity over the next five years, driven by continued low costs and accelerated permitting processes.

Wind power, particularly offshore wind, is also set for considerable expansion, although it currently faces challenges with supply chain constraints and rising project costs, leading to some downward forecast revisions. Growth is not limited to developed economies; India is poised to become the second-largest renewables growth market globally, trailing only China, reflecting the strong momentum in emerging and developing economies driven by new auction programs and improved cost-competitiveness.