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Released October 03, 2019 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Industrial Info is tracking nearly 29,000 projects worldwide with a combined worth of $3.37 trillion that involve renewable energy, which the U.S. Energy Information Administration (EIA) forecasts will become the leading source of primary energy consumption by 2050. The EIA's International Energy Outlook 2019 report projects that renewables will increase to 49% of global electricity generation by 2050, compared with 28% in 2018.
Click on the image at right for a graph showing renewable energy project development by world region.
Driven by electricity demand growth and economic and policy drivers, worldwide renewable energy consumption is forecast to increase by 3% per year between 2018 and 2050, outpacing petroleum and other liquids and topping 250 quadrillion British thermal units (Btu).
Of the three top renewable energy sources - solar, wind and hydroelectric - the EIA said it expects solar's share of power generation will grow the fastest, and hydroelectric's to grow the slowest.
"As more solar power systems have been installed, installation costs have experienced the steepest cost declines of all renewable technologies in recent years, and EIA expects that they will continue to decline as a result of learning-by-doing effects," according to the International Energy Outlook 2019, which was released in September. China is predicted to see the most growth in solar generation due to its growing electricity demand, government policies and competitive energy costs. India, European countries in the Organization for Economic Cooperation and Development (OECD), and the U.S. also will see strong growth in solar energy, according to the EIA.
One of the larger solar projects now under construction being tracked by Industrial Info is Pegasus Group Holdings' (Las Vegas, Nevada) $900 million Golden Valley photovoltaic solar array addition in Mohave County, Arizona. The 340-megawatt (MW) facility, known as "The Hive," will power a $3 billion data center. Developers of the project broke ground in early August, and plan to reach completion in early 2020. For more information, see Industrial Info's project report.
Hydroelectricity, the world's most predominate renewable energy source in 2018, according to the EIA, will grow at the slowest rate, mainly because much hydroelectric infrastructure has already been built out, and construction of new plants "is relatively disruptive and capital intensive."
Hydroelectric growth will be greatest in places like China, Brazil and OECD Europe, "which tend to have extensive and accessible hydropower resources," the EIA said.
Industrial Info is tracking two massive hydropower projects each worth more than $14 billion under construction in China - the 8-gigawatt (GW) Baihetan Right Bank Power Station, and the 8-GW Baihetan Left Bank Power Station, both on the Jinsha River, a tributary of the Yangtze River in southwest China. Together, the projects will make up the world's second-biggest power generator after the Three Gorges Dam, according to its developers. Completion is planned for mid-2023. For more information, see Industrial Info's reports on the Right Bank and Left Bank projects.
Somewhere in the middle is wind power, which still is considered a relatively new technology, in which the decline in capital costs has not been as steep as that for solar power, the EIA said.
Iberdrola's (Bilbao, Spain) $4 billion East Anglia Offshore Windfarm in the U.K. is one of the largest under-construction wind power projects being tracked by Industrial Info. Completion of the 714-MW windfarm is planned for 2020. For more information, see Industrial Info's project report.
World energy consumption is projected to grow by nearly 50% between 2018 and 2050, according to the EIA's energy outlook. Most of the growth will not take place in OECD countries, but will be focused in areas where strong economic growth is driving demand, particularly in Asia.
"The industrial sector, which includes refining, mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector--more than half of end-use energy consumption throughout the projection period," the EIA said. "World industrial sector energy use increases by more than 30% between 2018 and 2050 as consumption of goods increases. By 2050, global industrial energy consumption reaches about 315 quadrillion BTU."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
Driven by electricity demand growth and economic and policy drivers, worldwide renewable energy consumption is forecast to increase by 3% per year between 2018 and 2050, outpacing petroleum and other liquids and topping 250 quadrillion British thermal units (Btu).
Of the three top renewable energy sources - solar, wind and hydroelectric - the EIA said it expects solar's share of power generation will grow the fastest, and hydroelectric's to grow the slowest.
"As more solar power systems have been installed, installation costs have experienced the steepest cost declines of all renewable technologies in recent years, and EIA expects that they will continue to decline as a result of learning-by-doing effects," according to the International Energy Outlook 2019, which was released in September. China is predicted to see the most growth in solar generation due to its growing electricity demand, government policies and competitive energy costs. India, European countries in the Organization for Economic Cooperation and Development (OECD), and the U.S. also will see strong growth in solar energy, according to the EIA.
One of the larger solar projects now under construction being tracked by Industrial Info is Pegasus Group Holdings' (Las Vegas, Nevada) $900 million Golden Valley photovoltaic solar array addition in Mohave County, Arizona. The 340-megawatt (MW) facility, known as "The Hive," will power a $3 billion data center. Developers of the project broke ground in early August, and plan to reach completion in early 2020. For more information, see Industrial Info's project report.
Hydroelectricity, the world's most predominate renewable energy source in 2018, according to the EIA, will grow at the slowest rate, mainly because much hydroelectric infrastructure has already been built out, and construction of new plants "is relatively disruptive and capital intensive."
Hydroelectric growth will be greatest in places like China, Brazil and OECD Europe, "which tend to have extensive and accessible hydropower resources," the EIA said.
Industrial Info is tracking two massive hydropower projects each worth more than $14 billion under construction in China - the 8-gigawatt (GW) Baihetan Right Bank Power Station, and the 8-GW Baihetan Left Bank Power Station, both on the Jinsha River, a tributary of the Yangtze River in southwest China. Together, the projects will make up the world's second-biggest power generator after the Three Gorges Dam, according to its developers. Completion is planned for mid-2023. For more information, see Industrial Info's reports on the Right Bank and Left Bank projects.
Somewhere in the middle is wind power, which still is considered a relatively new technology, in which the decline in capital costs has not been as steep as that for solar power, the EIA said.
Iberdrola's (Bilbao, Spain) $4 billion East Anglia Offshore Windfarm in the U.K. is one of the largest under-construction wind power projects being tracked by Industrial Info. Completion of the 714-MW windfarm is planned for 2020. For more information, see Industrial Info's project report.
World energy consumption is projected to grow by nearly 50% between 2018 and 2050, according to the EIA's energy outlook. Most of the growth will not take place in OECD countries, but will be focused in areas where strong economic growth is driving demand, particularly in Asia.
"The industrial sector, which includes refining, mining, manufacturing, agriculture, and construction, accounts for the largest share of energy consumption of any end-use sector--more than half of end-use energy consumption throughout the projection period," the EIA said. "World industrial sector energy use increases by more than 30% between 2018 and 2050 as consumption of goods increases. By 2050, global industrial energy consumption reaches about 315 quadrillion BTU."
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at http://www.industrialinfo.com.
