IEA Finds Solar Power Leading Global Renewables

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Written by Daniel Graeber for IIR News Intelligence (Sugar Land, Texas)

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Summary

China still leads the world in solar technology. Wind is lopsided, however, because of policies embraced by the U.S. government.

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Renewables the Most Competitive Option

"Despite some headwinds, in many countries around the world, renewables are meeting much if not all of the rising demand for electricity, often because they are the most competitive option," the International Energy Agency (IEA) wrote in an early-year World Economic Outlook Update.

The IEA said it expected global renewable power capacity to increase by nearly 4,600 gigawatts (GW) by the end of the decade, double the growth from the previous five-year period ending in 2024. For just solar power, the Paris-based agency expected capacity to more than double.

Often accused of dumping its solar goods on the foreign market, data from IIR Energy finds an estimated $200 billion in solar projects in the planning stages in China, the world's second-largest economy behind the United States. The largest of those is the Bayingolin facility, which would include 3,000 megawatts (MW) of energy capacity and 500 MW of battery storage. It should be completed by 2028. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project and Plant databases can learn more about China's solar footprint--including capacities, investment values and necessary equipment--in this detailed list of planned projects.

In the U.S. market, IIR Energy data show $590 billion in total investments planned for solar power, with the Lander solar power and energy storage facility in Nevada among the largest.

Subscribers can see the list of planned projects here.

U.S. Behind Peers in Offshore Wind

In the global wind market, it's China that leads the way in offshore installations, accounting for about 50% of the expected increase to the end of the decade. But policy changes in the U.S. market means the IEA tempered its expectations for global offshore wind capacity.

IIR Energy Intelligence has reported in depth about the legal challenges to the U.S. offshore wind sector from policies pursued by U.S. President Donald Trump. For the second time in his second term in office, courts overturned an order designed to limit offshore activity.

Danish renewable energy company Orsted (Fredericia, Denmark) beat the Trump administration in court, resuming work at the nearly-completed Revolution Wind project off the coast of Rhode Island. A judge ruled claims of classified material highlighting national security risks were invalidated in part because the facility was already vetted by the Defense Department before new concerns were raised.

Subscribers can review a Breaking Energy News feature on Trump's actions on offshore wind here.

Meanwhile, global demand centers are shifting, the IEA said. It's India, the economies of Southeast Asia and the Middle East that are doing more to shape the global market dynamics than China, the traditional center of gravity for demand.

"That said, no other country on its own will come close to replicating China's extraordinary energy trajectory of recent decades," the agency reported.

Key Takeaways

• Renewables gaining traction, IEA finds.
• 4,600 GW of additional renewables expected by the end of the decade.
• Global demand center shifting from China.
• U.S. offshore wind survives political obstacles.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resource's Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 250,000 current and future projects worth $30.2 Trillion (USD).

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