Solar energy will be one of the fastest-growing renewable energy sources in 2022-25 – Mordor Intelligence

October 27 10:45 2022
Solar energy will be one of the fastest-growing renewable energy sources in 2022-25 - Mordor Intelligence
Mordor Intelligence
Mordor Intelligence, a leading market intelligence and advisory firm forecasts global renewable market dynamics in 2022-2025.

Mordor Intelligence, a leading market intelligence and advisory firm forecast global renewable market dynamics in 2022-2025. As the world focuses more on energy, security, and decreasing carbon emissions, the energy and power sector landscape is rapidly changing. Volatile oil and gas prices have been caused by Europe’s changing dynamics with the Russia-Ukraine conflict. While the oil and gas situation remains uncertain, Solar and wind energy solutions will continue to lead the renewable energy domains globally. 

Lithium-ion battery prices are dropping globally, which is cutting down the demand for lead-acid batteries. But at what levels? In this age of energy security and focus on decreasing carbon emissions, we must ask what the future of battery energy storage technology will be.  

However, the global wind power installations increased from 198 GW in 2010 to 837 GW in 2021, at a CAGR of 14%, supported by the declining costs of wind turbines due to improved materials, design, and favorable government policies for wind power in selected countries. Countries will continue to focus on this renewable energy segment. 

In 2021, the total global hydropower installed capacity reached 1,360 gigawatts (GW). As of 2021, the African region has the highest remaining potential and in pipeline capacity of around 592 GW to be utilized. In 2021, China was one of the major countries in the world, which led to the growth in LNG demand. In 2020, there were about 94 billion cubic meters tons of natural gas LNG imported; in 2021, there were 109.5 billion cubic meters tons. China surpassed Japan to become the world’s biggest LNG importer as a result of this spike in demand. 

According to Mordor Intelligence Hydrogen Council, Europe is home to over 30% of proposed hydrogen investments, with a total investment of nearly USD 76 billion. About USD 32 billion is in the planning stages, and USD 6 billion involves committed investment. While the future of renewable energy unfolds, Solar, Wind, and Hydro still would continue to dominate the primary renewable energy sources.

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