China remains the largest market, accounting for 40% of all renewable capacity growth over the forecast period, followed by European Union, the United States and India. Solar PV, including utility-scale and distributed applications, accounts for almost 60% of all renewable capacity expansion over the forecast period, followed by wind, hydropower and bioenergy. In the main case forecast, renewable electrical capacity increases 50% (1 220 GW) by 2024, from 2 502 GW in 2018. Global additions hit a record 208 GW by 2020 before declining in 2021, a trend that results from events in two countries: in the United States, onshore wind additions peak in 2020 then decline as the production tax credit (PTC) is phased out, and in China several large-scale conventional and pumped hydro projects are expected to be commissioned in 2020. Accelerating growth in North America, Europe and the Asia-Pacific region is expected to offset the stable growth foreseen for China.
But despite stalling, renewable capacity additions still accounted for 75% of all net power capacity growth.Īfter stalling in 2018, global annual capacity additions are forecast to resume growth in 2019. For the first time since the beginning of the 21st century, however, net renewable capacity additions did not increase y-o-y. Total renewable electricity capacity increased by 178 GW in 2018, similar to net capacity added in 2017.
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