In the next five years, China will account for 40% of the world's photovoltaic installations
Renewables 2018, an official from the International Energy Organization, released an analysis and prediction of 2018-2023 Renewables technology and market. In the next five years, renewables' share of global energy demand will grow by a fifth, to 12.4 per cent by 2023.
In 2017, renewable energy set a record, with more than 178GW of new installations, exceeding for the first time two-thirds of global net power generation growth. More than 97GW of photovoltaic installations, more than half of which are from China. At the same time, new wind power on land fell for the second year in a row, and hydropower growth continued to slow. In the next five years, the total photovoltaic installation will increase by nearly 600GW, more than all other renewable energy sources combined and twice as much as Japan's total electricity installation.
Renewable energy will be the fastest-growing segment of the power sector, providing 30 per cent of electricity demand by 2023, up from 24 per cent in 2017. Over that period, renewable energy is expected to account for more than 70 per cent of the world's new power generation, led by photovoltaic, followed by wind, hydro and biomass. Hydropower will remain the largest source of renewable energy, meeting 16% of the world's electricity demand by 2023, followed by wind at 6%, photovoltaic at 4% and biomass at 3%.
Distributed generation will play a very important role in photovoltaic growth. The expansion of distributed pv will account for more than half of the new pv installed globally in 2018-2023. Distributed PV will be led by commercial and industrial projects, followed by household applications. Household, commercial and large-scale industrial photovoltaic applications are expected to account for 2% of global power generation by 2023. Without distributed generation, the growth of photovoltaic might be similar to that of wind power.
The second biggest source of renewable energy growth is wind, and hydropower will remain the biggest by 2023
