Solar and wind power will rapidly outpace traditional sources, surpassing hydroelectric power in 2024, coal in 2025, nuclear in 2026, and eventually becoming the dominant renewable energy sources by 2030.
By 2030, global renewable electricity generation is projected to soar by nearly 90%, reaching over 17,000 terawatt-hours (TWh). This is enough to power both China and the United States.
Solar PV energy contract prices continue to fall, while onshore wind energy faces inflationary pressures. India, a global leader in solar PV capacity, is driving down costs with auction prices as low as $34/MWh.
However, Europe is experiencing a slight slowdown in solar PV growth due to reduced incentives and lower auction volumes in some countries. Additionally, the decline in electricity prices is dampening the growth of distributed solar PV in Spain and Germany.
Despite these regional variations, the overall trend is clear: solar PV is poised to revolutionize the global energy landscape.
