Imagine a world powered not by finite reserves but by the boundless energy of the sun and wind, a transition vividly underway as the global renewable energy industry surged to a staggering 3,372 gigawatts of capacity in 2022, fueled by nearly half a trillion dollars in investment.
Key Takeaways
- Global renewable energy capacity reached 3,372 GW at the end of 2022, a 10.3% increase from 2021.
- Renewables accounted for 30% of global electricity generation in 2022.
- Investment in renewables reached $495 billion in 2022.
- Global solar PV installed capacity reached 1,052 GW by end-2022.
- Solar PV accounted for 62% of net renewable capacity additions in 2022.
- China added 87 GW of solar PV in 2022.
- Global onshore wind capacity was 899 GW end-2022.
- Offshore wind capacity totaled 64 GW end-2022.
- China added 38 GW onshore wind in 2022.
- Global hydropower capacity was 1,296 GW end-2022.
- China has 422 GW hydropower capacity.
- Brazil second with 110 GW.
- Global bioenergy capacity 150 GW end-2022.
- Geothermal capacity 15.4 GW globally.
- Bioenergy generated 600 TWh in 2022.
Renewable energy is growing rapidly with record investment and huge solar capacity gains.
Hydropower
1Global hydropower capacity was 1,296 GW end-2022.
Verified2China has 422 GW hydropower capacity.
Verified3Brazil second with 110 GW.
Verified4Hydropower generated 15.4% of global electricity in 2022.
Directional5Pumped storage hydropower at 160 GW globally.
Single source6New hydropower additions 24 GW in 2022.
Verified7Hydropower LCOE averaged $0.061/kWh in 2022.
Verified8Hydropower jobs 2.3 million worldwide.
Verified9Asia hosts 64% of global hydropower capacity.
Directional10Small hydropower (<30MW) capacity 124 GW.
Single source11Hydropower capacity growth slowed to 2% annually 2012-2022.
Verified12Run-of-river projects increasing in development.
Verified13Hydropower provided 4,100 TWh in 2022.
Verified14Droughts reduced output by 10% in some regions 2022-2023.
Directional15Modernization upgrades add 20 GW capacity yearly.
Single source16Hydropower flexibility key for grid stability, ramping 5-10%/min.
Verified17Investment in hydro $50 billion annually.
Verified18Capacity factor averages 40-50% for hydro.
Verified19Over 3,700 GW untapped hydro potential globally.
Directional20Africa has 300 GW developable potential.
Single source21Latin America 170 GW untapped.
VerifiedHydropower Interpretation
While hydropower remains the mature backbone of global renewables, providing immense capacity and grid stability, its growth is paradoxically slowing just as climate-driven droughts expose its vulnerability and a vast untapped potential, particularly in Africa and Latin America, waits on the table.
Industry Overview
1Global renewable energy capacity reached 3,372 GW at the end of 2022, a 10.3% increase from 2021.
Verified2Renewables accounted for 30% of global electricity generation in 2022.
Verified3Investment in renewables reached $495 billion in 2022.
Verified4Solar PV capacity grew by 230 GW in 2022, representing 62% of all new capacity added.
Directional5Wind capacity additions totaled 77 GW in 2022.
Single source6Hydropower capacity stood at 1,296 GW end of 2022.
Verified7Bioenergy capacity was 150 GW in 2022.
Verified8Global renewable employment reached 12.7 million jobs in 2022.
Verified9China led with 1,447 GW renewable capacity in 2022.
Directional10Europe had 761 GW renewable capacity end 2022.
Single source11Renewables capacity is expected to double by 2026 to over 7,300 GW.
Verified12Cost of solar PV fell 89% between 2010 and 2022.
Verified13Wind onshore LCOE down 60% since 2010.
Verified14Global solar PV capacity hit 1,052 GW in 2022.
Directional15Annual growth rate of renewables averaged 9.6% from 2012-2022.
Single source16Renewables generated 29.4% of global electricity in 2023.
Verified17Utility-scale solar deployment grew 32% in 2023.
Verified18Offshore wind capacity reached 64 GW globally in 2023.
Verified19LCOE for solar PV averaged $0.049/kWh in 2022.
Directional20Fixed-bottom offshore wind LCOE at $0.075/kWh in 2022.
Single source21Solar jobs numbered 4.3 million globally in 2022.
Verified22Wind employed 1.3 million people in 2022.
Verified23Hydropower jobs at 2.3 million in 2022.
Verified24Bioenergy sector had 3.5 million jobs.
Directional25Renewables investment forecast to hit $2 trillion annually by 2030.
Single source26Share of renewables in power generation to reach 45% by 2028.
Verified27Cumulative renewable capacity needs to triple by 2030 for net zero.
Verified28Developing countries added 82% of new renewable capacity in 2022.
Verified29Asia accounted for 73% of global renewable capacity additions in 2022.
Directional30Global solar PV capacity surpassed 1,000 GW in 2022.
Single sourceIndustry Overview Interpretation
While the numbers prove we're sprinting towards a cleaner grid at a blistering pace, they also whisper the sobering reminder that we're still only at the starting line of the marathon needed to truly power down the planet.
Other Renewables
1Global bioenergy capacity 150 GW end-2022.
Verified2Geothermal capacity 15.4 GW globally.
Verified3Bioenergy generated 600 TWh in 2022.
Verified4Modern bioenergy LCOE $0.076/kWh.
Directional5Geothermal LCOE $0.056/kWh in 2022.
Single source6Bioenergy jobs 3.5 million.
Verified7Geothermal jobs 40,000.
Verified8Concentrated Solar Thermal 6.5 GW.
Verified9Marine energy capacity negligible at 0.5 GW.
Directional10Solid biomass dominates bioenergy at 80% share.
Single source11Biogas plants over 100,000 globally.
Verified12Geothermal growth 3% annually 2012-2022.
Verified13Bioenergy capacity added 7 GW in 2022.
Verified14US geothermal at 3.7 GW.
Directional15Indonesia geothermal potential 29 GW.
Single source16Biomethane production up 20% to 4.5 bcm in 2022.
Verified17Waste-to-energy capacity 40 GW globally.
Verified18Ocean energy R&D investment $1 billion annually.
Verified19Bioenergy provides 10% of global energy.
Directional20Enhanced geothermal systems (EGS) pilots scaling.
Single sourceOther Renewables Interpretation
The bioenergy sector, a workhorse generating 10% of the world's energy and supporting 3.5 million jobs, shows its practical but pricey heft, while the nimble geothermal industry hums along at a cheaper rate, reminding us that steady, deep heat and a lot of biomass can be just as revolutionary as chasing the latest shiny tech.
Solar Energy
1Global solar PV installed capacity reached 1,052 GW by end-2022.
Verified2Solar PV accounted for 62% of net renewable capacity additions in 2022.
Verified3China added 87 GW of solar PV in 2022.
Verified4India installed 10 GW solar PV in 2022.
Directional5Utility-scale solar PV LCOE fell to $0.049/kWh globally in 2022.
Single source6Rooftop solar LCOE averaged $0.110/kWh in 2022.
Verified7Solar PV module prices dropped 31% year-on-year in 2022.
Verified8Global solar PV manufacturing capacity exceeded 1 TW in 2023.
Verified9US added 32.4 GW solar in 2023, up 52% from 2022.
Directional10Distributed solar in US reached 7.3 GW in 2023.
Single source11Europe installed 56 GW solar PV in 2022.
Verified12Germany added 48 GW solar in 2023.
Verified13Solar PV capacity factor averaged 18-25% globally.
Verified14Bifacial solar modules now represent 60% of shipments.
Directional15Concentrated Solar Power (CSP) capacity at 6.5 GW end-2022.
Single source16Solar thermal capacity stood at 512 GWth in 2022.
Verified17Global solar jobs reached 4.3 million in 2022, with 2.8M in PV.
Verified18China hosted 3 million solar jobs in 2022.
Verified19Solar investment hit $273 billion in 2022.
Directional20PERC modules to be phased out by 2025, TOPCon to dominate.
Single source21Floating solar capacity grew to 13 GW by 2023.
Verified22Agrivoltaics projects increased 20% in 2023.
Verified23Solar PV expected to add 900 GW annually by 2030.
Verified24Module efficiency hit 24.6% for commercial panels in 2023.
Directional25Global solar capacity forecast to reach 4,500 GW by 2028.
Single sourceSolar Energy Interpretation
The solar industry's numbers are painting a sun-drenched picture where falling prices and surging installations prove we're finally getting serious about harnessing our star, yet the real challenge ahead is storing all that brilliant, intermittent power for when we actually need it.
Wind Energy
1Global onshore wind capacity was 899 GW end-2022.
Verified2Offshore wind capacity totaled 64 GW end-2022.
Verified3China added 38 GW onshore wind in 2022.
Verified4Global wind additions reached 77 GW in 2022.
Directional5Onshore wind LCOE averaged $0.033/kWh in 2022.
Single source6Fixed offshore wind LCOE at $0.075/kWh.
Verified7Floating offshore wind LCOE $0.109/kWh in 2022.
Verified8Global wind installations hit 94 GW in 2023.
Verified9Europe added 23 GW onshore and 4 GW offshore in 2023.
Directional10US installed 6.5 GW onshore wind in 2023.
Single source11Average turbine capacity rose to 3.4 MW onshore.
Verified12Offshore turbine average 13 MW in 2023.
Verified13Wind jobs totaled 1.3 million globally in 2022.
Verified14China had 750,000 wind jobs.
Directional15Investment in wind reached $153 billion in 2022.
Single source16Capacity factors for onshore wind averaged 34%.
Verified17Offshore wind capacity factors up to 50%.
Verified18Global offshore pipeline exceeds 250 GW.
Verified19Wind expected to add 620 GW by 2028.
Directional20Rotor diameters grew to 160m average onshore.
Single source21Hub heights increased to 110m onshore.
Verified22UK leads offshore with 14 GW installed.
VerifiedWind Energy Interpretation
While the winds of investment and innovation are blowing turbines to record sizes and costs to record lows, the industry's anchor remains firmly in China, which single-handedly employs more people in wind than the rest of the world combined.
Sources & References
- Reference 1IRENAirena.orgVisit source
- Reference 2IEAiea.orgVisit source
- Reference 3EMBER-CLIMATEember-climate.orgVisit source
- Reference 4SEIAseia.orgVisit source
- Reference 5GWECgwec.netVisit source
- Reference 6BLOOMBERGNEFbloombergnef.comVisit source
- Reference 7SOLARPOWEREUROPEsolarpowereurope.orgVisit source
- Reference 8NRELnrel.govVisit source
- Reference 9BNEFbnef.comVisit source
- Reference 10WORLDBANKworldbank.orgVisit source
- Reference 11WINDEUROPEwindeurope.orgVisit source
- Reference 12AW EAaw ea.orgVisit source
- Reference 13HYDROPOWERhydropower.orgVisit source
- Reference 14ENERGYenergy.govVisit source
- Reference 15THINKGEOENERGYthinkgeoenergy.comVisit source