Imagine a future where sunlight and wind have not only become our primary power sources, but are doing so at a speed and scale that was almost unimaginable just a decade ago, as evidenced by the fact that global renewable capacity additions have now doubled since 2013 to reach a staggering 510 GW in a single year.
Key Takeaways
- Global solar photovoltaic (PV) capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
- In 2023, China added 217 GW of new solar PV capacity, accounting for 54% of global additions
- Utility-scale solar PV levelized cost of electricity (LCOE) fell by 89% between 2010 and 2022
- Global wind power capacity hit 1,017 GW by end of 2022, up 9% from 2021
- Offshore wind capacity reached 72 GW globally in 2023, with China leading at 37 GW
- Onshore wind LCOE decreased by 70% from 2010 to 2022
- Worldwide hydropower capacity exceeded 1,416 GW in 2022
- China operates 423 GW of hydropower, over 30% of global total in 2023
- Run-of-river hydropower accounts for 20% of global hydro capacity
- Global bioenergy capacity reached 150 GW in 2022
- Geothermal capacity stood at 15.6 GW in 2023, led by US with 3.8 GW
- Modern biomass power generation was 650 TWh in 2022
- Global renewables capacity investments hit $495 billion in 2022
- Renewables share of global electricity generation was 29.4% in 2022
- Annual renewable capacity additions reached 510 GW in 2023, double 2013 levels
Solar power surged as its cost plummeted and global wind and hydro capacity grew significantly.
BioGeo
- Global bioenergy capacity reached 150 GW in 2022
- Geothermal capacity stood at 15.6 GW in 2023, led by US with 3.8 GW
- Modern biomass power generation was 650 TWh in 2022
- Geothermal LCOE fell 29% from 2010-2022 to $0.056/kWh
- Biogas plants number over 220,000 globally, producing 100 TWh equivalent
- Indonesia added 200 MW geothermal in 2023, total 2.3 GW
- Solid biomass dominates with 80% of bioenergy capacity
- Enhanced geothermal systems (EGS) pilots reached 50 MW by 2023
- Bioenergy employment is 5.5 million jobs worldwide
- Bioenergy supplied 10% of global energy in 2022
- Geothermal direct use capacity 118 GWth in 2023
- Advanced biofuels production 6 billion liters in 2023
- Philippines geothermal 1.9 GW, 10% electricity
- Waste-to-energy plants: 2,500 globally, 500 TWh equiv
- Bioethanol production 130 billion liters in 2023
- Geothermal exploration investment $500M/year needed
- Biomethane potential 20-35 bcm/year in EU
- Global pellet production 50 Mt in 2023
- Geothermal in Kenya 900 MW, 45% electricity
- Bioenergy LCOE $0.072/kWh in 2022
- Global biodiesel production 45 billion liters 2023
- Iceland 30% electricity geothermal
- Anaerobic digestion biogas: 20 bcm/year potential EU
- Wood chip biomass capacity 100 GW global
- Superhot rock geothermal pilots 2023 US
- BioCNG from waste: 1,000 stations global 2023
BioGeo Interpretation
Despite geothermal's impressive cost plunge, bioenergy still heats the global energy party, hosting ten times the gigawatts, half the planet's renewables jobs, and a whole lot of solid biomass.
Hydro
- Worldwide hydropower capacity exceeded 1,416 GW in 2022
- China operates 423 GW of hydropower, over 30% of global total in 2023
- Run-of-river hydropower accounts for 20% of global hydro capacity
- Pumped storage hydropower capacity is 160 GW globally
- Brazil added 4.3 GW hydro capacity in 2023
- Hydropower generated 4,150 TWh globally in 2022, 15% of electricity
- Small hydro (<10 MW) capacity is 120 GW worldwide
- Canada has 82 GW hydro capacity, 60% of its electricity
- Hydropower LCOE averaged $0.047/kWh in 2022
- Africa has untapped hydro potential of 300 GW
- Hydropower capacity in India is 47 GW as of 2023
- Three Gorges Dam: 22.5 GW largest hydro plant
- Hydropower capacity factor averages 40-50% globally
- Norway 92% electricity from hydro in 2023
- Global hydro additions averaged 25 GW/year 2018-2022
- Mekong River basin hydro potential 65 GW developed 25%
- Marine current/tidal capacity 700 MW globally 2023
- Hydro storage provides 90% of global energy storage
- Russia hydro capacity 52 GW
- Variable flow hydro output declined 10% due to droughts 2022
- Hydropower in Asia-Pacific 70% global capacity
- Itaipu Dam: 14 GW, 100 TWh/year average
- Hydropower retrofits improved efficiency 5-10% recently
- Venezuela Guri Dam 10 GW capacity
- Global small hydro potential 173 GW untapped
- Hydro drought impact: -100 TWh EU 2022
- Turkey hydro capacity 32 GW end 2023
- Pumped hydro additions 5 GW China 2023
Hydro Interpretation
While China leads the charge by harnessing rivers like a national hobby, the rest of the world is playing a serious game of catch-up—with droughts throwing wildcards into the mix—because this 4,150 TWh heavyweight remains the indispensable, if temperamental, backbone of our clean energy grid.
Market
- Global renewables capacity investments hit $495 billion in 2022
- Renewables share of global electricity generation was 29.4% in 2022
- Annual renewable capacity additions reached 510 GW in 2023, double 2013 levels
- Clean energy investment to reach $2 trillion annually by 2030 per IEA
- EU renewable target: 42.5% electricity from renewables by 2030
- Global renewable jobs totaled 13.7 million in 2022
- Net Zero by 2050 needs 11 TW renewables capacity by 2050
- Developing countries added 80% of new renewable capacity in 2023
- US Inflation Reduction Act to spur $1.2 trillion clean energy investment
- Renewables overtook coal in electricity generation in 2023, 30% share
- IEA: Renewables to meet 90% new electricity demand to 2028
- Corporate PPA for renewables hit 25 GW in 2023
- China renewables capacity 1,566 GW end 2023
- Green hydrogen from renewables: 10 Mt planned by 2030
- Auction prices for solar fell to $0.01/kWh in India 2023
- Africa renewables investment $40B 2015-2022
- Battery storage paired with renewables: 50 GW global 2023
- Renewables capacity growth needs tripling by 2030 per COP28
- Global clean energy manufacturing $200B investment 2023
- India 500 GW non-fossil target 2030
- Offshore wind auctions awarded 15 GW Europe 2023
- Renewables financing gap $4T/year developing world
Market Interpretation
We are witnessing a financial and technological supernova hurtling towards its target, yet the sheer scale of what's left to build is a sobering reminder that this energy revolution must now sprint like an Olympian with the world on its back.
Solar
- Global solar photovoltaic (PV) capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
- In 2023, China added 217 GW of new solar PV capacity, accounting for 54% of global additions
- Utility-scale solar PV levelized cost of electricity (LCOE) fell by 89% between 2010 and 2022
- Rooftop solar PV capacity worldwide exceeded 400 GW by end of 2022
- Concentrated solar power (CSP) capacity stood at 26 GW globally in 2023, with 2.6 GW added that year
- Solar PV module prices dropped to $0.11/W in 2023, down 50% from 2022
- In the US, solar accounted for 14.7% of electricity generation in Q1 2024
- India installed 14.8 GW of solar capacity in FY 2023-24
- Floating solar PV capacity reached 13 GW globally by 2023
- Bifacial solar modules captured 55% of global shipments in 2023
- Global solar PV capacity reached 1,052 GW in 2022, marking a 24% increase from 2021
- In 2023, annual solar PV additions were 447 GW globally
- US residential solar installations grew 19% YoY to 4.7 GWdc in 2023
- Perovskite solar cells achieved 34% efficiency in lab tests in 2024
- Australia solar rooftop penetration reached 35% of households by 2023
- Morocco's Noor Ouarzazate CSP plant has 580 MW capacity
- Global solar irradiance averages 1,000-2,500 kWh/m²/year
- Tandem solar cells hit 33.9% efficiency record in 2023
- Vietnam added 11 GW solar in 2019-2020 boom
- Global cumulative solar thermal capacity is 500 GWth
- Global solar PV capacity reached 1,610 GWdc in 2023
- Europe solar additions 56 GW in 2023
- Commercial & industrial solar grew 20% to 15 GW global 2023
- Agrivoltaics projects: 2 GW operational worldwide 2023
- Saudi Arabia added 2.8 GW solar in 2023
- Global PV waste projected 8 Mt/year by 2030
- Solar PV capacity factor averages 20-25% globally
- Japan solar capacity 83 GW end 2023
Solar Interpretation
The sun is no longer just smiling upon us; it's laughing all the way to the grid, having bullied its way to over a terawatt of capacity through a relentless, price-slashing blitzkrieg led by China, which proves that when you make something absurdly cheap and efficient, even the most hard-headed utilities and homeowners will happily bow to the light.
Wind
- Global wind power capacity hit 1,017 GW by end of 2022, up 9% from 2021
- Offshore wind capacity reached 72 GW globally in 2023, with China leading at 37 GW
- Onshore wind LCOE decreased by 70% from 2010 to 2022
- Europe added 17.4 GW of wind capacity in 2023, 50% offshore
- US wind capacity generation share was 10.2% in 2023
- Floating offshore wind capacity was 200 MW in 2023, expected to grow to 5 GW by 2029
- Turbine average capacity factor for onshore wind improved to 37% in 2023
- India commissioned 3.2 GW wind capacity in FY 2023-24
- Global wind turbine installations totaled 116 GW in 2023
- UK offshore wind capacity hit 14 GW in 2023
- Offshore wind capacity grew 21% to 72 GW in 2023
- US onshore wind added 6.5 GW in 2023
- Average hub height for new onshore turbines reached 110m in 2023
- Germany wind generation share 32% of electricity in 2023
- Largest turbine: MingYang MySE 18.X-20MW offshore
- Wind curtailment in China was 4.3% of generation in 2023
- Brazil wind capacity reached 29 GW by 2023
- Global wind LCOE $0.033/kWh for best sites in 2022
- Denmark generates 55% electricity from wind in 2023
- Hybrid wind-solar projects reached 10 GW globally by 2023
- Global wind capacity 1,131 GW end 2023
- US total wind capacity 149 GW end 2023
- Fixed-bottom offshore wind LCOE $72/MWh best sites 2023
- Spain wind share 25% electricity 2023
- Next-gen 15MW+ offshore turbines: 5 GW ordered 2023
- Wind repowering in US: 2 GW in 2023
- Global wind supply chain value $100B in 2023
- Portugal 30% electricity from wind 2023
Wind Interpretation
While the wind industry is now a towering, trillion-dollar global force capable of powering entire nations, its true success is measured not just in gigawatts but in the fact that it has finally become too cheap and too sensible for even the most stubborn grids to ignore.
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