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Solar Power Generation

Solar PV generation increased by a record 270 TWh (up 26%) in 2022, reaching almost 1 300 TWh. It demonstrated the largest absolute generation growth of all renewable technologies in 2022, surpassing wind for the first time in history. This generation growth rate matches the level envisaged from 2023 to 2030 in the Net Zero Emissions by 2050.

Hydro Power Generation

Capacity In 2022, global installed hydropower capacity reached 1,220 GW, up 22.2 GW from 2021. Market size The hydropower market was valued at USD 254.49 billion in 2023 and is projected to grow to USD 388.07 billion by 2032. Growth rate The global hydropower market is expected to generate 4.33 trillion kWh of electricity in 2024, with an annual growth rate of 1.26% from 2024 to 2029.

Wind Power Generation

Market size The global wind energy market is expected to grow from $89.6 billion in 2023 to $260.8 billion by 2034, at a compound annual growth rate (CAGR) of 10.2%. Offshore wind The global offshore wind industry had a record-breaking 2023, and is expected to continue to grow. The Global Wind Energy Council (GWEC) expects new capacity to increase by 24% in 2024, and to continue growing at that rate until 2030.

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