October 20, 2020 Read More →

Rystad: Asian renewable energy capacity to hit 754GW by 2025, up 50% in five years

PV Magazine:

Analysis from Rystad Energy has found the installed capacity of renewable energy in the Asia-Pacific region is set to soar from 497 gigawatts (GW) this year to 754 GW in 2025. The driving force behind the increase will be solar, with regional capacity nearly doubling from 192 GW in 2020 to 349 GW in the next five years.

The jump will propel solar energy past the installed capacity of well-established onshore wind energy. Nonetheless, onshore wind’s capacity is also expected to rise 26% from 243 GW to 308 GW in the next five years, with offshore wind set to grow 50% from 34 GW to 51 GW. Storage, battery and hydrogen electrolyser capacity is likely to expand even faster, with a 60% growth rate forecast, moving the capacity from 28 GW to 45 GW by 2025.

In September, Rystad Energy analysis found Australia is following a similar trajectory to the region at large, with electricity generated by solar and onshore wind farms to overtake the combined power production from coal and gas from 2026.

“Renewable energy growth has led engineering, procurement, construction and installation (EPCI) service providers in the region and Asian fabrication yards to fast-track their energy transition plans to actively target low-carbon markets and tender for such contracts,” senior energy service research analyst at Rystad Energy, Lin Lin Goh, said in a press release.

[Bella Peacock]

More: Solar to power to drive 50% surge in Asia-Pacific renewable energy capacity by 2025

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