Driven primarily by declining costs and strong policy support, particularly for solar PV and wind energy, the global renewable power installed capacity is estimated to surge from 3.42 TW in 2024 to 11.2 TW by 2035.
The Asia Pacific (APAC) region has emerged as the largest market for solar photovoltaic (PV) and wind installed capacity, boasting 1.18 TW and 0.67 TW in 2024, respectively, according to a new report.Solar PV systems are poised to spearhead new investments, outpacing both onshore and offshore wind sectors.In 2024, solar PV garnered $329.1 billion in investments.
In contrast, onshore wind investments stood at $151.2 billion, while offshore wind investments reached $69.6 billion by the end of 2024, according to GlobalData, a leading data and analytics company.“Looking ahead, the onshore wind sector is forecasted to grow to $186.9 billion and the offshore wind sector to $150.4 billion by 2030.