World’s renewables to hit 11.2 TW by 2035
Driven by falling costs and strong policy support, global renewable capacity is projected to more than triple from 2024 to 2035, led by solar and wind.
Image for illustrative purposes
Global renewable energy capacity is projected to soar from 3.42 TW in 2024 to 11.2 TW by 2035, according to a GlobalData’s report. This represents a CAGR of 11 %, fuelled by ongoing cost reductions and favorable government policies.
Between 2015 and 2024, global renewable capacity expanded from 0.93 TW to 3.42 TW, with a 16 % CAGR. The main contributors to this growth have been solar photovoltaic and wind power, which together made up nearly 90 % of global installed capacity in 2024 – 56 % from solar and 33 % from wind. The Asia Pacific was the leading region in installations in both categories.
“Declining technology costs and supportive policies are making renewables highly attractive to investors,” said Rehaan Shiledar, power analyst at GlobalData. He also noted that the rise of hydrogen energy and AI-driven demand will further accelerate renewable adoption.
In terms of investments, solar power led the way in 2024, attracting $329.1 B, compared to $151.2 B for onshore wind and $69.6 B for offshore wind. By 2030, onshore wind is expected to reach $186.9 B, while offshore wind is forecasted to hit $150.4 B, reflecting strong growth – especially offshore, with a CAGR of 14 %.
Source: Asian Power
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