In terms of power generation investment, the 2020s will continue a trend that has gained pace in the 2010s – the rise of renewable energy. The continued move away from carbon-intensive power will gain popularity as renewable energy sources become increasingly cost-competitive against fossil fuels.
New York, March 22, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Power Generation Forecasts" - https://www.reportlinker.com/p06037565/?utm_source=GNW
Increased investment in transmission and distribution lines, digital grid solution propositions, and energy storage will minimize renewables’ curtailment in the future. Global total installed generation capacity is forecast to increase from 7,180.60 GW in 2020 to 10,532.45 GW by 2030 at a 3.9% CAGR. Total power investment is likely to grow from $408.35 billion in 2020 to $545.00 billion in 2030 at 2.9% CAGR. China and Asia-Pacific will lead in investment, as China seeks to minimize carbon emissions growth and Asia-Pacific invests in reducing the region’s current supply deficit. Renewables, combined with nuclear power, which will see high investment levels over the decade, will account for 90% of investment in 2030.For developing nations, coal will continue to play an essential role in energy supply, even as new investment declines fast. Total coal installed power is forecast to fall by 306.37 GW from 1,937.17 GW in 2020 to 1,630.80 GW in 2030, when new coal investment will be close to zero. North America and Europe will dominate coal closures. High gas availability and lower prices will drive new investment in gas-fired plants, with capacity increasing by 417.4 GW between 2020 and 2030. A limited number of gas-fired plants will go offline as they face economic challenges against renewable energy. The majority will still stay online past their operational life expectancy thanks to advanced service and maintenance propositions. Solar PV installed capacity is forecast to increase by 2,063.26 GW, while wind power installed capacity rises by 915.27 GW between 2020 and 2030. The study covers solar, wind, gas, hydropower, oil/diesel, nuclear, biomass, and coal power. It includes various distributed and centralized power sources by investment and discusses regional trends and future outlook for each power source.
Read the full report: https://www.reportlinker.com/p06037565/?utm_source=GNW
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