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International market research institute Frost & Sullivan recently released the global power industry outlook 2018 report that solar energy is expected to surpass wind power by 2020 to become the fourth largest power generation resource
after coal, natural gas and hydropower.
It is expected that in 2019, solar energy will first overtake nuclear to reach fifth place
.
The expansion of battery energy storage, a surge in M&A activity, and a fragmented growth in energy entrepreneurship are the main reasons why the
renewable energy industry is seeing this surge, the report said.
According to the report, $2.
2 trillion will be invested between 2017 and 2021 to increase power generation, mainly renewable energy represented by solar and wind power, which accounted for $603.
4 billion and $553.
7 billion, respectively.
Similar to 2017, Frost & Sullivan expects solar to account for the majority of investment, which is expected to be $123.
03 billion in 2018, with China as the main investor
.
Demand and investment climate for solar and wind (offshore) are showing positive trends
.
In 2018, hydropower and biomass investment is expected to remain stable at US$77.
06 billion and US$2.
33 billion
, respectively.
Conversely, as new wind turbine orders will remain similar to 2017, the investment outlook for natural gas remains low, mainly due to the competitive cost of natural gas from renewables, as well as grid overcapacity and a focus on other generation types, and the lack of strong demand
for new wind turbine orders.
In addition, nuclear power is beginning to revitalize
as new nuclear power capacity is being added in China, Europe and the Middle East.
Investment in nuclear power is expected to reach $25.
7 billion in 2018.
The Asia-Pacific region will be the last bastion of coal, which is expected to decline
steadily year over year due to negative investment prospects.
Vasanth Krishnan, energy and environmental analyst at Frost & Sullivan, said: "To meet current trends and challenges, companies must start adopting business models
that can reduce costs while improving operational and process efficiency.
Adopting disruptive digital solutions focused on consumer needs will bring the business and organization closer to technology and efficiency transformation
.
”
The report also highlights several other global energy sector trends, including: the 3D model of electricity, i.
e.
decarbonization, decentralization, digitalization, which remains a fundamental factor determining the global electricity market landscape; The residential battery storage market will be the fastest growing market in 2018, mainly driven by the surge after residential deployments in the
United States, Germany, and Australia.
International market research institute Frost & Sullivan recently released the global power industry outlook 2018 report that solar energy is expected to surpass wind power by 2020 to become the fourth largest power generation resource
after coal, natural gas and hydropower.
It is expected that in 2019, solar energy will first overtake nuclear to reach fifth place
.
The expansion of battery energy storage, a surge in M&A activity, and a fragmented growth in energy entrepreneurship are the main reasons why the
renewable energy industry is seeing this surge, the report said.
According to the report, $2.
2 trillion will be invested between 2017 and 2021 to increase power generation, mainly renewable energy represented by solar and wind power, which accounted for $603.
4 billion and $553.
7 billion, respectively.
Similar to 2017, Frost & Sullivan expects solar to account for the majority of investment, which is expected to be $123.
03 billion in 2018, with China as the main investor
.
Demand and investment climate for solar and wind (offshore) are showing positive trends
.
In 2018, hydropower and biomass investment is expected to remain stable at US$77.
06 billion and US$2.
33 billion
, respectively.
Conversely, as new wind turbine orders will remain similar to 2017, the investment outlook for natural gas remains low, mainly due to the competitive cost of natural gas from renewables, as well as grid overcapacity and a focus on other generation types, and the lack of strong demand
for new wind turbine orders.
In addition, nuclear power is beginning to revitalize
as new nuclear power capacity is being added in China, Europe and the Middle East.
Investment in nuclear power is expected to reach $25.
7 billion in 2018.
The Asia-Pacific region will be the last bastion of coal, which is expected to decline
steadily year over year due to negative investment prospects.
Vasanth Krishnan, energy and environmental analyst at Frost & Sullivan, said: "To meet current trends and challenges, companies must start adopting business models
that can reduce costs while improving operational and process efficiency.
Adopting disruptive digital solutions focused on consumer needs will bring the business and organization closer to technology and efficiency transformation
.
”
The report also highlights several other global energy sector trends, including: the 3D model of electricity, i.
e.
decarbonization, decentralization, digitalization, which remains a fundamental factor determining the global electricity market landscape; The residential battery storage market will be the fastest growing market in 2018, mainly driven by the surge after residential deployments in the
United States, Germany, and Australia.
