The renewable energy market is expected to grow considerably during the forecast period between 2024 and 2030. But project development efforts will be approached with caution as the market faces particular challenges as interest rates remain elevated and economic growth slows.
However, incentives and high electricity prices make PV systems and investments more financially attractive. The growing demand for industry and commercial applications around the world has had a direct impact on the growth of renewable energy.
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The projections show that the world’s total renewable energy capacity will hit 4 500 GW*, with solar being the fastest-growing renewable energy generation. Solar PV production capacity will likely double by 2024, reaching 1,000 GW. **
Due to the global energy crisis, renewable energy has become crucial for a cleaner, more secure future, yielding opportunities for investors and energy sectors.
* https://www.pionline.com/esg/renewable-energy-set-record-growth-2023-and-2024-iea-report
**https://energytracker.asia/renewable-energy-market-jump/
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