New Delhi, May 31 (IANS). The Asia Pacific (APAC) region has emerged as the largest market for Solar Photovoltic (PV) and 0.67 terrawatt for Wind Installed Capacity in 2024.
Solar PV systems are ready to lead new investments, which are overtaking both onshore and offshore wind sectors.
According to a major data and analytics company Globaldata, Solar PV earned an investment of $ 329.1 billion in 2024. In contrast, the onshore wind investment was $ 151.2 billion, while the offshore wind investment reached $ 69.6 billion by the end of 2024.
Globaldata’s power analyst Rehan Shildar said, “By 2030, it is estimated to increase by $ 186.9 billion in the onshore wind sector and $ 150.4 billion in the offshore wind sector.
Renewable Resource, especially solar photovoltic (PV) and wind energy, are gaining large stake in energy portfolio globally.
Mainly declining costs and strong policy support, especially for solar PV and wind energy, are estimated to increase from 3.42 terravat of global renewable power installed capacity 2024 to 11.2 terravat by 2025.
Earlier this month, a second industry report stated that India’s Solar PV Balance of System (BOS) market is on a strong growth path and in 2024 it is estimated to increase from $ 3 billion to about $ 7 billion by $ 3 billion in 2024, which records a 16 percent racification annual growth rate (CAGR).
According to the latest industry report of 1-Latis, many factors are pursuing this growth, such as the target of 500 gW non-givash fuel capacity by 2030 and 50 percent of the country’s 50 percent of the power renewable sources.
The report further states that capable schemes like PM-Kusum, grid connected roftop solar program and Delhi solar power policy are helping to adopt solar energy in rural and urban areas.
-IANS
SKT/ABM
