Global growth differs by location due to different climate conditions and the ability of technologies to suit the needs of local populations. In geographically-advantaged countries, the share of renewables in the power mix grows exponentially. India, for example, has ambitious solar targets and we expect an increase from 3% of total power generating capacity in 2015 to more than 35% in 2035.
Meanwhile, wind power remains the prerogative of developed and mature markets (with the exception of China). As fossil fuels and nuclear use slowly decline in Western Europe, we expect wind to become the largest source of electricity by 2030 at around 21%.
Asia will also see renewables develop steadily, driven by a will to cut CO2 emissions in the mature markets of Japan, South Korea and Taiwan, or as a result of a steep increase in power demand in the case of South East Asia.
In China, despite slower power demand growth, solar and wind will develop at a fast pace, reaching 7% and 18% of total electricity output respectively. We also forecast nuclear output to expand here more than tenfold between 2015 and 2035 — a stark contrast to many other countries, where nuclear remains unpopular.
With technology continually improving, renewables are no longer simply regarded as the expensive green option but are now considered serious competition. It's clear that renewable energy is in a strong position to force the market to reshape.