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If high interest rates persist, transitioning to a net zero global economy will be even harder and more costly. The higher cost of borrowing negatively affects renewables and nascent technologies, compared to more established oil and gas, and metals and mining sectors, which remain somewhat insulated.
Global wind turbine order intake hit new highs in 2023 with 155 gigawatts (GW) procured for the year, an increase of 16 GW from 2022.
More than 100 gigawatts (GW) of global renewable energy capacity is expected to be tendered in 2024. With more than 60 GW to be offshore wind, the overall volume is set to grow as the year progresses and will match 2023 levels.
Plummeting Utility PV solar costs beat coal power to emerge as the cheapest power source in the region
Home to half of the world’s population and contributing a third to the global GDP, the Asia Pacific region is expected to maintain a 50% share of global primary energy demand and a 60% share of global carbon emissions until 2050. This trend is unlikely to change without strong policy action and investment. However, the region still has the potential to turn these challenges into opportunities and become a global leader in the energy transition.
The future of low-carbon hydrogen hinges on global policymakers introducing regulations and subsidies that focus on the carbon intensity of the hydrogen produced rather than its colour.
India, China and Southeast Asia will continue to be the three most important growth engines of power demand across the planet, says Alex Whitworth, Vice President, Head of Asia Pacific Power Research at Wood Mackenzie. With the Asia Pacific region seeing its share of global power demand surpass the 50% mark in 2023.
Despite supply chain headwinds and price pressures, the global offshore wind sector saw significant growth in its mature pipeline, as late-stage pipeline mergers & acquisitions, turbine orders, and project financial investment decisions (FIDs) saw record activity in 2023. This has boosted the sector’s momentum into 2024.
Currently on target to reach a record-breaking 230 gigawatts (GW) of wind and solar installations this year, China leads the global renewables market. This is more than double the number of US and Europe installations combined.
Chinese companies have made significant strides in the Belt & Road initiative's overseas power projects over the past decade. With an estimated investment value of around US$200 billion, over 300 projects have installed 128 GW of power, equivalent to 1.3 times Australia's installed capacity in 2022. However, challenges have emerged, leading to the cancellation or shelving of over 20% of projects to date.
After investing over US$130 billion into the solar industry in 2023, China will hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity from 2023 to 2026.
The global Battery Energy Storage Systems integrator market has grown increasingly competitive in 2022, with the top five global system integrators accounting for 62% of overall BESS shipments.
The Asia Pacific region is forecast to invest US$3.3 trillion in power generation over the next 10 years, with 49% earmarked for wind and solar, and 12% for energy storage, according to latest Wood Mackenzie analysis.
The top 10 global solar photovoltaic (PV) inverter vendors accounted for 86% of market share in 2022, increasing by 4% year-over-year since 2021, according to latest analysis by Wood Mackenzie, a global insight business for renewables, energy and natural resources.
How can India attain its net zero emissions goal by 2070, in line with global pledges to reach net zero emissions by mid-century? Wood Mackenzie analyses the scenario in its latest report ‘India energy transition pathways 2070’, concluding that the country must radically transform its energy landscape and prioritise renewable energy, electrification, hydrogen adoption, and carbon removal strategies.
The acceleration of the energy transition means gas resource holders increasingly face a choice: follow the established pathway and develop new LNG export facilities or pivot into developing blue ammonia.
The global floating solar market is expected to pass the six-gigawatt (GW) threshold by 2031, as PV developers struggle to meet growing solar demand and look to alternate development technologies.
China’s solar exports grew 64% to US$52 billion in 2022 despite global trade tensions, according to latest analysis from Wood Mackenzie.
Despite policy support and market growth, the biggest economic hurdle to the uptake of the latest nuclear and small modular reactors (SMRs) is cost, according to Wood Mackenzie report.
The global wind energy market will pass the one terawatt (TW) threshold for installed capacity by the end of 2023, according to the latest market outlook from Wood Mackenzie.
The levelised costs of electricity (LCOE) for utility solar and onshore wind in Asia Pacific were up 16% and 12% respectively since 2020, as equipment, construction costs and interest rates rose in the region. The trend is expected to reverse in 2023, but volatility risks including geopolitical tensions, trade policy and financing remain according to latest analysis from Wood Mackenzie.
Long-duration storage energy (LDES) projects around the world have attracted more than US $58 billion in commitments made by governments and companies since 2019. If all these projects went forward, it would lead to the installation of 57 gigawatts (GW) of LDES – the equivalent of three times the global energy-storage capacity deployed in 2022, according to analysis from Wood Mackenzie.
Strong activity in China pushed global wind turbine order intake to 43 gigawatts (GW) in quarter two of 2022, a new record, and up 36% from year-ago levels. This equates to an estimated $18.1 billion, according to new analysis from Wood Mackenzie.
US Inflation Reduction Act bill set to boost CCUS uptake but more is needed to meet net zero goals by 2050
Global top 10 solar photovoltaic (PV) inverter vendors shored up 82% of market share in 2021, increasing by 2 percentage points compared to 2020, says Wood Mackenzie.
Wood Mackenzie announces the launch of the second edition of its Power & Renewables Asia Pacific (APAC) Virtual Conference on July 26 – 28.
BP confirmed today that it picked up over 40% stake in the Asian Renewable Energy Hub project to produce and export green hydrogen in Australia.
While hydrogen can be used in many sectors, its derivative, ammonia, has emerged as a key tool to provide flexible power generation and integrate variable renewables. Analysis by Wood Mackenzie shows that a 10% ammonia co-firing in global coal plants would translate to 200 million tonnes (Mt) of ammonia demand, a potential market of US$100 billion by 2050.
Steel industry’s carbon emissions is expected to fall 30% by 2050 compared to 2021 levels, according to a new report by Wood Mackenzie.
Global cumulative lithium-ion battery capacity could rise over five-fold to 5,500 gigawatt-hour (GWh) between 2021 and 2030, says Wood Mackenzie.
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