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The global solar industry has experienced tremendous growth in the past decade as the annual demand for solar rose year after year while the cost of solar declined significantly. In the 2020s, solar module costs will continue to fall, albeit at a much slower rate. Instead, improvement in module efficiency and power class will propel the declining capex trend forward and ultimately lower the solar levelised cost of energy (LCOE), new research from Wood Mackenzie found.
Wood Mackenzie’s latest report shows that the power generation sector in Asia Pacific could attract US$1.5 trillion worth of investments over the decade ending 2030.
Using renewable energy to power liquefied natural gas (LNG) plants in Asia Pacific could reduce emissions by about 8%, says Wood Mackenzie.
Mexico, Central America and the Caribbean saw a record 1,830 megawatts (MW) of new wind power capacity installed across the region in 2019 – a 126% year-on-year increase in additions, according to new research from Wood Mackenzie.
Corporate power purchase agreements (corporate PPAs) and merchant renewables projects are the most complex business models in renewable energy. Learn why.
Join our Energy Storage experts on Tuesday 26 September as we review our latest 10-year outlook for the US storage market and the revenue opportunities for grid-scale storage in key markets.
After a tumultuous 2020, European power markets could be set for a more optimistic 2021. A new year in which policymakers and market participants will refocus on initial, substantive steps towards the delivery of net-zero objectives under the light of the EU Green Deal. Listen to Wood Mackenzie’s Energy Transition Practice experts as they discuss the year ahead for the European power markets.
Join Wood Mackenzie's Blazej Radomski on Tuesday, 25th January at 15:00 GMT where he will be discussing how the twin forces of AI and flexibility markets can bring much needed stability to the power grid.
Join ThoughtTrace and Wood Mackenzie to hear us discuss how to uncover critical information in your land development option and financing agreements to better protect your rights and investment.
It’s a watershed moment for the North Sea. Join our upcoming webinar as we cover upstream, ccus and hydrogen in the North Sea
The coronavirus pandemic will have a significant impact on the global solar PV market. Construction and development is slowing as countries around the world enforce unprecedented lockdowns. As the world economy faces severe economic disruption, Wood Mackenzie has downgraded its forecast for 2020 installations from 129.5 gigawatts (GW) to 106.4 GW, a reduction of 18%.
Global electric vehicle (EV) sales closed at 2.2 million in 2019. This number is expected to drop 43% to 1.3 million by the end of 2020, according to new research from Wood Mackenzie.
If coronavirus containment measures continue to curtail movement of goods and people through Q2 this year, alongside an economic downturn, the market impact could trim Wood Mackenzie’s 2020 global energy storage deployments forecast by 19%.
Approximately $2.1 billion in cumulative disclosed corporate-level investment was deployed into off-grid energy access markets between 2010 and 2019.
The next decade is set to deliver more of the same for solar PV, according to Wood Mackenzie.
Solar system prices will continue to drop over the next decade, driven by advances in module efficiency, manufacturing, labour practices and software, according to Wood Mackenzie.
In Q3 2019, Tesla announced its plans to capture 1% of all car sales globally. With its current portfolio of luxury cars, the company is unlikely to meet that target by the end of the decade. However, if it launches an entry-level car priced at $25,000, Wood Mackenzie projects that Tesla will meet the 1% target as early as 2024.
An auction-triggered awakening in Poland and a growing confidence in developers' ability to comply with local content requirements in Russia led to a 17% wind power capacity increase QoQ in Eastern Europe and Russia, according to new research from Wood Mackenzie.
Global onshore wind O&M costs will reach nearly $15 billion in 2019. Of that number, 57% - or $8.5 billion – will be spent on unplanned repairs and correctives caused by component failures, according to new research by Wood Mackenzie Power & Renewables.
New research from global natural resources consultancy Wood Mackenzie indicates Asia-Pacific's offshore wind capacity will rise 20-fold to 43 GW in 2027.
Looking at behind-the-meter, Australia was the biggest residential storage market in the world in 2017, with a tripling of residential storage deployments over the previous year. High retail electricity rates and diminishing or expiring feed-in tariffs have encouraged residential solar customers to choose storage for self-consumption benefits. As a result, over the past few years, Australia has been the preferred testbed for new residential energy storage products, as several technology vendors have first introduced their residential product portfolios in the country.
Inflation Reduction Act and tariff pause provide market optimism following Q2 slowdown
Global wind power is expected to see an 1.9% increase of installed capacity Quarter on Quarter (QoQ), an equivalent of 25.6 gigawatts (GW), between 2022 and 2031 according to Wood Mackenzie, a Verisk business (Nasdaq: VRSK).
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.
The US community solar market installed a record-breaking 1.7 GWdc of capacity in 2024, a 35% increase from 2023, according to a new report released by Wood Mackenzie in collaboration with the Coalition for Community Solar Access (CCSA). However, with policy uncertainty at both national and state levels, long-term growth hangs in the balance.
Global PV inverter shipments grew by 56% to 536 gigawatts alternating current (GWac) in 2023, reflecting a strong year for the broader solar industry. The top 10 global PV inverter vendors accounted for 81% of the market.
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.
EV chargers, demand response and the fight over National Grid’s gas hookups
Three hot topics for electric vehicles: when electric vehicles will become fully commercially competitive, how cities are transforming road transport, and EV infrastructure M&A activity.
A global car manufacturer engaged with Wood Mackenzie to extract additional value from car batteries through V1G and V2G power grid integration.
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