Emergence of hybrid renewable energy systemsFebruary 7, 2016
Historically, wind has been the leading renewable energy source globally with around 240 GW of installations between 2009 and 2014. During the same period, solar has become increasingly competitive. Going forward, solar is expected to overtake wind as the renewable energy technology of choice. According to this white paper from QVARTZ, solar will have the potential to attract investments worth nearly USD 300 billion in the next five years.
Towards 2020, wind and solar together are expected to impart scale to renewable electricity generation. Due to improved reliability and associated cost savings, hybrid renewable energy systems are positioned to lead this scale-up of renewables, offering new opportunities for global energy players.
The insight from this white paper suggests that Europe, the United States, China and India will be at the center of solar activity. Especially China and India are expected to outshine their western counterparts with highly ambitious renewable targets set by the government. In the light of the recent announcements in both countries, they are expected to install more than 100 GW of solar between 2015 and 2020, out of the total of 270 GW that is expected to be installed globally.