The most recent prediction states that between 2024 and 2033, solar companies plan to construct 3.8 TW (AC) of capacity worldwide.
According to the analysts, by 2033, the combined installed capacity of solar and wind power would reach 5.4 TW, bringing the total cumulative worldwide output of both technologies to 8 TW. With the exception of pumped hydro, energy storage capacity is predicted to increase by more than 600% within the same time period, adding nearly 1 TW of additional capacity.
Despite grid limitations, inflation, and permitting issues, growth is anticipated.
Country-level policy targets, technological innovation, and concerns over energy security have driven global demand for renewables to unprecedented levels. Over the course of the outlook, energy storage will have the most balanced geographic footprint, partly because of its significant contribution to the availability of renewable power.
The total installed solar capacity worldwide is expected to almost triple between 2024 and 2033. China, which is anticipated to account for 50% of new capacity, will be the growth engine.
Installed solar will keep growing annually through 2026. After that, it expects a two-year slowdown as a result of an anticipated break in development activity, before higher deployment is driven by the next round of scheduled procurement.
By the end of this year, the worldwide energy storage market is expected to reach 159 GW/358 GWh. By the end of 2033, 926 GW/2,789 GWh will have been added, a 633% increase from the current level, according to the prediction. With an average annual capacity increase prediction of 42 GW/120 GWh over the next ten years.
