Global Renewable Energy Generation Cumulative Installed Capacity Will Reach 6114.6GW by 2028

Renewable energy generation (REG) refers to the process of converting renewable energy sources (such as wind, hydro, solar, tidal, geothermal, etc.) into electricity. The advantages of renewable energy generation lie in its sustainability and environmental friendliness, as renewable energy is not depleted and does not produce harmful emissions during use.

Introduction of Different Types of Renewable Energy Generation Methods

Wind Power

Using wind energy to drive wind turbines to rotate and generate electricity. Wind energy is a widely distributed and renewable energy source that is pollution-free and has low operating costs.

Hydro Power

Convert the potential and kinetic energy of water into electrical energy. Hydropower stations are usually composed of dams, water gates, reservoirs, and turbines. According to different water resource conditions, they can be divided into storage type, dam type, and pumped storage type.

Solar Power

The process of converting solar energy into electrical energy. Solar panels convert solar energy into electricity through photoelectric or photochemical effects. Solar energy is an endless and pollution-free energy source, and the production and disposal process of solar panels is also relatively environmentally friendly.

Geothermal Power

Utilize the thermal energy inside the Earth to convert it into electricity through geothermal power plants. Geothermal energy is a renewable energy source that can be used for power generation, heating, and industrial purposes.

Bio-power

Utilize biomass (such as wood, crop waste, animal and plant fats, etc.) to burn and generate heat energy, which is then converted into electricity through thermal power plants. Biomass energy is a renewable energy source that can be used to replace fossil fuels and reduce carbon emissions.

Ocean Power

Using ocean energy to drive a turbine to rotate and generate electricity. Tidal energy is also a renewable energy source that can be used for power generation and pumping purposes.

Overview of Market Development and Analysis of Segmented Markets
With the continuous advancement of technology and the enhancement of public environmental awareness, the global renewable energy generation market is showing a booming development trend. According to our research data, the cumulative installed capacity of renewable energy generation worldwide reached 3965.7 GW in 2023, and it is expected to increase to 6114.6 GW by 2028.
At present, the global renewable energy generation market is mainly composed of sub-markets such as hydro power, wind power, solar power, and bio-power. Among them, hydro power occupies the largest market share. According to our data, the cumulative installed capacity of global hydropower in 2023 was 2091.5GW, accounting for 52.74% of the total installed capacity of renewable energy generation.

Global Renewable Energy Generation Cumulative Installed Capacity and Market Segment Analysis  

Global Renewable Energy Generation Cumulative Installed Capacity and Market Segment Analysis

Source: www.globalmarketmonitor.com
Market Development Trend Analysis
Technological innovation: With the continuous progress of technology, the efficiency of renewable energy generation will be further improved, and costs will gradually decrease, providing strong support for the development of the market.
Policy support: The strong support of governments in various countries for renewable energy will further promote market development. In the future, with the implementation of policies such as carbon emission taxes and green certificates, the renewable energy generation market will usher in greater development space.
Grid-connected power generation: With the development of smart grid technology, the grid-connected capacity of renewable energy generation will be improved, which will further expand the market scale.
Distributed power generation: The development of distributed power generation technology enables households, enterprises, and others to become the main players in renewable energy generation, which will bring new development opportunities to the market.

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