Renewable power generation around the world will grow by more than 40% over the next five years, according to a report from the International Energy Agency (IEA).
Despite economic uncertainty, power generation from on- and offshore wind, solar photovoltaics, concentrating solar power, bioenergy, geothermal, hydropower, wave and tidal power generation will reach almost 6400 TWh by 2017, according to the Medium-Term Renewable Energy Market Report 2012.
According to the IEA?s analysis renewable electricity will expand almost 60% more between 2011 and 2017 than it did between 2005 and 2011 to reach 1840 TWh.
The IEA says that, during the same period, renewable generation will shift from OECD countries to new markets like India and Brazil.
Unsurprisingly, China is projected to account for almost 40% or new renewable electricity capacity, but significant deployment is also expected in the US and Germany.
The study is the IEA?s first medium-term report on renewable power, recognising that sector is now ?coming of age?, says the organisation.
?Renewable energy is expanding rapidly as technologies mature, with deployment transitioning from support-driven markets to new and potentially more competitive segments in many countries,? says IEA executive director Maria van der Hoeven. ?This report forecasts global renewable development and, in so doing, provides a key benchmark for both public and private decision makers.?