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90% of the world's new power generation capacity comes from renewable projects using solar modules and other equipment

Release date:2020-12-16 Source:Raytech Pageviews:-


After the COVID outbreak in Feb 2020, Raytech factories and offices has been back into normal operation state to deliver solar modules to clients. The COVID-19 brought great challenges to renewable energy industry at the beginning of this year, now the industry has rapidly adapted to the challenges, according to International Energy Agency (IEA) reported in the Global Energy Review 2020.


Although the global energy demand will drop by 5% this year, the global renewable energy power generation capacity will still increase by nearly 7%. It is estimated that the new installed capacity of renewable energy generation in the world this year will reach 200 GW, accounting for nearly 90% of the total new installed capacity in the world. In 2025, renewable energy will replace coal to be the largest power source in the world.


Despite the uncertainty of global economic development, investors' demand for renewable energy remains strong. In the first 10 months of this year, the global renewable energy auction capacity increased by 15% compared with the same period last year, reaching a record high. At the same time, these companies' shares have consistently outperformed most major stock market indices and the overall energy sector, thanks to market expectations for medium-term business growth and financial health of listed renewable energy equipment manufacturers and project developers. Shares of global PV companies more than doubled in October compared with December 2019.


IEA predicts that renewable energy capacity will grow by nearly 10% in 2021, which is the largest increase since 2015. There are two main reasons for this: first, the governments of the United States, India and some European countries have taken rapid measures to authorize developers to complete the project a few months after the auction deadline (originally scheduled for the end of 2020). Second, due to the continuous decline in costs and policy support, the growth momentum of renewable energy in the United States, the Middle East and Latin America will continue next year. Novel coronavirus pneumonia is expected to be the largest contribution to global renewable energy growth in 2021. In the European Union, utility scale PV station and wind power projects auctioned by France and Germany will be put into operation, and the EU's renewable energy capacity is expected to increase significantly in 2021. Raytech will continuously provide high transparency solar modules, double glass solar modules, and bifacial modules to the clients to make a contribution to development of renewable energy.

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