According to International Energy Agency (IEA), renewable energy will account for 95% of the world's annual new installed power generation capacity in 2025, replacing coal as the world's largest power source. At that time, renewable energy will provide one third of the world's electricity. Hydropower is the largest renewable power source in the world, followed by wind power and solar power generation. In most countries, solar power and onshore wind power have become the cheapest way to expand the new power generation capacity. In countries with abundant resources and easy financing, wind power plants will pose a challenge to fossil fuel power plants.

If countries adopt positive policies on renewable energy development, the global wind power and solar power generation capacity will increase by 25% in 2022, which will push the new installed capacity of renewable energy to 271 GW. The total installed capacity of wind power and solar power generation is expected to exceed that of natural gas and coal in 2023 and 2024 respectively. By 2025, solar power generation will account for 60% of the annual installed capacity of renewable energy, and wind power will account for 30%.

The net zero emission target of the world's major economies is expected to accelerate the development of renewable energy. Recently, following the European Union, Japan and South Korea announced that they would achieve net zero greenhouse gas emissions by the middle of this century, while China announced that they would strive to achieve carbon neutrality by 2060. Although it is still too early to assess the impact of these national policies, their climate change ambitions will further accelerate the deployment of renewable energy across the industry and have a significant impact on the global energy market.

Ningbo Raytech New Energy Materials Co., Ltd. is specialized in “PV Modules Manufacturing and System Integration” and “Smart Panel Materials Manufacturing”. The company has independent product R&D teams, national key laboratory and 1.2GW full-automatic manufacturing line. Raytech’s production scale, product range and manufacturing standards are on a leading position in the industry. 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.