Renewable energy deployment is experiencing accelerated growth. Global investment in power generation reached a record high of $961.45 billion in 2024, up from $856.14 billion in 2023. The renewable energy sector led this investment surge, with solar photovoltaic (PV) and wind energy accounting for $589.74 billion. Solar and wind energy demand is increasing globally, primarily due to decreasing costs and supportive regulations. They are essential for the energy transition, as their deployment is crucial for achieving higher levels of clean electrification.
In 2024, the United States saw unprecedented growth in clean energy installations. Texas and California demonstrated that substantial solar and battery resources can help alleviate grid challenges during extreme weather events and periods of high electricity demand. In the same year, solar PV and wind energy accounted for 74.4% of China’s power investment mix.
Looking ahead to 2025, China and the United States are expected to maintain their leadership in renewable energy because policymakers, regulators, and system operators increasingly recognize the multiple roles of renewables and will promote their integration into the energy mix.
- Top Growth Opportunities for 2025
- Strategic Imperatives
- Top 10 Growth Opportunities
- Growth Opportunity 1: Solar PV
- Growth Opportunity 2: Offshore Wind
- Growth Opportunity 3: Hydro Power
- Growth Opportunity 4: Onshore Wind
- Growth Opportunity 5: Reshoring of Equipment and Component Supply Chains
- Growth Opportunity 6: Hybrid Solutions—Renewables Combined with Storage Systems
- Growth Opportunity 7: Rise of PPAs—Alternative Financing Options
- Growth Opportunity 8: Decarbonization of Low- temperature Heat
- Growth Opportunity 9: Geothermal
- Growth Opportunity 10: Advanced and Digital Servicing Propositions
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