Global renewable energy industry - statistics & facts
Renewable energy is characterized by the use of resources that can be naturally renewed within a human lifetime. Sources of renewable energy include sunlight, wind, wood residues, waves, and geothermal heat. The use of renewables has grown due to several factors such as concerns about the environmental impacts of conventional fossil fuel sources, growing populations and urbanization, as well as the decreasing cost of renewable technologies. Furthermore, the desire for energy security has also spurred the use of renewable energy and distributed energy generation within the electric power distribution system.
China has recently become a world leader in renewable energy and invests heavily into renewable energy technologies. In 2023, China invested 273 billion U.S. dollars in renewables, more than the United States and Europe combined. Regarding renewable energy consumption, China and the United States stand out as the leaders in the consumption of renewable energies worldwide and have both experienced a steady increase in their consumption in the last years. In 2023, China consumed 13.3 exajoules of renewable energy, an increase of roughly 20 percent on comparison with the previous year.
In the last years, the use of renewable technologies has expanded worldwide, with China being the largest market for renewables. In the next years, they are expected to expand even further, specially solar and wind power, to reduce greenhouse gas emissions in the energy sector. It is forecast that renewable energy consumption in 2025 will amount to 175 exajoules.
The expansion of renewables worldwide
In early 2000s, only a few companies outside of Europe and North America had implemented policies and targets to increase renewable energy capacity, but a over a decade later, the vast majority of countries around the globe have established their own renewable targets.China has recently become a world leader in renewable energy and invests heavily into renewable energy technologies. In 2023, China invested 273 billion U.S. dollars in renewables, more than the United States and Europe combined. Regarding renewable energy consumption, China and the United States stand out as the leaders in the consumption of renewable energies worldwide and have both experienced a steady increase in their consumption in the last years. In 2023, China consumed 13.3 exajoules of renewable energy, an increase of roughly 20 percent on comparison with the previous year.
Renewable energy companies
Global electricity utilities are increasingly noting the importance of providing renewable energy and many are investing in these technologies and setting specific renewable goals. Some leading companies in the sector include NextEra Energy, Iberdrola, and Orsted. The Spanish-based utility Iberdrola had an installed renewable capacity of over 42 gigawatts in 2023, whereas Orsted, a Danish company focused on the development and operation of renewable energy sources, reached a renewable capacity of 15.7 gigawatts at the end of 2023.In the last years, the use of renewable technologies has expanded worldwide, with China being the largest market for renewables. In the next years, they are expected to expand even further, specially solar and wind power, to reduce greenhouse gas emissions in the energy sector. It is forecast that renewable energy consumption in 2025 will amount to 175 exajoules.
