GlobalData forecasts the global power capacity of 2030

Research and consulting firm GlobalData has released a report forecasting a global renewable capacity of 2055 GW in 2030 - one fifth of the global installed capacity - growing at a compound annual growth rate (CAGR) of 8.2% from 2013 to 2030.

But thermal capacity is also expected to increase, from 3628 GW in 2013 to 5833 GW by 2030 at a CAGR of 2.8%. In 2012, it was estimated that more than 70% of India’s power generation came from coal alone, while this accounted for 78% of China’s energy sources in the same year.

There has also been a global surge in the production of gas, following the discovery of new reserves in the US and the UK. According to the report, natural gas capacity is expected to rise from approximately 1416 GW in 2012 to 1861 GW in 2020, at a CAGR of 3.5%.

GlobalData analyst Sayani Roy Nath said: “The increasing use of gas as a source of power generation has positively affected the power sector worldwide. This discovery has not only helped reduce the import dependency of various countries, but also promoted project finance. This is thanks to countries shifting away from coal towards natural gas for power generation and therefore requiring financing to support the development of natural gas-fired power plants.”

In order to transmit the energy produced, countries are investing in smart grid technologies. In 2012, the global expenditure in smart grids reached $13.9 billion, with the US and China leading in the number of installations. Unfortunately, power theft continues to be a major issue, harming the development of the power sector in many countries.

Nath concluded, “Because of the growth of renewable sources in the power mix and the existing concerns regarding energy efficiency, there is an urgent need to update the ageing infrastructure and introduce efficient integration of power demand and supply.”

The report can be found here.