The Civil Engineering Contractor January 2019 | Page 17

WORLD NEWS
WORLD NEWS
Global market research and analysis firm Frost
& Sullivan has issued the 2018 Global Renewable
Energy Outlook, revealing that in 2018, renewable
power generation capacity will grow by 13.3%
and the global renewable investments will reach
USD228.3-billion this year. The renewable energy
market is expected to achieve 154.6GW of new
energy capacity by the end of this year and the
majority of the energy capacity will come from
solar photovoltaics with almost 90GW, followed
by wind with 53GW.
The report points out that wind and solar PV
will continue to grow strongly, while biomass,
geothermal, and small hydro will expand steadily
but at a slower pace, and the ocean power sector
will strive to get the right support to take off.
Factors driving the renewable energy market
include rising electricity demand, decarbonisation
goals, and government incentives. Also, market
expansion is being challenged by resource
unavailability, high risks associated with investing
in the market, and the high upfront costs required
to implement a project.
Renewable technologies are being adopted
rapidly across all regions, with few countries
being left out of the market. Latin America as well
as Africa and the Middle East will experience the
greatest growth in installed capacity during 2018,
at 20.1% and 52.3%, respectively, due to their
small installed base. Asia will be responsible for
58% of the total capacity growth in 2018. nn
There are few regions of the world not investing in
renewable energy.
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CEC January 2019 | 15
CEC January 2019 | 15