Global Solar and Wind Capacity to Reach 5.4 TW by 2033

• Wood Mackenzie forecasts massive growth in solar and wind capacity by 2033, with China leading the charge. Energy storage market set to soar as well.

Wood Mackenzie predicts that the world will add 5.4 TW of solar and wind capacity by 2033, along with nearly 1 TW of energy storage, excluding pumped hydro. Annual wind and solar installations are expected to increase from 500 GW in 2023 to an average of 560 GW over the next decade, with China leading the way by installing 3.5 TW of capacity.

Solar deployments are projected to total 3.8 TW, with China accounting for half of that. The global energy storage market is also expected to grow significantly, with deployments reaching 159 GW/358 GWh this year and adding 926 GW/2,789 GWh between 2024 and 2033. China's wind installations are forecasted to average 91.5 GW annually, while offshore wind deployment will average 39 GW of connected capacity each year during the same period.

How much solar and wind capacity is expected to be added by 2033?

• According to a report by the International Energy Agency (IEA), it is expected that solar capacity will increase by 575 GW and wind capacity by 390 GW by 2033.
  
• The report also predicts that solar and wind energy will account for over 60% of new capacity additions in the next decade.
  
• By 2033, it is estimated that solar and wind energy will make up 30% of global electricity generation, up from 8% in 2019.
• The growth in solar and wind capacity is driven by falling costs, supportive government policies, and increasing demand for clean energy sources.