Rystad projects 220 GW of renewables mounts in 2022, a brand-new record

• Rystad Energy expects installations of utility-scale renewables this year to reach an all-time high of 220 GW, up by 38 GW from 2021, with solar photovoltaic or pv (PV) as well as wind ranches accounting for 85% of the 2022 total amount.

Asia will be responsible for 103 GW or 46% of the 2022 capacity additions, while North America is seen to install 49 GW. China alone will certainly bring 64 GW.

According to Rystad, the combined investment in solar and wind for the year is projected to surpass USD 300 billion (EUR 262.3 bn), a 20% jump from 2021. These 2 modern technologies, nonetheless, are encountering difficulties which may reduce growth.

"Projects anticipated to begin building and construction this year will certainly deal with challenging economics, hold-ups as well as even cancellation dangers. For instance, climbing steel prices are currently having an effect on onshore wind projects, as well as utility-scale solar PV designers are worried regarding surging product costs, signaling a possible decline at least for the first fifty percent of the year," commented Gero Farruggio, head of renewables study with Rystad.

About 195 GW of the 220 GW of new capacity anticipated for 2022 is currently under construction, with a solar share of 46%. Onshore wind accounts for 34% of the nuclear power plant being constructed.

The energy research study and also business intelligence firm forecasts 12 GW of brand-new battery storage space installations this year, raising the total global capacity by 96% on the year to 24.6 GW. Over 400 MW of hydrogen capacity enhancements are also anticipated, up 70% from a year previously.

The global battery capacity is projected to surge to 52.4 GW by 2025, attaining a 42% compound annual growth rate (CAGR) from 2021. In mid-decade, the US will have 53% of the world's battery storage space capacity.