It will grab the lion's share of total global non-hydro capacity of 1200GW by 2021.
Global non-hydro renewables capacity will expand by almost 50% over the next five years, driven by falling technology costs, supportive policy and advancements in technology which are making renewable energy more viable in an increased number of markets, according to BMI Research.
"We expect total global non-hydro renewables capacity to total just over 1200GW by 2021, with Asia at the forefront of the expansion," BMI Research said.
Here's more from BMI Research:
Our growth outlook for the global non-hydropower renewables sector over the coming five years is positive, and we expect global renewables capacity to expand by almost 50% between 2016 and 2021.
This growth will be driven by several key fundamentals: falling costs of generating electricity from renewable energy sources (mainly wind and solar), supportive policy and advancements in technologies that are making renewable energy accessible and more economically viable in an increased number of markets.
Given these dynamics, we forecast total global non-hydro renewables capacity to reach just over 1,200GW by 2021, with the Asia region - primarily China and India - leading the expansion. In particular, China will maintain its position as the largest renewables market in the world over the coming decade, as a result of high levels of investment and supportive government policy - in line with efforts to combat domestic pollution issues.
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