Global Renewable Capacity Set to Triple by 2035: GlobalData

The global renewable power landscape is poised for a dramatic transformation, with installed capacity expected to surge from 3.42 terawatts (TW) in 2024 to 11.2 TW by 2035, according to data and analytics firm GlobalData.

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In its latest report, “Renewable Energy: Strategic Intelligence,” GlobalData highlights that the global renewable energy market has recorded a compound annual growth rate (CAGR) of 16% between 2015 and 2024, growing from 0.93 TW in 2015 to 3.42 TW by the end of 2024. The sector is projected to maintain strong momentum, with an estimated CAGR of 11% through 2035, driven largely by cost reductions and strong policy support for solar photovoltaic (PV) and wind energy.

Solar PV and wind energy remain the dominant sources within the renewables mix, accounting for 56% and 33% of total installed renewable capacity in 2024, respectively. The Asia-Pacific (APAC) region continues to lead in both sectors, with 1.18 TW of solar PV and 0.67 TW of wind power capacity.

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“As the costs of solar and wind technologies continue to fall, these sources are becoming increasingly attractive to investors,” said Rehaan Shiledar, Power Analyst at GlobalData. “Combined with energy transition goals and surging electricity demand—driven in part by developments in hydrogen energy and artificial intelligence—this will significantly bolster the global renewables market.”

AI Accelerating Renewable Integration

Artificial intelligence (AI) is also playing a key role in reshaping the renewable energy sector. AI algorithms are being deployed to optimize power generation, manage grids in real time, and fine-tune energy storage systems—enhancing both reliability and cost-efficiency.

Major offshore wind players such as TotalEnergies, Corio Generation, EnBW, RWE, and Statkraft are leveraging digital platforms to streamline project development. Similarly, leading solar power developers including NextEra Energy, EDF, and ENGIE are implementing machine learning tools to enhance operational efficiency.

“The global push to reduce carbon emissions has created a policy environment favorable to investment in renewable technologies,” Shiledar noted. “This has spurred rapid growth, especially in solar PV and wind power, which are now approaching cost parity with traditional fossil fuel sources.”

Solar PV to Lead Global Renewable Investments

In 2024, solar PV systems attracted $329.1 billion in global investment, significantly outpacing onshore and offshore wind sectors, which saw investments of $151.2 billion and $69.6 billion respectively.

Investment in offshore wind is expected to experience rapid expansion, reaching $150.4 billion by 2030, reflecting a CAGR of 14%. Onshore wind investment is also set to grow, albeit at a more moderate 4% CAGR, reaching $186.9 billion.

Despite these global trends, Shiledar pointed to a slowdown in the United States, where recent policy shifts have tilted the balance back toward fossil fuels. “Tariffs and restrictions on offshore wind leases introduced during the Trump administration are still weighing on the renewables industry in the US,” he said.

However, he remained optimistic about the global trajectory: “Continued technological advancements, the global commitment to decarbonization, and rising demand for clean energy solutions will ensure sustained growth in the renewable energy sector.”