Frost & Sullivan finds declining capital cost of solar and wind, rise in battery energy storage adoption, disruptive start-ups contributing to competition, and increases in mergers and acquisitions will drive growth opportunities
SANTA CLARA, California, May 18, 2018 /PRNewswire
Frost & Sullivan's recent analysis Global Power Industry Outlook, 2018 reveals that a combination of factors led by renewables is set to transform the current power landscape. Increased battery energy storage capabilities, surges in merger and acquisition activities, and the advent of disruptive energy start-ups are contributing to tremendous growth and transformation in the sector. In early 2017, global solar photovoltaics (PV) capacity surpassed nuclear capacity, driven by high investment levels. The analysis indicates that this growth will continue through 2020 as solar PV is likely to surpass wind capacity, making solar the fourth largest generation type followed by coal, gas and hydro.
Chief highlights and growth opportunities include:
Source: Frost & Sullivan
Illustration Photo: Westmill Solar Park. Watchfield, England, United Kingdom. (credits: Richard Peat / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))