International renewables to grow dramatically by 2020
Renewable energy in emerging countries is expected to increase significantly by 2020, according to GlobalData.
This projection is based on the rapidly expanding economies of China and India. According to the research, India, Mexico, China, South Africa, Russia, Brazil and Indonesia will more than triple their combined installed renewable energy capacity from an estimated 127 GW in 2012 to 403 GW by 2020 -- a Compound Annual Growth Rate (CAGR) of 14.1 percent. Brazil, Russia, India and China accounted for 94.5 percent of the total installed renewable capacity for 2011. But this is changing.
According to the research, China's wind sector will drive its renewable energy installations from a 2011 capacity of 62 GW to a 2020 capacity of 195 GW in 2020.
India will take advantage of its water, solar, biomass and biofuel resources. GlobalData is forecasting that the sector's total installed capacity will increase at a CAGR of 15.5 percent from 20 GW in 2011 to 78 GW by 2020.
In terms of power consumption, all seven nations are expected to increase their combined share from 36 percent in 2011 to 42 percent in 2020.