Local and international community support has allowed renewable energy expansion to gain pace, with even faster growth expected over the period to 2030. Over 2017-2025 the electricity equipment and metal mining industries will experience a significant boost from renewable energy growth. Supporting industries will continue to develop more advanced and customisable solutions, in turn benefiting from capacity expansion and increasing turnover value.
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UN initiative of sustainable energy for all has set a global target to exceed 30% share of renewable energy generation within global electricity mix by 2030. Rapidly increasing role of renewable energy will provide vast opportunities for supplying industries to expand in order to facilitate changing energy landscape globally.
Although hydropower will provide the bulk of renewable energy, wind and photovoltaic generation will grow fastest. Over the period to 2030 wind and photovoltaic generation capacity will grow fastest in regions that still lag in terms of electricity access.
Asia Pacific countries will demonstrate the fastest renewable energy expansion globally, increasing output by more than 3PWh. Growth will be facilitated by Asia’s vast number of hi-tech companies supplying advanced electricity transmission and storage equipment. Moreover, Asia is home to the majority of rare earth element supply, fundamental in renewable energy expansion.
Energy storage such as accumulators and batteries will play a pivotal role in the renewable energy integration process by smoothing out intermittent generation from wind and solar plants. The accumulator and battery industry is expected to expand at a 4% CAGR globally over 2017-2025.
Rare earth metals will continue to peak in demand as their supply remains concentrated. Moreover, the increasing share of rare metal supply is expected to come from waste recycling, driving scrap metal and electronic device recycling growth.