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Solar & Wind to Lead Global Power Boom, India Targets 500 GW by 2030

Renewable energy sources, particularly solar and wind, are projected to drive approximately 70% of new global power capacity additions in the coming years. The report states that solar is expected to add 500-550 GW annually, while wind could add 120-160 GW, pushing renewables' share of global electricity generation to around 40% by 2030. In India, capacity expansion is increasingly renewable-led, aligned with the government's ambitious target of 500 GW of non-fossil fuel capacity by 2030. This rapid build-out will require massive annual additions and create opportunities in supporting sectors like energy storage and grid infrastructure.

Key Points: Renewables to Drive Bulk of Global Power Capacity Expansion

  • Solar to add 500-550 GW annually
  • Wind to add 120-160 GW annually
  • Renewables to hit 40% of global generation by 2030
  • India's 500 GW target needs ~50 GW annual additions
3 min read

Renewables to drive bulk of power capacity expansion; solar and wind to lead growth: Centrum report

A new report forecasts solar and wind will lead 70% of new global power capacity, with India targeting 500 GW of non-fossil fuel capacity by 2030.

"Renewables are driving ~70% of new global capacity additions. - Centrum report"

New Delhi, March 26

Renewable energy sources such as solar and wind are expected to drive the bulk of power capacity expansion in the coming years, according to a report by Centrum Institutional Research.

The report noted that the global power sector is witnessing a structural shift toward clean energy, with renewables leading the newest installations.

"Currently, global installed power capacity stands at 9.7 TW as of Dec. 2025 with non-fossil sources contributing 60% of power capacity and renewables driving bulk of capacity addition," the report said.

According to the report, renewables are expected to dominate new power installations worldwide as countries accelerate their transition to cleaner energy systems.

"Renewables (solar, wind and hydro) are driving ~70% of new global capacity additions, with solar expected to add roughly ~500-550 GW annually and wind roughly ~120-160 GW annually depending on policy cycles and supply-chain conditions," the report said.

The report further stated that the share of renewables in global electricity generation is projected to rise significantly over the next few years.

"By 2030, renewables are projected to reach roughly ~40% of global electricity generation, compared with around ~32% currently," it said.

Centrum noted that the shift towards renewable energy is being driven by declining costs, supportive policies, and rising electricity demand as economies increasingly electrify transportation, heating, and industrial processes.

Highlighting the Indian power sector, the report said that capacity expansion in the country is also expected to be largely renewable-led over the next decade.

"India's power capacity addition is increasingly renewable-led, with solar and wind expected to contribute the majority of incremental capacity through 2030," the report stated.

The report added that India's ambitious clean energy targets will require a rapid build-out of renewable power capacity in the coming years.

"The government's target of ~500 GW non-fossil fuel capacity by 2030 implies a massive buildout from current levels, requiring annual additions of ~50 GW," it said.

Solar power is expected to remain the dominant technology in India due to its cost competitiveness.

"Solar remains the dominant technology due to its cost competitiveness, while wind is gaining traction through hybridisation and improved turbine efficiencies," the report added.

The report also highlighted that the sharp fall in renewable energy costs has made clean power increasingly competitive with conventional sources.

"Renewable energy, particularly solar, has become the cheapest source of new power generation in India, with tariffs consistently in the ₹3-3.5/kWh range," it said.

According to the report, the rapid expansion of renewable capacity will also create opportunities in related sectors such as energy storage, grid infrastructure, and transmission systems, which are essential to support higher penetration of clean energy in the power mix.

- ANI

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Reader Comments

P
Priya S
While the report is optimistic, I hope the expansion is equitable. We need solar parks and wind farms across different states, not just in a few. Also, what about the land acquisition issues and impact on local communities? The transition must be just and inclusive.
R
Rohit P
Adding 50 GW annually is a huge task! This will create so many jobs in manufacturing, installation, and maintenance. A great opportunity for our youth if we skill them properly. Make in India for solar panels and wind turbines should be a top priority.
S
Sarah B
The global shift mentioned here is crucial. As an expat in India, I see the air quality challenges firsthand. It's encouraging to see India taking a leadership role in renewables. The cost competitiveness is the key driver – good economics finally aligning with good environmental sense.
V
Vikram M
The report is good, but respectfully, it glosses over the real challenges. Our discoms are financially weak. Who will bear the cost of grid modernization and storage? We need a concrete, state-by-state plan and not just top-level targets. The execution will be the real test.
K
Kavya N
Solar and wind are the future! ♻️ This gives me hope for my children. We have abundant sunshine, it's our natural resource. Hope rooftop solar gets a bigger push for homes and businesses – that will decentralize power and reduce transmission losses.

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