INFOGRAPHIC: The Growth of Wind and Solar – ENERGYminute – Energy News for the Canadian Oil & Gas Industry

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How the growth happened

The growth of wind and solar energy sources across the world since 2010 has been remarkable. Both wind and solar power have seen substantial increases in capacity, driven by falling costs, technological advancements, and a growing recognition of the need to reduce greenhouse gas emissions.

Solar Energy

Dramatic Cost Reduction: One of the most significant drivers of solar energy growth has been the rapid reduction in the cost of solar panels, thanks to advances in technology and increased production. The cost of solar photovoltaic (PV) panels has dropped by over 80% since 2010.
Expanding Installed Capacity: The installed capacity of solar PV worldwide has grown exponentially. Many countries have implemented policies and incentives to encourage solar adoption, leading to a surge in rooftop solar installations, utility-scale solar farms, and distributed solar systems.
Residential Solar: The residential solar market has seen significant growth as homeowners and businesses install solar panels on their rooftops. Net metering and feed-in tariffs have made it economically attractive for consumers to generate their electricity.
Utility-Scale Solar Projects: Large-scale solar power plants, often in the form of solar farms or solar parks, have been constructed in various regions. These projects can generate a substantial amount of electricity and are often integrated into the grid.
Innovations in Solar Technology: Advances in solar technology, such as the development of high-efficiency solar panels, thin-film solar cells, and solar tracking systems, have improved the efficiency and output of solar installations.

Wind Energy

Increasing Wind Turbine Capacity: Wind energy capacity has grown significantly with the development of larger and more efficient wind turbines. Offshore wind turbines, in particular, have seen substantial growth, taking advantage of stronger and more consistent winds.
Offshore Wind Farms: Offshore wind energy has gained traction, especially in Europe and parts of Asia. These projects harness the stronger and more consistent winds at sea, which can generate higher energy yields compared to onshore wind farms.
Onshore Wind Farms: Onshore wind farms continue to expand in various regions, including North America, Europe, and Asia. Many countries have set ambitious targets for onshore wind capacity.
Integration of Wind into the Grid: Advancements in grid technology and the development of smart grids have facilitated the integration of wind energy into existing energy infrastructure. This has helped address the intermittent nature of wind power.

Factors that have led to the growth of both wind and solar power include:

Energy Policies: Government incentives, tax credits, and renewable energy mandates have played a significant role in driving wind and solar energy growth. Countries like Germany, China, and the United States have been leaders in renewable energy development.

Research and Development: Ongoing research and development efforts have focused on improving efficiencies, reducing maintenance costs, and enhancing the overall reliability of wind and solar energy systems.