New analysis from Frost & Sullivan, Annual Renewable Energy Outlook 2014, forecasts the global installed capacity of renewable energy to more than double from 1,566 gigawatts (GW) in 2012 to reach 3,203 GW in 2025 at an average annual growth rate of 5.7 per cent. 

Following are  few highlights from the report: 
 
Solar photovoltaic (PV) technology is expected to account for 33.4 per cent of total renewable energy capacity additions over the 2012-2025 period. Wind follows closely at 32.7 per cent, ahead of hydro power at 25.3 per cent. Other renewable technologies will represent the remaining 8.6 per cent of capacity additions. However, economic difficulties in many parts of the world are affecting the outlook for renewable energy. In much of the Western world, the weak economic climate has impacted support schemes, which will continue to be the lifeline for many renewable energy installations until grid parity is achieved. 
 
The decline in the cost of renewable energy due to technological innovation and scale economies achieved through mass deployment have enabled developing countries to adopt these technologies. In fact, global solar power capacity is due to increase from 93.7 GW in 2012 to 668.4 GW in 2025. However, while solar PV is undergoing a veritable boom, massive price falls in this technology have greatly weakened the growth prospects of the concentrated solar power (CSP) market.
 
The global capacity of hydro power will rise from 1,085 GW in 2012 to 1,498 GW in 2025, with China, Turkey, Brazil, Vietnam, India and Russia contributing strongly to market growth. In the wind power market, offshore wind will witness lower-than-expected growth, as political support wanes in Europe. With small-scale wind turbines opening up new applications, global wind capacity will reach 814 GW in 2025 from its 2012 level of 279 GW. 

“It is little wonder then that renewable energy installations have seen a gradual shift in market power to emerging economies,” said Harald Thaler, Frost & Sullivan energy & environmental Industry director. “On account of urbanisation, population growth, energy security concerns, and strong economic development, regions such as Asia, Latin America, the Middle East and Africa have increasingly been contributing to renewable energy capacity growth.”
 
Acccording to Frost and Sullivan, Europe will remain the leading region in the global bioenergy and waste segment even as future capacity expansion in the segment comes from Southeast Asia, Australasia, North America, Turkey, Iceland and Kenya. Beyond 2025, marine power technology will also be widely deployed as government willingness to back emerging technologies increases, Thaler added.

The complete Annual Renewable Energy Outlook 2014 report is available by request from Frost & Sullivan.