Asia Pacific emerges as largest market for solar photovoltaic, wind installed capacity

The Asia Pacific (APAC) region has emerged as the largest market for solar photovoltaic (PV) and wind installed capacity, boasting 1.18 TW and 0.67 TW in 2024, respectively, according to a new report.Solar PV systems are poised to spearhead new investments, outpacing both onshore and offshore wind sectors.In 2024, solar PV garnered $329.1 billion in investments. In contrast, onshore wind investments stood at $151.2 billion, while offshore wind investments reached $69.6 billion by the end of 2024, according to GlobalData, a leading data and analytics company.

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"Looking ahead, the onshore wind sector is forecasted to grow to $186.9 billion and the offshore wind sector to $150.4 billion by 2030. These figures correspond to a CAGR of 4 per cent for onshore wind and an impressive 14 per cent for offshore wind, signalling robust growth trajectories for these renewable energy sources," said Rehaan Shiledar, power analyst at GlobalData. Renewable resources, particularly solar photovoltaic (PV) and wind energy, are gaining a lar