While the global economy is slowing down, renewable energy’s recent growth had been steady and robust
The coronavirus pandemic and the quarantine response to contain the virus had a sharp and massive paralysing effect on the world economy, plunging it into deep recession. According to the latest World Bank forecast, in 2020 the planet’s economy is expected to fall by at least 5.2 per cent.
This decline will be the deepest since World War II, and production cutbacks per caput will affect the largest share of countries since 1870.
However, the dynamics should return to the "green" growth zone as early as in 2021.
In particular, GDP is expected to recover by 4.2 percent in the next year, and there should be no trace of the economic after-effects of the global crisis by the beginning of 2022. Renewable energy will become one of the main drivers of economic growth, which already demonstrates the progress in indicators of performance by the beginning of the 3rd quarter of 2020.
According to IB Center’s forecasts, in the 3rd quarter of this year global sales of solar modules can increase by 4-6% on average compared with the 1st quarter of 2020. According to data provided to IB Center by the companies included in the modules manufacturers TOP 20, almost all the players note an increase in demand for their products.
An upward trend is also observed in the wind energy segment - both in the equipment manufacturing industry and in development.
In particular, in the 3rd and 4th quarters of 2020, the implementation of large wind energy projects in the UK and the USA is expected. As we previously emphasized, for example, in the state of New York, the implementation of wind energy projects is regarded as the main driver of the state economy recovery and new vacancies formation.
A more detailed forecast for the development of the industry in the second half of 2020 and in 2021 will be presented at the key digital event of this summer - EN.NOVATION 2020, dedicated to emerging European renewable markets and will be held on July 20-24.
The premier digital conference devoted to the emerging European new energy markets of renewable energy, energy storage and energy efficiency that will be held 5 days for professionals around the globe.
Agenda of the 5 days digital forum:
July 20 - Key challenges for renewable energy during and after the pandemic
July 21 - Solar energy in the times of pandemic
July 22 - Wind energy in the times of pandemic
July 23 - Bioenergy and hydrogen technology
July 24 - Growing European renewable energy markets, entry points
The 30+ world-class speakers will present the important and actual information relatively the topic "Renewable energy development in times of pandemic". Among them you will meet industry experts: Vitaliy Daviy, CEO IB Centre, founder of international projects CISOLAR, SEF, Solar Energy, Hans-Josef Fell - President of the Energy Watch Group, Dr. Kemal Gani Bayraktar - ISES Vice PresidentTurkey, Stefan Gsänger - Secretary-General, World Wind Energy Association, Germany, Reed Hundt - CEO Coalition for Green Capital, John W. Sheffield - President International Association for Hydrogen Energy, Andries Veldstra - Senior Underwriter, GCube Europe and many other.
Take part at the global digital energy innovation week, register - https://en-novation.com/ and Connect. Meet. Do business. in the new normal reality.
Contacts of EN.Novation organizing committee:
+38 044 383 03 56