DECEMBER 20249GLOBAL SOLAR INDUSTRY INCHING CLOSER TO 11 TW RENEWABLE ENERGY GOALVARIABLE SPEED GENERATORS MEET THE NEED FOR EFFICIENCY IN SMART POWER GRIDSThe global solar industry has reached a major milestone, surpassing 2 terawatts (TW) of installed capacity--enough to power around 92 million U.S. households. Sonia Dunlop, CEO of the Global Solar Council, emphasized the challenge of tracking these small projects, as many go unregistered in various countries. The industry is now focused on scaling up to 8 TW by 2030, a target that data suggests is achievable. Reaching this capacity would contribute more than half of the 11 TW of renewable energy capacity needed to meet a U.N. climate goal established at last year's climate conference in Dubai.This rapid growth is unprecedented, with more solar capacity added in the last two years than in the prior 68 years combined, according to exclusive data from the Global Solar Council shared with Reuters. To raise financing to help hit the goal, the council will launch an International Solar Finance group at the next round of U.N. talks beginning on Nov. 11 in Baku.The Council's figures provide the most comprehensive view to date, as they include small, often unregistered rooftop installations, which are frequently excluded from official government data. It wants to connect funds, multilateral banks, private finance and international institutions to drive down the cost of capital in emerging and developing economies to 5 percent from 15 percent.This ambitious goal underscores the need for continued innovation and policy support in the renewable energy sector, particularly in expanding accessible, small-scale solar installations. (CAGR) of 8.5 percent. This growth is largely due to the rising demand for energy-efficient power generation, the increased adoption of renewable energy sources, a greater focus on carbon emission reduction, and the effects of industrialization and urbanization alongside technological advancements in generator systems.Additionally, demand for portable power solutions in remote areas is bolstering growth. Key trends expected to shape the market include the integration of IoT and AI technologies into generators, an emphasis on sustainable energy solutions, advancements in battery storage and hybrid generator systems, and a rising market for compact, portable variable speed generators in developing economies.Variable-speed generators meet these needs by adjusting output to match fluctuating demands, thereby improving efficiency, reducing energy losses, and supporting renewable energy sources like wind and solar power. For instance, according to the International Energy Agency (IEA), U.S. electricity consumption rose 3.2 percent in 2022 compared to 2021, with notable increases across residential, commercial, and industrial sectors. This rising energy demand is driving the growth of the variable-speed generator market as more sectors look for efficient, adaptable power solutions. The variable speed generator market has experienced substantial growth in recent years and is projected to continue expanding robustly. The market size is expected to grow from $6.51 billion in 2023 to $7.07 billion in 2024, reflecting a compound annual growth rate
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