According to the International Energy Agency’s World Energy Outlook 2011 by 2015 China will overtake the U.S., and become the leader in total electricity generation capacity. What’s more, by 2035 China will consume nearly 70% more energy than the United States.
From phasing out incandescent light bulbs within five years to optimizing the country’s clean energy mix, what’s extraordinary about China’s electricity infrastructure is the speed and scale of its expansion. The solar, wind, coal, hydro, and related renewable technology and generation is galloping at a champions pace, surpassing the U.S. and rest of the world.
For example, China has now become the new world leader in wind power, having overtaken the U.S., with 40.2 GW (just three years earlier China’s 2020 wind deployment goal was set at 30GW, currently it’s a mighty 200GW) while attracting the highest new financial investments for two years in a row with $49 billion USD in renewables, i.e. about a third of total global investments (since August 2010 China continues to be the most attractive country for renewable investment, followed by U.S., Germany, India and Italy).
To meet this electricity cocktail, the Chinese government has outlined major plans and dedicated billions to research, design and build a nationwide Smart Grid. Zpryme projects the total value of China’s Smart Grid market to rise from $22.3 billion USD in 2011 to $61.4 billion USD in 2015, an annual growth rate of 29.1 percent over five years.
What’s next for China? Read the full Zpryme report here: China Electricity Profile, 2011
Zpryme Smart Grid insights: China Electricity Profile