Bloomberg New Energy Finance (BNEF) has released its 2030 Market Outlook researching the long term views of the world’s power markets and how they will evolve in that time. US$7.7 trillion is forecast to be spent on new electricity generation which will make half of the global power market producing electricity from zero-emission sources.

The report says that rooftop solar PV will dominate, taking up a fifth of the capacity additions and investment to 2020. Although fossil fuels will still maintain just over half of the market, their share continually decreases (67% in 2013, 54% in 2020 and 44% in 2030).

In this time, Asia-Pacific will add as much capacity as the rest of the world combined! Of this capacity, 47% will be renewable energies with 33% of all electricity generated coming from clean sources. Renewables will attract two-thirds of all investment or $252 billion each year. Out of US$5.1 trillion that will be spent on renewables globally, Asia-Pacific accounts for US$2.5 trillion.

“The period to 2030 is going to see spectacular growth in solar in this region, with nearly 800 gigawatts of rooftop and utility-scale PV added,” says Milo Sjardin, BNEF’s head of Asia Pacific.

Asia-Pacific will add 1.733GW’s of renewable energy to 2030 – 46% of which will be solar PV (rooftop and utility-scale split almost evenly) while 29% will be wind energy. In order to achieve this US$63 billion of investment in solar is needed annually and US$39 billion annually in wind. That is 7% and 11% higher than 2013 respectively.

In the rest of the world, the Americas will invest $816 billion in renewable energy, Europe $967 billion and the Middle East and Africa will invest another $818 billion.

Published annually, the Market Outlook analysis pulls together the expertise of over 65 technology and country-level experts from 11 Bloomberg New Energy Finance offices worldwide, taking nine months to complete.

Click here to read more of the 2030 Market Outlook.