According to the International Energy Agency (IEA), modern bioenergy - i.e. liquid biofuels produced from bagasse and other plants, biogas and other technologies, whereas traditional bioenergy refers to wood, animal waste and traditional charcoal burning - is expected to experience the largest growth trend among other renewable energy sources over the 2018-2023 period. It will remain widely used in sectors such as heat and transport, where other renewables can play a much smaller role partly because of weaker policy support and additional barriers to deployment.
The IEA estimates that the expansion of renewable energies is likely to continue over the next five years and expects them to cover up to 40% of the global energy consumption growth. Their use is increasing swiftly in particular in the energy sector and they will stand for almost a third of the world's total power generation in 2023. The IEA projects that solar PV will continue to dominate the global renewable electricity capacity expansion and predicts it will expand by almost 600 GW by 2023, reaching an installed capacity of 1 TW, of which 40% will be located in China. In a move similar to solar PV, wind energy is expected to expand by 60%, while offshore wind capacity will triple thanks to technological progress and significant cost reductions.