An IEA report, Renewables 2018, which was published earlier this week, analysed and predicted the market for renewable energy and technology from 2018 to 2023.

Renewable energy's share of global energy demand will grow by a fifth in the next five years, to 12.4 per cent by 2023.Renewable energy will be the fastest-growing segment of the power sector, providing 30 per cent of electricity demand by 2023, up from 24 per cent in 2017.

Renewable energy is expected to account for more than 70 per cent of the world's new power generation during this period, with photovoltaic generation leading the way, followed by wind, hydro and biomass.

Hydropower will remain the largest renewable energy source, meeting 16 per cent of global electricity demand by 2023, followed by 6 per cent for wind, 4 per cent for photovoltaic and 3 per cent for biomass.

Brazil has the greenest energy mix and China will dominate the growth of renewables.