According to a new report, an estimated $3.4 trillion will be invested in renewable energy during the next decade, including $2.72 trillion in wind and solar. By 2030, 54.1% of installed capacity will be renewable (including hydropower), and 37.9% will be a combination of solar and wind. Frost & Sullivan’s recent analysis, “Growth Opportunities from Decarbonization in the Global Power Market, 2019-2030,” says the 2020s will be crucial for all the participants in the power industry as the transition toward renewable energy is expected to increase, while coal takes a downturn in most developed markets. Falling costs and renewable-friendly energy policies adopted by several countries in the six major geographies — North America, Latin America, Europe, the Middle East, China, and India — are prominent reasons why solar photovoltaic (PV) and wind capacity additions are expected to soar this decade. The report states that decentralization, decarbonization, and digitalization are the three key pillars of the global energy transition. The power sector will witness strong growth in decentralization during the decade, with annual global investment increasing from $53.14 billion in 2019 to $92.54 billion in 2030.