The annual spend on renewable energy capacity will more than double in the next decade, according to new research.

A report out today predicts that the annual value of installed renewable energy capacity will rise from $195bn last year to $395bn in 2020, and hit $460bn by 2030.

This will give renewables a 15.7 per cent share of global energy production by 2020, compared with 12.6% in 2010.

The research by Bloomberg New Energy Finance also concludes that the most rapid growth will be seen in India, the Middle East, Africa and Latin America, where it predicts annual growth rates of 10-18 per cent.

Guy Turner, Bloomberg New Energy Finance’s director of commodity market research, said: “These results indicate that last year’s record renewable energy investment was no one-off, despite the recent economic gloom. Big winners over the next 20 years will be the emerging renewable energy hubs – by 2020 the markets outside of the EU, US, Canada and China will account for 50% of global annual investment in renewable energy capacity.”