Wind power will account for 14% of the world’s primary energy supply — one percentage point above solar PV — by mid-century, the report concluded.
Wind will also provide 36% of world electricity generation by 2050, with two-thirds of this generation coming from onshore projects, according to the company’s Energy Transition Outlook report, which was released today.
Wind power’s costs will tumble by 16% as capacity doubles over the next 33 years, while the cost of solar PV is set to fall by 18% over this timescale.
Total energy demand will plateau from 2030 due to the rapid electrification of the world’s energy system, DNV GL found.
Remi Eriksen, group president and CEO of DNV GL said: "The profound change set out in our report has significant implications for both established and new energy companies.
"Ultimately, it will be a willingness to innovate and a capability to move at speed that will determine who is able to remain competitive in this dramatically altered energy landscape."
Energy-related CO2 emissions will be halved by 2050 as a result of greater efficiency and reduced reliance on fossil fuels.
But despite this, DNV GL’s report indicates that the planet is set to warm by 2.5C, failing to achieve the 2015 Paris Agreement target.
"This should be a wake-up call to governments and decision-makers within the energy industry," said Eriksen.
"The industry has taken bold steps before, but now needs to take even bigger strides."