United States of America (USA) Solar Photovoltaic (PV) Market Size and Trends by Installed Capacity, Generation and Technology, Regulations, Power Plants, Key Players and Forecast, 2021-2030
The US solar PV market’s installed capacity was valued at 96,339.23 MW in 2020 and is expected to grow at a CAGR of more than 20% during 2021-2030. The annual solar PV capacity addition decreased from 2011 to 2020. Crystalline PV modules accounted for the largest share of the US solar PV market followed by thin-film modules. Asset transactions had the highest number of deals in the market followed by venture financing and debt offering. The cumulative number of deals in the solar PV sector during the 2010-2020 period in the US was approximately 3,036, at a total value of $816,369 million. The number of deals decreased from 2010 to 2020, and the total deal value increased from 2010 to 2020.
The US government has provided generous support to the renewable energy industry over the past 10 years, owing to the country’s need for stability and independence in its energy policy, and has prepared a supportive regulatory framework and provided financial backing. Section 203 of the Energy Policy Act of 2005 established the renewable electricity requirement which mandates that the federal government must consume at least 7.5% of its total electricity from renewable sources.
Overview of Solar PV market in the US
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What are the market dynamics in the US solar PV market?
The main federal incentive programs that encourage the growth of renewable energy are Production Tax Credit (PTC) and Investment Tax Credit (ITC). At the state level, most governments have introduced RPS programs, under which utilities have an obligation to purchase a certain percentage of their power, generally 10-20%, within a specified time frame from renewable sources within that state. The Renewable Energy Certificates (REC) initiative is related to the RPS program and allows utilities to obtain certificates that can be used to achieve the mandate prescribed by the RPS. Alternatively, the utility may sell the certificates if it procures more renewable power than the percentage mandated by RPS. The American Recovery and Reinvestment Act (ARRA), which was enacted in 2009, provides financial incentives such as grants, loans, and funds to promote renewable energy and energy-efficiency measures.
The extension of the US PTC and ITC in December 2015 provided impetus to the wind and solar power sectors in the country. The bill includes an extension of the wind PTC for a period of five years, and a PTC phase-down for wind projects beginning construction after December 31, 2016. For wind power projects starting construction in 2018 and 2019, the PTC decreased by 40% and 60%, respectively. These extensions triggered increased investment in renewable energy The PTC was phased down by 40% for wind facilities in 2020 and the scheme is set to expire for all renewable energy technologies starting construction after December 31, 2021.
What are the different sources in the renewable power market of the US?
The renewable power market in the US grew from 2010 to 247,691.97 MW by 2020. The market for renewable power sources is expected to grow at a CAGR of more than 5% during the period 2020-2030 and reach a cumulative installed capacity of more than 436,560 MW by the year-end 2030. The US renewable power market was led by onshore wind power with a cumulative installed capacity of more than 122,340 MW as of 2020. The second leading source in the renewable capacity mix of the country in the year 2020 was solar PV with a cumulative installed capacity of more than 96,330 MW, it is expected to grow by 2030 at an estimated CAGR of more than 20%. The small hydro power segment is expected to grow from 8,470 MW in 2020 at a CAGR of more than 0.50% during the period 2021-2030. Another source in the renewable capacity mix of the US was geothermal power with a cumulative installed capacity of more than 3,860 MW in 2020.
US Renewable power market, by sources
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What are the different deals in the solar PV market in the US?
The solar PV market recorded a total number of 342 deals (including partnership deals) in 2020. Out of 342 deals, asset transactions had 147 deals, venture financing had 57 deals, debt offerings had 47 deals, acquisitions had 27 deals, equity offerings and partnerships had 25 deals each. Private equity had 13 deals. Moreover, mergers had 1 deal.
Solar PV market in the US, by deal type
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Key players in the market are WEC Energy Group Inc, The AES Corp, Santee Cooper, PPL Corp, PNM Resources Inc, NRG Energy Inc, Infrastructure and Energy Alternatives Inc, Georgia Power Co, First Solar Inc, and Avangrid Inc.
Solar PV market in the US, by key players
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Market report scope
Market size (Year – 2020) | 96,339.23 MW |
Growth rate (CAGR) | >20% |
Base year for estimation | 2020 |
Forecast period | 2021-2030 |
Key sources | Onshore Wind, Solar PV, Small Hydro, Biopower, Geothermal, and Solar Thermal and Offshore Wind |
Key deals | Asset Transactions, Venture Financing, Debt Offerings, Acquisitions, Equity Offerings, Partnerships, Private Equity, and Mergers |
Scope
The report analyses the US solar photovoltaic (PV) market. The scope of the research includes:
- A brief introduction to global carbon emissions and global primary energy consumption.
- An overview of the country’s renewable power market, highlighting installed capacity trends (2010-2030), generation trends (2010-2030), and installed capacity split by various renewable power sources.
- Detailed overview of the country’s solar PV market with installed capacity and generation trends, and major active and upcoming solar PV projects.
- Deal analysis of the country’s solar PV market.
- Key policies and regulatory framework supporting the development of solar PV.
- Snapshots of some of the major market participants in the country.
Reasons to Buy
- The report will enhance your decision-making capability in a more rapid and time sensitive manner.
- Identify key growth and investment opportunities in country’s solar PV market.
- Facilitate decision-making based on strong historic and forecast data for solar PV market.
- Position yourself to gain the maximum advantage of the industry’s growth potential.
- Develop strategies based on the latest regulatory events.
- Identify key partners and business development avenues.
- Understand and respond to your competitors’ business structure, strategy, and prospects.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
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