United States Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The United States Renewable Energy Market is Segmented by Source (Wind, Solar, Biomass, and Other Sources)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The renewable energy market in the United States is expected to grow at a CAGR of more than 6% during the forecast period of 2020-2025. Factors such as supportive government policies and efforts to meet the rising power demand using renewable energy sources are expected to be significant contributors to the growth of the market. With the government's commitment in more than 50 cities for 100% renewable and a contribution from major universities and colleges for 100% renewable campus to reduce carbon emissions, the share of renewable is expected to grow significantly. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the renewable energy market further. On the other hand, factors like a booming natural gas market that is competing with renewable energy and the limited energy supply from variable renewable energy sources are few restraining factors for the United States renewable energy market.
Solar energy in the United States is one of the fastest-growing renewable power sources, with a hold of 2.53% in total electricity generation in 2018. A significant decline in the price of solar power installations has led to the rapid surge in demand for solar panels.
With the resolution signed by more than 250 mayors of different cities in the United States conference of mayors in 2017, the rapid transition from fossil to renewable is expected in many cities, and this, in turn, is likely to create an ample amount of opportunities for renewable energy companies shortly.
With more than 105 GW of installed capacity of wind energy in 2020, it is responsible for 21% of renewable power generation, making the United States one of the major players in the wind energy market.
Scope of the Report
The US renewable energy market report includes:
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Key Market Trends
Solar Energy to Witness a Significant Growth
In 2019, according to the Solar Energy Industries Association of the United States, more than 9500 major solar projects (including solar photovoltaic and concentrated solar power (CSP)) were operational or were under construction and development phase. These projects collectively represent a massive 150 GW of solar capacity.
Including the small-scale utility solar energy, the United States in 2018 housed more than 50 GW of solar energy, including 20 GW share of utility-scale solar panels, which proves the massive acceptance of renewable by the public of the United States.
In 2017, the solar industry achieved SunShot’s original 2020 cost target of USD 0.06 per kilowatt-hour for utility-scale photovoltaic (PV) solar power three years ahead of schedule, dropping from about USD 0.28 to USD 0.06 per kilowatt-hour (kWh). Cost targets for residential- and commercial-scale solar have dropped from USD 0.52 to USD 0.16 and from USD 0.40 to USD 0.11 per kWh, respectively.
With initiatives like Sunshot, Ready for 100, and ambitious projects like Gemini Solar Project (896 MW) and Misae 2 (692 MW), the solar energy is expected to drive the renewable requirement of the United States at a considerable rate.
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Wind Energy as a Potential Market
According to the Department of Energy, the United States has a potential of more than 2000 GW of wind energy that can supply power double than the actual requirement of the entire United States.
Out of the 11% share of energy consumption by renewable in 2018, wind energy held a significant contribution of more than 21% with a capacity of more than 100 GW.
With large scale investment and the emergence of a competitive market of renewable, a significant drop in wind energy cost has been witnessed from 2010 to 2018. The prices for installing and operating the wind power dropped by more than 66%, which acted as one of the major drivers for the wind energy.
In December 2016, with its first offshore wind farm Block Island Wind Farm, the United States opened the oceanic potential of offshore wind power. It is expected that the United States can have more than 50 GW of offshore wind capacity installed by the end of 2030.
The rapidly advancing technologies and upcoming ambitious wind energy projects are expected to drive the United States towards a global leader in the renewable energy sector.
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The US renewable energy market is partially fragmented. Some of the major companies operating in the market include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, General Electric Company, First Solar Inc., and Sunrun Inc.