21 Aug US renewable energy capacity to reach 30% by 2030, finds new survey
Renewable energy is expected to reach 30% of total installed power capacity in the US by 2030 – double its current contribution – according to a new study by GlobalData.
The report, titled US Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations and Competitive Landscape, found that installed renewables capacity will grow at a compound annual growth rate (CAGR) of 7.3%, hitting 443GW in 2030.
While solar, onshore and offshore wind facilities will drive the growth of renewables in the US, coal-based power will be gradually phased out, with its the share of capacity set to decline from 27.2% in 2018 to 13.5% in 2030.
“During 2019-2030, offshore wind capacity is set to see the largest growth rate among renewables, reaching 11.7GW from 60MW at a 62% CAGR,” said GlobalData power industry analyst Arkapal Sil.
Solar photovoltaic capacity is expected to grow at a 10% CAGR, reaching 220GW from 75.3GW with onshore wind seeing steady growth of 5% CAGR over the forecast period to reach 185.5GW in 2030.
“Increased renewable capacity addition will open up new markets for wind turbines, modules for solar plants and associated equipment required for transmitting the generated power to the grid,” Sil added.
GlobalData attributed the projections to more US states adopting and updating renewable energy policies, as well as imposed emission taxes increasing the cost of fossil fuel power generation.