CLEVELAND, Dec. 18, 2019 /PRNewswire/ -- US consumption of renewable energy is forecast to increase 4.0% annually in volume terms through 2024, according to Renewable Energy: United States, a report recently released by Freedonia Focus Reports. Capacity expansions are projected to continue underpinning market gains, driven by government incentives and intensifying renewable portfolio standards. In addition, expected declines in costs per Btu (British thermal unit) will improve the competitive position of renewable energy capital investments. An uptick in the average price of crude oil and natural gas to 2024 will also favor increased consumption of renewable energy. Further, continued economic expansion – including increased industrial output – is projected to boost total energy consumption.
Nevertheless, further growth will be restrained by adoption of energy-efficient appliances, electrical equipment, and motor vehicles. Increasing competition from alternative technologies, such as electric vehicles and natural gas power plants, will also weigh on growth in consumption, as will relatively high capital costs.
These and other key insights are featured in Renewable Energy: United States. This report forecasts to 2024 US renewable energy consumption and production in Btus. Total consumption is segmented by resource in terms of:
- wood and waste biomass
Total consumption is also segmented by market as follows:
- electric power
To illustrate historical trends, total consumption, total production, and the various segments are provided in annual series from 2009 to 2019.
For the purposes of this report, energy is measured in terms of primary energy. As defined by the US Energy Information Administration, primary energy is the form of energy first accounted for before any conversion to secondary or tertiary forms of energy. To avoid double-counting, market totals represent primary energy consumption only. For example, the electric power market represents the consumption of energy (e.g., hydropower, wind) to produce electricity, but retail sales of that electricity to the other markets (e.g., industrial, residential) are excluded from market totals.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Energy & Resources reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group