Utility-Scale PV Generating Capacity Net Additions Set to Rise 10% Yearly to 2024
Rapid decline in lithium-ion battery prices, growth in grid storage expected to spur demand
CLEVELAND, Sept. 29, 2020 /PRNewswire/ -- Utility-scale photovoltaic (PV) generating capacity net additions in the US are forecast to see compound annual growth of 10% in terms of watts through 2024, according to Photovoltaic Solar Power: United States, a report recently released by Freedonia Focus Reports. However, severe volatility in the intervening years due to the scheduled ramp down of tax credits and resulting panel stockpiling, combined with the effects of the COVID-19 economic slowdown, will yield declines of 5.1% per year in average annual terms. Rapid declines in lithium-ion battery prices, owing to improved economies of scale related to production capacity ramp in support of the burgeoning battery-electric vehicle market, will continue to drive rapid growth in the grid storage market. Growth in grid storage is expected to significantly minimize one major constraint on PV module demand: its intermittent generation of power, tied to the day/night cycle and cloud conditions.
More information about the report is available at:
https://www.freedoniafocusreports.com/Photovoltaic-Solar-Power-United-States-FF80042/?progid=91541
Generating capacity net additions of crystalline silicon, the dominant utility-scale PV generating technology, are expected to total 8.5 GW in 2024. While the aforementioned constraints will yield average annual declines of 4.8% per year, the maturity and high efficiency possible with these cells will support demand relative to other PV technologies.
These and other key insights are featured in Photovoltaic Solar Power: United States. This report forecasts for 2020 to 2024 US utility-scale PV generating capacity and generating capacity net additions in watts. Generating capacity and generating capacity net additions are segmented by technology in terms of:
- crystalline silicon (c-Si)
- thin-film and other technologies
To illustrate historical trends, total generating capacity, generating capacity net additions, and the various segments are provided in annual series from 2009 to 2019.
Residential and other non-utility-scale markets are excluded from the scope of this report. See Solar Roofing in the US for those products that serve as a structure's primary roofing material while also producing solar-generated electricity.
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
Press Contact:
Corinne Gangloff
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SOURCE The Freedonia Group
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