The American Clean Power Association (ACP) has released its inaugural Solar Market Monitor report, forecasting over 32GW of solar installations in the US for 2024.
If accurate, Solar Market Monitor predicts a record-breaking milestone for the industry.
Produced in collaboration with S&P Global Commodity Insights, Solar Market Monitor provides a comprehensive analysis of the domestic utility-scale solar sector.
It examines market trends, capacity growth, project economics, technological advancements, policy developments, and power market outlooks.
ACP’s Senior Vice President of Policy and Market Analysis, John Hensley, comments:
“The launch of the Solar Market Monitor represents the leading role ACP plays in providing unique insights and analysis for an ever-evolving solar industry, its growth, and policy and market challenges in the road ahead.
“This inaugural report highlights how solar has solidified itself as a clean and cost-competitive energy resource for the US.”
The report predicts a Compound Annual Growth Rate (CAGR) of 6.6% for the US solar market from 2025 to 2030, with annual installations reaching 37GW by the decade’s end.
Additionally, solar capital costs are expected to drop by 14% by 2035 largely due to decreasing module prices. Total installations are forecast to grow by 16% by 2030.
S&P Global Commodity Insights played a large role in developing the report, leveraging its data capabilities and recently launched daily solar module price assessments.
Eduard Sala, Executive Director of S&P’s Climate and Sustainability Group, adds: “This relationship brings together S&P Global Commodity Insights’ research and consulting teams to provide valuable integrated data and insights on the supply chain, technology, and demand.”
