The American Clean Power Association (ACP) has released its Solar Market Monitor, predicting a record-breaking 32GW of new solar installations in the United States for 2024. This marks a significant milestone for the association, which is expanding its market analysis efforts to include the rapidly growing solar sector.
The biannual report, developed with S&P Global Commodity Insights, projects a 6.6% Compound Annual Growth Rate (CAGR) for the US solar market between 2025 and 2030, with annual installations expected to reach 37GW by the end of the decade. Total installations are forecast to increase by 16% by 2030, while solar capital costs are anticipated to decrease by 14% by 2035 due to declining module prices.
“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,” said John Hensley, ACP's senior vice president of policy and market analysis. “This inaugural report highlights how solar has solidified itself as a clean and cost-competitive energy resource for the US. Moving forward, this resource will help the industry navigate the dynamic US solar marketplace.”
The report draws on S&P Global Commodity Insights' data capabilities, including their newly launched daily solar module price assessments.
Eduard Sala, clean energy technology lead at S&P Global Commodity Insights, emphasized the significance of the partnership: “We are excited to announce S&P Global Commodity Insights' collaboration with ACP as a clean energy technology knowledge partner. 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. We are pleased to work with ACP to provide a new way of measuring the development of this growing sector.”
The Solar Market Monitor aims to offer a comprehensive overview of the solar industry's progress, equipping stakeholders with the tools to address challenges and harness opportunities within the renewable energy market.
