Solar Thermal Power Market in United States, Market Outlook to 2030, Update 2017 - Capacity, Generation, Levelized Cost of Energy (LCOE), Investment Trends, Regulations and Company Profiles
Thermal Power is the Dominant Source in the Power Mix
The cumulative installed capacity in the US was estimated at 1,196,733 Megawatts (MW) in 2016. Thermal power was expected to be the highest contributor, accounting for a share of 71.2% of the cumulative installed capacity, equivalent to 852,007 MW.
Between 2006 and 2016, installed thermal capacity increased at a Compound Annual Growth Rate (CAGR) of 0.1%. It is followed by renewable, nuclear and large hydro and pumped storage sources with 13.5%, 8.3% and 7% of respective shares in the total installed capacity.
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Gas is the dominant power generation source among the thermal power technologies. Thermal is expected to be the leading source of power generation even in the future though a decrease in its share can be witnessed due to a greater enhancement of renewable sources during the forecast period 2017–2030.
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Renewable sources of power generation are expected to lead the increase in installed capacity up to 2030, in line with the policy being followed by the government.
US Renewable Power Market has grown from 43,648 MW in the year 2006 to around 161,556 MW by the year end 2016 at a CAGR of 14%. The growth of the renewable power market can be credited to the support of the US government to encourage the growth of renewable sources in the country.
As of the year 2016, the renewable power market of the US accounts for around 13.5% of the total power capacity mix. With the expected growth in the renewable sector, more particularly in the wind and solar PV markets, is expected to constitute to 30.6% of country’s power mix by the year 2030.
It is expected that the country would witness a net capacity addition of 317.2 GW of renewable capacity which is equivalent to approximately 87% of the net capacity additions estimated to happen during the forecast period.