August 20 (Renewables Now) - Non-hydro renewable power is expected to reach a 30% share of total installed capacity in the US by 2030, up from 15% in 2018, according to a new report by data and analytics company GlobalData.
In its “US Power Market Outlook to 2030, Update 2019” report, GlobalData says that the installed non-hydro renewable power capacity in the US will increase at a compound annual growth rate (CAGR) of 7.3% to reach 442.8 GW in 2030. The total capacity projection for 2020 is 231.3 GW and for 2025 - 328.6 GW.
The table below shows GlobalData’s projections for the main renewable energy sources.
|Offshore wind||11.7 GW||62%|
|Onshore wind||185.5 GW||5%|
|Solar photovoltaic (PV)||220 GW||10%|
The company also gave a joint 3% CAGR projection for biopower, geothermal and solar thermal power over the forecast period.
Meanwhile, the share of coal-based capacity is seen to decrease to 13.5% from 27.2%, being replaced by renewables, energy storage and stable gas-based generation.
“The increased cost of nuclear power due to higher safety standards will result in a slight decline in the nuclear capacity during the forecast period. As a result, gas-based power will dominate the generation mix, accounting for 41% of installed capacity, and catering to the country’s base-load power requirement in 2030,” said Arkapal Sil, Power Industry Analyst at GlobalData.