The American Clean Power Association (ACP) has released a report predicting a record-breaking year for the US solar industry, with over 32GW of installations for 2024.
The inaugural Solar Market Monitor, a market analysis of the domestic utility-scale solar industry, was produced for ACP by S&P Global Commodity Insights.
The new report marks a milestone for ACP, expanding its portfolio of industry-specific analyses to include the rapidly growing solar sector.
The biannual Solar Market Monitor delivers insights into current and future solar market trends, covering capacity, project economics, technological developments, policy developments, and power market outlooks.
The report claimed the US solar market is projected to grow with a Compound Annual Growth Rate (CAGR) of 6.6% from 2025 to 2030, reaching 37GW of annual new installations in the final year of this decade.
Solar capital costs are expected to continue decreasing, with a projected 14% reduction by 2035, primarily driven by declining module prices.
Total installations in the US are forecast to grow by 16% by 2030, the report said.
“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 ACP’s senior vice president of policy and market analysis John Hensley.
“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 leverages S&P Global Commodity Insights’ data and analysis capabilities, including their newly-launched daily solar module price assessments.
“We are excited to announce S&P Global Commodity Insights’ collaboration with ACP as a clean energy technology knowledge partner,” said S&P’s clean energy technology lead Eduard Sala.
“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.”