North and South American Solar Photovoltaic Installed Capacity to Experience Massive Growth by 2030, says GlobalData
North and South American solar photovoltaic (PV) installed capacity to climb from 13.1 Gigawatts (GW) in 2013 to 138.8 GW by 2030 ----US and Canada's solar PV growth ‘has been facilitated primarily by support mechanisms, provided by federal and state governments,' says analyst
LONDON, UK (GlobalData), 4 March 2014 - The North and South American solar photovoltaic (PV) installed capacity will increase more than tenfold over the coming years, climbing from 13.1 Gigawatts (GW) in 2013 to 138.8 GW by 2030, at a massive Compound Annual Growth Rate of 15%, says a new report from research and consulting firm GlobalData.
According to the company's report*, the Americas' power generation from solar PV installations will also increase at an impressive rate, jumping from 21 Terawatt-hours (TWh) in 2013 to 234 TWh by 2030.
In 2013, the US held the majority share of the region's solar PV installed capacity, with 89.1%, followed by Canada and Brazil, with smaller shares of 8.5% and 0.2%, respectively.
Prasad Tanikella, GlobalData's Senior Analyst covering Power, says: "The US and Canada are among the global leaders in terms of renewable power generation. Their growth has been facilitated primarily by support mechanisms, provided by federal and state governments."
In Brazil, the government conducts auctions to encourage the development of renewable energy projects. The country's Ministry of Mines and Energy approved 122 Megawatts of solar PV capacity in its first solar-only auction in 2013, with solar projects receiving $98 per Megawatt-hour for power generation.
Tanikella concludes: "Mexico's government is also supporting renewable power development with its recently introduced National Energy Strategy, which established a roadmap for energy policies to be implemented over the next 15 years. This strategy sets a specific goal to increase the country's electricity generation from non-fossil sources by 35%, in order to reduce greenhouse gas emissions during that period."
*North and South America Solar Photovoltaic Market Outlook to 2030 – Installed Capacity, Market Size, Risk Analysis, Market Saturation and Company Profiles