The American Clean Power Association (ACP) has released its inaugural Solar Market Monitor report, projecting a groundbreaking year for the US solar industry in 2024, with over 32 GW of utility-scale installations anticipated. Developed in partnership with S&P Global Commodity Insights, the report offers comprehensive analysis and forward-looking insights into the nation’s rapidly expanding solar sector.

Key findings

The Solar Market Monitor identifies significant trends shaping the industry:

• Record installations: 2024 is set to witness over 32 GW of new solar projects, marking a record-breaking year.
  
  
• Sustained growth: From 2025 to 2030, the US solar market is projected to grow at a 6.6% Compound Annual Growth Rate (CAGR), reaching 37 GW in annual installations by the decade’s end.
  
  
• Declining costs: Solar capital costs are expected to drop by 14% by 2035, driven by reductions in module prices.
  
  
• Long-term expansion: Total solar installations are forecast to grow by 16% through 2030.
  
  

 Source: S&P Global

Strategic insights for the industry

The Solar Market Monitor provides a detailed examination of market trends, including capacity forecasts, project economics, technological advancements, and policy impacts. These insights are designed to guide stakeholders in navigating the evolving solar landscape.

“This report demonstrates the pivotal role solar energy now plays as a clean and cost-effective power resource,” said John Hensley, ACP’s Senior Vice President of Policy & Market Analysis. “The Solar Market Monitor solidifies ACP’s position as a leader in delivering data-driven insights for an industry poised for exponential growth.”

Partnership with S&P global commodity insights

The collaboration with S&P Global Commodity Insights brings cutting-edge analysis, including daily solar module price assessments, to ACP members. This partnership ensures access to the most reliable data and strategic tools.

“We are proud to partner with ACP on this significant initiative,” said Eduard Sala de Vedruna, Clean Energy Technology Lead at S&P Global Commodity Insights. “By combining our research expertise with ACP’s vision, we’re providing critical insights that will shape the future of US solar development.”

A milestone for ACP

The report’s launch marks a significant expansion of ACP’s industry-specific offerings, reinforcing its commitment to supporting clean energy growth across the nation.