Latest news with #solarIndustry
Fast Company
3 days ago
- Business
- Fast Company
U.S. solar energy growth may collide with uncertain trade policies
U.S. consumer demand for renewable energy continues to grow, with more solar panel capacity installed in 2024 than in 2023, which saw more than in 2022. But U.S. trade policy is in flux, and high tariffs have been imposed on imported solar panels, which may cause shortages. I am a scholar who studies the Sun, as well as an entrepreneur who is working to harness its power here on Earth by creating new designs for generating solar electricity. As part of that effort, I've studied market trends and manufacturing capabilities in the U.S. and abroad. Right now, U.S. manufacturers do not produce enough solar panels to meet the nation's demand, but industry investments and federal tax incentives have been making progress, though recent federal moves have created uncertainty. In 2024, U.S. installers put up enough solar panels to generate 50 gigawatts of electricity —enough to power New York City for a year. U.S. manufacturers made only a small fraction of that—4.2 GW of solar modules in the first half of 2024. That was a big boost, though—a 75% increase compared with the same period in 2023. And the prices were roughly three times the cost of imports. A look at recent imports In 2024, the U.S. imported far more panels than the country needed, suggesting developers may be stockpiling panels for future projects. Most of those imported panels were made in Asia, particularly Malaysia, Vietnam and Thailand. In fact, nearly all of the U.S.-made panels used at least some components from overseas. China currently makes about 97% of the world's supply of photovoltaic wafers, which are building blocks of solar panels. The effects of proposed U.S. trade policies on the solar industry remain unclear. Through 2024, manufacturing continued a yearslong ramp-up to take advantage of government policies favoring domestic manufacturing. And imported panels seem slated to suffer from ever-increasing tariffs, which drive up costs. Domestic production rises Since 2010, U.S. solar panel production has increased about eightfold. But U.S.-made panels are more expensive than imported alternatives. In 2024, U.S.-made panels typically cost 31 cents per watt, but imported panels, even including tariffs that existed before President Donald Trump's second term, cost about one-third of that: 11 cents per watt. But domestic manufacturers are bringing costs down by ramping up production while relying on the government to maintain or increase tariffs on imports, which may make U.S. panels more competitive domestically in the future. Reliance on overseas sources Tariffs, including a 30% tariff on solar cells and solar panels starting in 2018, aimed to boost domestic manufacturing. But those tariffs and falling global prices made solar installations more costly in the U.S. than in the rest of the world. The average global cost of installed solar systems dropped from $1.15 per watt in 2012 to $0.72 per watt in 2016, nearly half that of U.S. installations. The 2018 tariffs, as well as earlier rounds in 2012 and 2014, have shifted the source of U.S. imports of solar panels —from China and Taiwan to Malaysia and South Korea. Manufacturers are also building solar panels in Singapore and Germany to maintain access to the U.S. market. And Chinese companies are even investing in U.S. solar manufacturers to take advantage of federal incentives and avoid tariffs. New tariffs emerge Trump's proposal for new tariffs on foreign-made solar goods, including panels and components, particularly target Chinese-owned companies in Southeast Asia. They could include a potential 375% tariff on Thai products —nearly quadrupling prices – and a 3,500% tariff on products from Cambodia. In contrast, U.S.-made solar panels will be cheaper. But a reduced supply of solar panels will raise prices even of domestic-made panels, at least until U.S. manufacturing can catch up with the demand. Some developers have begun to delay or cancel solar installations to address rising costs. Domestic investment Due in large part to the Biden administration's Inflation Reduction Act, enacted in 2022, the U.S. solar panel industry has seen significant investments. Since the law's enactment, more than 95 GW of manufacturing capability have been added across the solar supply chain in the U.S., including new facilities that in a year can construct enough solar panels to produce nearly 42 GW, beyond existing manufacturing levels. This growth in manufacturing capabilities is largely located in Texas and Georgia. Still, the new administration's shifting priorities and trade policies make the landscape uncertain. Before Trump began discussing various solar-related trade policies, the industry projected it would install an average of 45 GW of solar panels every year for the next decade.
Wall Street Journal
22-05-2025
- Business
- Wall Street Journal
Rooftop Solar Takes Gut Punch in House Tax Bill
The struggling rooftop solar industry faces a potentially fatal blow after the House of Representatives passed a tougher version of President Trump's expansive tax-and-spending package. The bill sunsets renewable energy credits, as expected, but includes more stringent provisions and rollback dates that were seen as especially bleak for rooftop solar. Credits for rooftop solar would end this year, while those for larger solar and wind energy projects would end by 2028, instead of a slower phaseout through 2031.
Globe and Mail
13-05-2025
- Business
- Globe and Mail
Solar Tracker Market Size to Grow $22.87 billion by 2029 at a CAGR of 17.3% During Forecast Period
"Browse 107 market data Tables and 57 Figures spread through 166 Pages and in-depth TOC on "Solar Tracker Market"" The solar tracker market is projected to grow from USD 10.32 billion in 2024 to USD 22.87 billion by 2029, at a CAGR of 17.3%. This growth is driven by increased demand for renewable energy and energy conservation. Solar trackers use electric components such as motors and sensors to maximize sunlight exposure and convert solar energy into electricity. According to a research report " Solar Tracker Market by Axis Type (Single-axis, Dual-axis), Type (Grid-connected, Off-grid), Application (Utility, Non-utility), Region (Asia Pacific, North America, Europe, Latin America, Middle East & Africa) - Global Forecast to 2029", the global Solar Tracker Market is projected to reach USD 22.87 billion by 2029 from an estimated USD 10.32 billion in 2024, at a CAGR of 17.3%. The solar tracker market is witnessing significant growth driven by the global transition to sustainable energy and the need to boost solar power generation efficiency. The rapid scaling of solar energy infrastructure, particularly in grid-tied utility-scale projects, drives the demand for advanced solar tracking systems. These trackers enhance energy capture by optimizing panel orientation relative to solar incidence angles. Contributing factors to this trend include increasing land-use efficiency mandates, declining costs of solar components, and a heightened emphasis on minimizing the levelized cost of electricity (LCOE). Furthermore, the integration of emerging digital technologies and rising electrification demands in developing regions further propels market dynamics in this sector. Download PDF Brochure - Based on axis type, dual-axis segment is expected to record higher CAGR during forecast period Dual-axis solar trackers are expected to record a higher CAGR during the forecast period. The growth of dual-axis solar trackers can be attributed to their capacity for precise solar tracking in both vertical and horizontal planes, which effectively maximizes solar irradiance capture and enhances energy yield throughout the day. These systems are particularly advantageous in regions characterized by high solar insolation and spatial constraints, contributing to improved overall operational efficiency. Their deployment in concentrated solar power (CSP) applications and large-scale utility projects is increasing. Moreover, the growing emphasis on optimizing energy output and minimizing the levelized cost of electricity is driving their global adoption in the renewable energy sector. Based on application, non-utility segment is expected to record higher CAGR during forecast period Based on application, the non-utility segment is expected to register a higher CAGR in the solar tracker market during the forecast period. This growth is driven by the increasing adoption of solar energy solutions by commercial, industrial, and residential users seeking energy independence and cost savings. Businesses are integrating solar trackers to maximize rooftop or ground-mounted system efficiency. Government incentives, sustainability mandates, and rising electricity prices encourage non-utility sectors to invest in solar tracking technologies. Additionally, the growing environmental awareness and the shift toward decentralized energy systems support the rapid expansion of this segment. Asia Pacific is expected to be fastest-growing region in solar tracker market Asia Pacific is projected to be the fastest-growing region in the solar tracker market, driven by the increasing adoption of solar photovoltaics, improved commercial viability and Increased investor awareness. The last decade saw a surge in solar growth, drastically increasing the global solar PV market. Initially driven by European installations, since 2012, the market has been led by the Asia-Pacific region, which accounted for 34.1% of annual additions in 2023. While Europe neglected solar PV for most of the second decade of this century, the Asia Pacific region emerged as the new undisputed leader in global solar PV deployment, driven by three of its major economies – China, India, and Japan. China largely dominates the solar tracker. Significant discrepancies between countries are also identified. While Australia was the first country to reach the 1 kW per capita mark in 2021, several nations worldwide are still lagging. Request Sample Copy - Some major players in the solar tracker market are Nextracker Inc. (US), Array Technologies Inc. (Mexico), PVHardware (Spain), Soltec (US), Trinasolar (China), ADES TEMPERO GROUP (Spain), Gamechange Solar (US), Aivatechnology (US), and ArcelorMittal (Luxembourg). The major strategies these players adopt include acquisitions, sales contracts, product launches, agreements, alliances, partnerships, and expansions. About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's Best Management Consulting Firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. 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