The North and South American solar photovoltaic installed capacity will increase more than tenfold over the coming years, climbing from 13.1 GW in 2013 to 138.8 GW by 2030, says a new report from U.K.-based research and consulting firm GlobalData. The increase represents a compounded annual growth rate of 15%.
According to the report, the Americas' power generation from PV installations will increase from 21 terawatt-hours (TWh) in 2013 to 234 TWh by 2030.
In 2013, the U.S. held the majority share of the region's solar PV installed capacity, with 89.1%, followed by Canada and Brazil, with shares of 8.5% and 0.2%, respectively.
‘The U.S. and Canada are among the global leaders in terms of renewable power generation,’ says Prasad Tanikella, GlobalData's senior analyst for power. ‘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 MW of solar PV capacity in its first solar-only auction in 2013, with solar projects receiving $98/MWh for power generation.
‘Mexico's government is also supporting renewable power development with its recently introduced National Energy Strategy, which established a road map for energy policies to be implemented over the next 15 years,’ Tanikella says. ‘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.’
An executive summary of the report is available here.