To ensure we deliver a compelling, relevant, and actionable conference experience this February, the Intersolar North America team has been watching how the solar, energy storage, and e-mobility industries evolved over the past year. Dive into the top trends shaping each of these markets below.
Solar Trends to Look Forward To
Analysts predicted that the global solar market would surpass 100 gigawatts (GW) in 2019. 2.7 gigawatts of solar were installed in the first quarter, which made it the quarter with the most solar ever installed in US history. Recent growth has been driven in part by the federal Investment Tax Credit (ITC), which was decreased at the end of 2019 and motivated companies to close deals prior to the deadline.
Corporate procurement and renewable energy commitments from companies like Google and Apple continued to surprise market analysts as a major market growth driver in 2019. Corporate procurements made up nearly 25% of 2018’s projects and are expected to have made up 17% of projects in 2019.
In the past decade, US solar has grown from 25 GW to an estimated 663 GW by the end of 2019. According to BloombergNEF, that’s enough to power nearly 100 million homes in the US.
Looking Ahead
With carbon-based electric generation contributing approximately 30% to the US’s total greenhouse gas emissions, there’s a major opportunity to decarbonize the energy sector with renewables. In the 2020s, state, municipal, and corporate procurement will continue to drive market expansion as more cities announce renewable energy goals and the cost of solar continues to drop.
Energy Storage Trends that are Driving Innovation
The decline in battery technology costs is driving market growth for the energy storage industry in 2019, with lithium prices expected to fall 45% by 2021.
In Q1 of 2019, the market achieved a record-breaking 232% growth. Part of that growth can be attributed to a surge in residential storage in 2018, with deployments quadrupling year-after-year due to the increase in state-level incentive programs for solar-plus-storage projects. Despite recent residential market growth, utility-supply storage continues to stand as the largest market segment. According to SEPA, investor-owned utilities deployed the most storage of any utility type, contributing approximately 64% of megawatt-hours interconnected to the grid last year.
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