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The London analysis and consultancy firm GlobalData is forecasting solid growth in the solar power and wind power markets in the United States in coming years despite current hostility from the president and Republicans in Congress. As in recent years, they are expected to continue dominating new power installations in the country.
The firm analyzed the years 2020–2024 and forecasted the years 2025–2035. Overall, GlobalData forecasts that the US renewable energy market (new installation capacity) will go from 414.5 GW in 2024 to 1.06 TW in 2035, with solar and onshore wind accounting for almost all of that market.
As you can see in the chart above, the analysis firm is forecasting pretty steady growth year over year. I will highlight a few years for solar power and for onshore wind power, showing expected cumulative installed capacity in those years:
Solar Power
- 96.3 GW in 2020
- 279.3 GW in 2025
- 492.3 GW in 2030
- 737.8 GW in 2035
Wind Power
- 122.3 GW in 2020
- 162.3 GW in 2025
- 212.8 GW in 2030
- 269 GW in 2035
Naturally, it’s mostly the super competitive (cheap) nature of wind and solar power — as well as battery storage — that are key to these markets’ growth, but various state-level policies also still support their growth. In addition, the continued rapid growth of data centers is expected to be a demand driver.
Annually, solar power capacity additions are expected to proceed as follows:
- 47.9 GW in 2025
- 42.2 GW in 2026
- 44.8 GW in 2027
- 41.7 GW in 2028
- 41.6 GW in 2029
- 42.7 GW in 2030
Donald Trump’s attacks on offshore wind power are expected to hurt the US offshore wind market. It is still expected to grow a bit, but not by a lot.
Coal power is expected to continue dropping in capacity as more and more old coal power plants retire. Natural gas is expected to increase only a little bit, from 573.1 GW in 2024 to 620.9 GW in 2035.
We will see. Naturally, a lot will depend on who is power on the federal level in the coming decade.
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