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U.S. Renewable Energy Market - Utility Level Analysis
Market |
Environmental |
Report Type |
Market Research |
Country |
United States |
Published |
26 August 2010 |
Number of Pages |
94 |
- |
|
Publisher |
Frost and Sullivan |
This research service titled U.S. Renewable Energy Market - Utility Level Analysis provides a detailed analysis of the renewable energy market in the United States at the utility level. This research service analyses the drivers and restraints along with government incentives and subsidies and utility profiles. In this research, expert analysts thoroughly examine the following markets: biomass, wind, solar photovoltaic (PV), and concentrating solar power (CSP).
Market Overview
Government Incentives and Rising Energy Prices Drive the Renewable Energy Market in the United States
The U.S. renewable energy market has experienced significant growth at the utility level in the last three years due to the escalating government concerns on energy security and independence. Additionally, factors such as rising energy prices, volatile fuel costs, and increasing government incentives on renewable energy have accelerated market growth. Utilities are expanding their capacity to include renewable energy sources to their generation mix to comply with renewable portfolio standard (RPS) programs, meet environmental regulations, and capitalize on the government incentives and subsidies.
"Rising energy consumption and increasing environmental concerns with conventional electricity generation sources, have driven the U.S. government to provide and design support mechanisms and organize funding programs to promote renewable energy deployment," says the analyst of this research. "The combination of incentives for renewable energy production and investment gives renewable energy an edge over conventional forms of electricity generation." The price volatility of natural gas has created greater awareness among people about the benefits of renewable energy. Moreover, as natural gas prices are expected to increase after the economic recovery along with electricity prices from conventional energy generation, greater attention is being drawn to renewable energy generation.
However, high capital costs discourage new renewable energy plant installations. Additionally, the sharp decline in oil and natural gas prices has lowered the price of electricity generated with conventional energy sources, thereby reducing renewable energy competitiveness. "Technology improvements, specifically higher energy efficiency, reliability of renewable energy technologies, low-cost materials, and enhanced methods to store energy are needed to reduce the cost of renewable energy systems," explains the analyst. "This will enable renewable-generated electricity to be cost competitive with other electricity sources." The technological improvements can be addressed by focusing on research in private and government laboratories. The government is concentrating on encouraging R&D in renewable energy.
Market Sectors
Expert analysts thoroughly examine the following market sectors in this research:
- Biomass
- Wind
- Solar photovoltaic (PV)
- Concentrating solar power (CSP)
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