Capacity Gains Set to Boost US Renewable Energy Consumption

Cleveland, OH, May 16, 2023 — US consumption of renewable energy is forecast to expand 5.2% yearly in volume terms through 2027, according to Renewable Energy: United States, a report recently released by Freedonia Focus Reports. Capacity expansions are projected to continue underpinning market gains, driven by government incentives and intensifying renewable energy standards by the federal and state governments and corporations.

Higher prices for crude oil and natural gas in the forecast period compared to the 2015-2020 period will also support increased consumption of energy from renewable sources. Further, continued economic expansion – including increased industrial output – is projected to boost total energy consumption.

Nevertheless, further growth will be restrained by:

• adoption of increasingly energy-efficient appliances and electrical equipment
• competition from non-renewables
• relatively high capital costs
• opposition to solar and wind projects due to concerns regarding environmental degradation, such as creating noise, disturbing wildlife, and ruining pleasing views of nature

The increasing adoption of electric vehicles as opposed to those powered by biofuels to replace vehicles powered by petroleum will hinder demand in the biofuel segment. However, the growth in the battery electric vehicle park will increase demand for electricity, including that produced by renewable sources.

These and other key insights are featured in Renewable Energy: United States. This report forecasts to 2023 and 2027 US renewable energy consumption and production in British thermal units (Btu). Total consumption and production are segmented by resource in terms of:

• wind
• wood and waste biomass
• biofuels
• hydropower
• solar
• geothermal

Total consumption is also segmented by market as follows:

• electric power
• industrial
• transportation
• residential
• commercial

To illustrate historical trends, total consumption, total production, and the various segments are provided in annual series from 2012 to 2022.

For the purposes of this report, energy is measured in terms of primary energy. As defined by the US Energy Information Administration, primary energy is the form of energy first accounted for before any conversion to secondary or tertiary forms of energy. To avoid double-counting, market totals represent primary energy consumption only. For example, the electric power market represents the consumption of energy (e.g., hydropower, wind) to produce electricity, but retail sales of that electricity to the other markets (e.g., industrial, residential) are excluded from market totals.

More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/renewable-energy-united-states-ff45041.htm

About Freedonia Focus Reports

Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Energy & Petroleum reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:

• total historical market size and industry output
• segmentation by products and markets
• identification of market drivers, constraints, and key indicators
• segment-by-segment outlook in five-year forecasts
• a survey of the supply base
• suggested resources for further study