Forecast: Renewable Energy Supply (Excluding Solid Biofuels) in the US

The renewable energy supply in the US, excluding solid biofuels, has demonstrated a steady upward trend from 2013 to 2023. Starting from a value of 4.28 in 2013, it reached 6.58 in 2023, showing a Compound Annual Growth Rate (CAGR) of 4.66% over the past five years. Noteworthy is the substantial year-on-year increase of 9.79% in 2020, largely driven by policy incentives and technological advancements. However, the year-on-year growth rate slowed to 4.28% in 2023, reflecting maturation in certain sectors and market adjustments.

For the upcoming five-year period, the forecasted CAGR is 2.82%, suggesting a more moderate but still positive growth trajectory. By 2028, the renewable energy supply is projected to reach 7.87, which translates to a 14.89% increase from 2023.

Future trends to watch for include:

• The impact of emerging technologies on improving efficiency and reducing costs for renewable energy sources.
• Policy and regulatory changes at the federal and state levels, particularly those offering incentives or establishing mandates for renewable energy adoption.
• Advancements in energy storage solutions, which can address intermittency issues and enhance the reliability of renewable energy systems.