Transforming the energy landscape: the rise of solar energy in US

The photovoltaic sector in the United States has experienced significant growth in recent years, driven by a combination of favorable policies, technological advances, and a growing awareness of climate change. Total installed PV capacity currently reaches 200 GW according to the U.S. Solar Market Insight Q2 2024 report published by the Solar Energy Industries Association (SEIA) and Wood Mackenzie.

The development of the solar market in the country has been driven by the need to maximize efficiency and power generation from PV systems The size of this market is estimated at USD 36.62 billion in 2024, and is expected to reach USD 100.51 billion by 2029 according to a January 2024 report by Mordor Intelligence, which states that it is one of the leading solar tracker markets worldwide, with the majority of demand coming from states such as California, Arizona, Nevada, Texas, Florida, and North Carolina.

In addition, the steady growth of the US renewables market is significantly influenced by the energy policies of recent years. The Inflation Reduction Act (IRA) has significantly expanded the clean energy market in the US: due to the IRA, a total of $400 billion in funding has been made available for climate and energy initiatives, according to McKinsey & Company.  These efforts aim to increase clean energy production by 40% by 2030 and open up market opportunities while reducing financial risks for companies in the sector looking to expand in the United States. For Soltec, a leading solar tracker manufacturer, this measure establishes a more than favorable environment for expansion in the country. With operations in 16 countries, the company is a pioneer in the manufacture of bifacial trackers. This type of solar tracker allows maximizing electricity production by up to 40% thanks to its horizontal and vertical tracking of the sun.

In the US, thanks to a logistics center in Texas and a local team operating from its headquarters in Miami, the Spanish company offers a wide range of advanced technological solutions. Last quarter, the company supplied a total of 252 MW of solar trackers in the country. One of its latest projects was the supply of 164 MW of SF7 trackers to a Blue Ridge Power plant, located in Virginia, in February 2024. Its high output per hectare makes this solar tracker ideal for large-scale projects. It has an output density that is more than 5% higher than other trackers, thanks to the 6% higher gain from its TeamTrack (or backtracking).

Soltec has also developed specific products to break into different markets. The SF7 USA tracker stands out, specially designed for the US market, which considerably reduces the construction time and structural costs of the project thanks to its ease of assembly and low number of parts. The SF7 USA's high site adaptability, simplified installation and advanced algorithms have transformed solar power generation. Its flexibility to adjust to challenging projects and advanced algorithms ensure optimal energy production at all times.

In conclusion, the PV sector in the United States has experienced significant growth, driven by favourable policies, technological advances and increased awareness of climate change. The PV boom has been helped by initiatives such as the Inflation Reduction Act, which has allocated significant funds to clean energy, creating an enabling environment for companies in the sector. In this context, companies such as Soltec are taking advantage of the opportunities to expand and contribute to the increase in solar energy production in the country. The firm continues to expand in the US photovoltaic market with its innovative solar tracking systems, enabling it to facilitate the implementation of large-scale solar projects in the United States, thus contributing to the continued expansion and development of renewable energy in the country.

About Soltec

Soltec is a leader company in the design and manufacturing of solar trackers with a strong commitment to innovation and sustainability. Headquartered in Murcia, the company was founded in 2004 and currently operates in 16 countries, with a strong presence in Spain, North America, and Latin America. The company has been listed on the Spanish Continuous Market since 2020.

Soltec structures its activity through three main business areas: i) the photovoltaic project development division, with a strong commitment to environmental, social, and governance practices; ii) the industrial division, through which it offers additional construction services to its clients, ensuring a complete and integrated value proposition; iii) Soltec Asset Management, a third business division through which Soltec manages its portfolio assets, with the aim of maximizing medium and long-term benefits.