Solar PV capacity expansion continued to accelerate in the United States, the European Union and Latin America in 2020.
Solar PV capacity in the United States increased 45% in 2020 to reach 19 GW, breaking the 15 GW record of 2015. The main impetus for this acceleration was the planned phaseout of the production tax credit, although in the end the incentive was extended for another year and will continue to propel capacity deployment. Higher corporate demand through power purchase agreements, driven by declining costs and continued growth in residential and commercial markets, will also help increase PV deployment.
Developers in the United States rushed to complete their projects before the expiration of the production tax credit, which led to a record onshore wind deployment of almost 17 GW, nearly twice as much as in 2019. Although the tax credit scheme was extended for another year in December 2020, it is expected that capacity addition growth will be slower in upcoming years, as the number of projects eligible for full tax credits will be limited.
According to the report, the global smart transportation market was valued at US$ 47.91 Bn in 2020, expanding at a CAGR of 21.3% during the forecast period. Smart transportation integrates different technological features and applications for providing real-time information to improve, innovate and manage transportation systems. These technological features are adopted in all the transportation services including roadways, railways, airways, and maritime to improve performance in the transportation systems.