WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 152
IRA impact
and progress
Onshoring Surge in the EV and Solar
Supply Chain
Battery has tripled in growth, while solar sees
10-fold growth Battery Manufacturing
• The demand for clean transportation and the IRA's enactment
to onshore manufacturing has created 45% growth vs preIRA, being 65% of total manufacturing investment, totaling
$58 billion dollars.
• IRA incentives create more investment in the United States
due its requirement of 60% of value components needing
to be assembled in North America.
• Automakers and battery manufacturers have committed to
invest $112 billion in domestic cell and module manufacturing,
totaling the annual capacity at 1,000 gigawatt-hours before
2030.
FIGURE 3
ENERGY IN
THE REGIONS
HOME
PREVIOUS
ARTICLE
Solar Manufacturing
• During the two years since the inception of the IRA, solar
manufacturing has grown to $10 billion compared to preIRA at $890 million. Grid-scale storage investment grew by
130% to $37 billion, and utility-scale solar and battery storage
investments for renewable energy, total $108 billion.
FIGURE 4
Manufacturing investment by technology
USA solar capacity, by Annual Energy Outlook 2023 (AEO2023) case (2010-2050)
gigawatts
Billion $ 2023
600
history
6%
projection
400
5%
200
3%
000
Wind
800
No in昀氀ation
Reduction Act case
600
Low Uptake case
Solar
2%
High Uptake case
Electrolyzers
Reference case
Fueling equipment
400
Zero-emission vehicles
1%
Batteries
Criticle minerals
0%
Q1 Q2
Q3 Q4
2020
Q1
Q2 Q3
2021
Q4
Q1 Q2 Q3
2022
Q4 Q1
Q2
Q3 Q4
2023
Q1
Q2
200
0
2010
2020
2030
2040
2050
WEMO 2024
4%
projection range acress all
AEO2023 cases
2024
Source: U.S. Energy Information Administration, Annual Energy Outlook 2023
Note: Does not include
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