U.S. Solar PV Market Size, Share & Trends Analysis Report By Application (Residential, Non-residential, Utility), By States (CA, AZ, NJ, NC, NV, MA, HI, CO, NY, TX, FL, GA, UT, VA, SC, MD, NM, OR, IN, MN, PA), And Segment Forecasts, 2022 - 2030

Report Overview

The U.S. solar PV market size was valued at USD 25.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.9% from 2022 to 2030. Favorable policies and incentive schemes at the state and federal levels and decreasing prices of solar panels are expected to boost the industry’s growth in the U.S. The energy generation market has witnessed growth, in terms of the installed capacity of solar power, in the past few years on account of the growing environmental concerns coupled with the pressure to reduce the harmful effects of greenhouse gasses. This has been a major factor in the expansion of solar photovoltaic (PV) in the utility sectors.

U.S. solar PV segment is driven by supportive policies and plans and high interest from private companies to enter into the market. Solar PV plants in the country have increased owing to the stringent government regulations regarding emissions. The power scenario in the country has been witnessing a change with the increased adoption of renewable power sources as compared to coal-based and gas power generation.

The increasing volatility of the prices of fossil fuels has created a need for investment in renewable energy to stabilize power generation costs. Sustainable sources of power such as solar are efficient in generating consistent power and new solar installations have become cheaper than coal and gas making them preferable to other sources.

States such as California and Texas have provided a large number of incentive schemes for the promotion of solar power in the states. For instance, In the last decade, California has invested USD 80.8 Billion in solar technology and created incentive schemes and tax benefits for residents who install solar panels.

Application Insights

The utility segment accounted for the largest revenue share of 66.74% in 2021. Shifting consumer preference for renewable energy generation based on environmental protection is expected to augment the growth of the solar PV market in the U.S. Increasing consumer awareness regarding environmental protection is expected to result in the development of sustainable energy and reduced carbon emission which is expected to augment the industry’s growth. 

The residential segment is expected to register the fastest CAGR of 16.2% over the forecast period. Increasing adoption of renewable energy sources on the residential level is expected to boost the demand for solar PV in the U.S. from 2022 to 2030. Favorable policies and incentive schemes at the federal as well as state levels have increased the penetration of residential solar PV. The commercial segment is so expected to grow at a stable pace during the forecast period. Many industries have opted to generate power in-house through solar PV panels as grid-based energy prices have increased over the past year.

Key Companies & Market Share Insights

Key participants in the industry are focusing on technological advancements and innovation to minimize the cost of solar PV. In addition, industry players are practicing several strategic initiatives to expand their foothold in the renewable energy market over the coming years. For instance, In April 2022, Primenergy announced the construction of the largest solar PV plant in the U.S. The project will be located in Nevada and will generate 690MW of electricity. The plant is expected to be operational by 2023. Some prominent players in the U.S. solar PV market include:

• First Solar

• SunPower

• Suniva

• 1Soltech

• Sharp

• Alps Technology

• Advance power

• Auxin solar

• BORG Inc.

• Pionis Energy

U.S. Solar PV Market Report Scope

U.S. Solar PV Market Segmentation

This report forecasts revenue growth at the country and state levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the U.S. solar PV market based on application and states:

• Application Outlook (Volume, MW; Revenue, USD Billion, 2019 - 2030)

  • Residential

  • Non-residential

  • Utility

• State Outlook (Volume, MW; Revenue, USD Billion, 2019 - 2030)

  • California

  • Arizona

  • New Jersey

  • North Carolina

  • Nevada

  • Massachusetts

  • Hawaii

  • Colorado

  • New York

  • Texas

  • Florida

  • Georgia

  • Utah

  • Virginia

  • South Carolina

  • Maryland

  • New Mexico

  • Oregon

  • Indiana

  • Minnesota

  • Pennsylvania