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.
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 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
Report Attribute |
Details |
Market size value in 2022 |
USD 29.7 billion |
Revenue forecast in 2030 |
USD 96.6 billion |
Growth rate |
CAGR of 15.9% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Volume in MW, Revenue in USD Billion, and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Application, states |
Region scope |
U.S. |
State scope |
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 |
Key companies profiled |
First Solar; SunPower; Suniva; 1Soltech Sharp; Alps Technology; Advance Power; Auxin Solar; BORG Inc.; Pionis Energy; Solar World; Green Brilliance; Lumos; Itek Energy |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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
b. The U.S. solar PV market is expected to witness a compound annual growth rate of 15.9% from 2022 to 2030 to reach USD 96.6 billion by 2030.
b. Utility applications dominated the market and accounted for over 66.74% of the revenue in 2021. Shifting consumer preference towards renewable energy generation on account of environmental protection is expected to augment utility applications.
b. Some key players operating in the U.S. solar PV market include First Solar, SunPower, Suniva, 1Soltech, Alps Technology, Advance Power, Auxin Solar, BORG Inc., Pionis Energy, Green Brilliance, Lumos, and Itek Energy.
b. Key factors that are driving the market growth include subsidies and favorable regulatory framework which are anticipated to drive market growth over the forecast period. Furthermore, a sharp decline in equipment cost owing to rise in installations particularly in California and Texas is expected to continue over the forecast period.
b. The global U.S. solar PV market size was estimated at USD 25.4 billion in 2021 and is expected to reach USD 29.7 billion in 2022.
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