U.S. Residential Solar PV Market Size, Share & Trends Report

U.S. Residential Solar PV Market Size, Share & Trends Analysis Report By Construction (Retrofit, New Construction), By State, And Segment Forecasts 2024 - 2030

  • Report ID: GVR-4-68038-312-6
  • Number of Pages: 68
  • Format: Electronic (PDF)

Research Methodology

A three-pronged approach was followed for deducing the u.s. residential solar pv market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for u.s. residential solar pv market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of u.s. residential solar pv market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

U.S. Residential Solar PV Market Categorization:

The u.s. residential solar pv market was categorized into four segments, namely construction (Retrofit, New Construction), and regions (U.S).

Segment Market Methodology:

The u.s. residential solar pv market was segmented into construction, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The u.s. residential solar pv market was analyzed at a regional level. The globe was divided into U.S., keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seven countries, namely, the California; New York; Arizona; New Jersey; Massachusetts; Texas; Rest of the U.S.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

U.S. residential solar pv market companies & financials:

The u.s. residential solar pv market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Tesla Tesla was established in 2003 and is headquartered in California, U.S. The company specializes in designing, developing, manufacturing, and marketing electric vehicles and energy storage systems. It majorly operates through two major segments, namely the automotive segment and the energy generation and storage segment. The company manufactures and distributes several electric vehicle models, including Model S sedan, Model X sport utility vehicle, and Model 3 sedan. The clean energy division of Tesla, Inc. is called Tesla Energy founded on April 30, 2015. The company creates, produces, markets, sells, and installs photovoltaic solar energy generation systems, battery energy storage products, and other related goods and services to consumers in the residential, commercial, and industrial sectors. The energy generation and storage segment includes the manufacture, designing, installation, sales, and leasing of solar power generation and battery storage products and services related to these products with sales of the solar power system incentives. As of December 2020, the company had over 48,016 employees.

  • SunPower Corporation SunPower Corporation was established in 1985 and is headquartered in the Silicon Valley, California, U.S. The company operates its business through Residential, Light Commercial (RLC) segment and Commercial and Industrial Solution (C&I solution) segment. RLC segment refers to sales of solar energy solutions and C&I solution refers to direct sales of turnkey EPC services and sales of energy under the PPAs. SunPower Corporation manufactures and designs crystalline silicon photovoltaic cells, solar panels, and roof tiles. The company offers a complete set of residential solutions that deliver value to various residential builders and homeowners. It provides Equinox, a residential solar PV product that allows its clients to install the complete system easily and quickly and ensures that the client can easily access data anywhere, anytime. For solar innovation, SunPower has more than 1,000 patents. As of January 3, 2021, the company had 2,200 employees working in which 1,300 employees are working across the U.S., and the rest 900 are working across the Philippines.

  • Sunrun Sunrun was founded in 2007 and is headquartered San Francisco, California, United States. It is a leading battery storage, home solar, and energy service company. The company is engaged in the development, design, installation, ownership, sales, and maintenance of residential solar energy systems across the U.S. It provides clean, solar energy typically at savings when compared to traditional utility energy sources. The company's prime customers are residential owners. It operates through only one business segment with one business activity, i.e., providing solar energy services and products to its clients. The company also offers its clients battery storage and solar energy systems. As of December 2020, it had 8,500 employees. As of December 2020, the company had 42 patents, and 16 filed as patent application in the U.S.

  • Sungevity Sungevity was founded in 2007 and is headquartered in Oakland, California, U.S. It is the leading solar power company that designs and installs residential and commercial solar energy systems. The company is engaged in designing, installing, performing, maintaining, and financing home solar panels. It has installed over 10,000 residential rooftop solar panel systems. The company operates in communities across New Jersey, New York, North Carolina, Connecticut, Colorado, District of Columbia, New Mexico, Massachusetts, Pennsylvania, Maryland, Rhode Island, Vermont, and Delaware of the U.S. It has also introduced SOURCE Hydropanels. This advanced water capture technology replaces up to 20 packs of bottled water on a bright sunny day.

  • Momentum Solar Momentum Solar was founded in 2009 and is headquartered in New Jersey, U.S. It is a leading residential solar system provider with offices located in various parts of the U.S. The company is engaged in customized designing, engineering, installation, permitting, and activation of solar energy systems provided to residential owners. It operates in communities across New York, California, Florida, New Jersey, Texas, Pennsylvania, and Connecticut. The company has over 2,000 employees working round the clock to help its clients. It is also one of the fastest-growing solar companies in the U.S. The company is an owner-operated business that has expanded since its foundation. It also provides solar education to its clients across the U.S. and supports the environment by providing clean and affordable power.

  • SPI Energy Co. Ltd. SPI Energy Co. Ltd., a leading provider of solar storage and electric vehicle (EV) solutions for commercial, residential, governmental, logistics, and utility customers. The company was founded in 2015 and is headquartered in California, United States. The Company develops, owns, and manages solar projects that sell electricity to the grid in numerous nations, including the U.S., the U.K., Greece, Japan, and Italy. It also offers a full range of EPC services to third-party project developers. The company maintains operations throughout Asia, Europe, North America, and Australia. One The largest full-service, privately-held roofing and solar company in the US, Petersen-Dean, Inc., successfully sold some of its assets and intellectual property to Solarjuice American, Inc., a wholly owned subsidiary of the company, according to a 2021 SPI group announcement. The court approved the sale, and Solarjuice America is now able to continue and improve Petersen-nationwide Dean's solar, battery, and roof-renovation installations.

  • ACE Solar ACE Solar was founded in 2015 and is headquartered in Massachusetts, U.S. It is one of the leading solar developer/contractor companies in New England. The company provides solar PV installation services for commercial, residential, and utility-scale clients. It has installed over 1,000,000 of solar systems ranging from 2 kW to 20 MW. The company has been named as the number-one solar engineering, procurement, and construction contractor in Massachusetts. It has been ranked 4th among residential contractors and 52 among the top solar contractors across the U.S. The company has worked collaboratively on large photovoltaic projects across New England and Massachusetts, such as ground-mounted and rooftop solar PV projects.

  • Sunlux Sunlux was founded in 2015 and is headquartered in Texas, U.S. The company specializes in solar PV design, integration, installation, and procurement. It is a solar integrator dedicated to providing engineering, products, installation, and service across Texas and California. The company is a bonded and licensed solar contractor. It offers solar design, procurement, backup generator installation, electric vehicle infrastructure deployment, construction & government and commercial photovoltaic systems, and energy storage systems. Sunlux has 30 years of experience in the solar industry with 80 employees as of 2021.The company has installed over 7,000 solar panels.

  • Titan Solar Power Titan Solar Power is headquartered in Arizona, U.S. It provides installations and services related to power backup systems, renewable energy solutions, and solar PV solutions. It is a leading rooftop solar panel contractor. The company has handled all aspects of installation of solar modules. It installs clean, emergency electrical backup power systems and renewable power, allowing its clients further to establish their energy independence from traditional utility power generation. The company has completed over 44,863 solar projects and has installed over 371326141-watt capacity.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

U.S. Residential Solar PV Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 - 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

U.S. Residential Solar PV Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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