Summary

U.S. Solar PV Market Growth & Trends

The U.S. solar PV market size is expected to reach USD 96.6 billion by 2030, expanding at a CAGR of 13.7% from 2023 to 2030, according to a new report by Grand View Research, Inc. Reducing prices of solar PV systems has accelerated the adoption of US solar photovoltaic (PV). An increase in government incentives and other financing options is expected to boost the industry’s growth.

The U.S. government has planned to reduce the country’s dependence on conventional energy sources and increase the use of renewable energy sources such as solar, wind, and hydrogen. The government has been constructing utility-scale projects for large-scale power generation.

The utility sector generates large-scale electricity to power entire communities. There have been high amounts of investment from the US government to invest more in utility-scale solar PV projects and phase out coal and gas power generation. Many companies have also started to invest in utility-scale solar to capitalize on the growing market. 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.

The increasing demand for Solar PV in the country can be attributed to the decreasing prices of solar PV that are making them more viable. States with high irradiance such as California, Arizona, and Texas are expected to grow at a higher pace owing to the lower return of investment time frame. States such as New York, New Jersey, and Massachusetts are expected to witness growth in the residential segment owing to the higher concentration of people in these states and relatively lower land available for utility projects.

The industry players are focusing on innovation and technological advancements to reduce the cost of solar PV and to make it competitive with traditional power sources such as natural gas and coal. In addition, the market participants are emphasizing practicing several strategic initiatives such as joint ventures, partnerships, mergers & acquisitions, and others to gain a greater foothold in the forthcoming years.

U.S. Solar PV Market Report Highlights

• In 2022, utility emerged as the largest segment with a revenue share of 66.68%, owing to the utility segment being the most cost-effective and higher investments from the government and private companies

• Texas held a dominant market in 2021 due to a higher irradiance factor of the state and the increasing demand for sustainable energy is expected to boost the growth during the forecast period

• New Mexico is estimated to grow at a significant CAGR over the forecast period owing to the lower penetration of renewable energy in the state boosting market demand and the high amount of sunlight in the state

ページTOPに戻る

Table of Contents

Table of Contents

Chapter 1 Methodology and Scope
1.1 Research Methodology
1.1.1 Market Segmentation
1.1.2 Market Definitions
1.2 Research Methodology
1.3 Research Assumptions
1.4 Information Procurement
1.4.1 Purchased Database
1.4.2 GVR’s Internal Database
1.4.3 Secondary Sources
1.4.4 Third Party Perspective
1.4.5 Primary Research
1.5 Information Analysis & Data Analysis Models
1.6 Market Formulation and Data Visualization
1.7 List of Data Sources
Chapter 2 Executive Summary
2.1 Market Outlook, 2022 (USD Million)
2.2 Segmental Outlook
2.3 Competitive Outlook
Chapter 3 U.S. Solar PV Market Variables, Trends, and Scope
3.1 Market Lineage Outlook
3.2 Industry Value Chain Analysis
3.3 Technology Overview
3.4 Regulatory framework
3.5 Market Dynamics
3.5.1 Market Driver Impact Analysis
3.5.1.1 Declining equipment costs
3.5.1.2 Technological advancements and innovation
3.5.1.3 Favorable regulations and policies
3.5.2 Market Restraint Analysis
3.5.2.1 Alternate energy sources
3.5.2.2 Higher per MW installation cost
3.5.3 Market Opportunities Analysis
3.5.4 Market Challenges Analysis
3.6 Business Environment Analysis
3.6.1 Industry Analysis - Porter’s Five Forces Model
3.6.2 PESTLE Analysis - Macro Economic Environment Analysis
3.7 Market Entry Strategies
3.8 Impact of COVID-19 Pandemic on U.S. Solar PV Market
Chapter 4 U.S. Solar PV Market: Product Estimates & Trend Analysis
4.1 Product Movement Analysis & Market Share, 2022 & 2030
4.2 U.S. Solar PV Market Estimates & Forecast, By Product (USD Million)
4.2.1 Residential
4.2.2 Non Residential
4.2.3 Utility
Chapter 5 U.S. Solar PV Market: States Estimates & Trend Analysis
5.1 Key Takeaways
5.2 U.S. Solar PV Market Estimates & Forecast, By State (USD Million)
5.2.1 California
5.2.2 Arizona
5.2.3 Hawaii
5.2.4 North Carolina
5.2.5 Nevada
5.2.6 South Carolina
5.2.7 Hawaii
5.2.8 Colorado
5.2.9 Texas
5.2.10 Florida
5.2.11 Georgia
5.2.12 Utah
5.2.13 Virginia
5.2.14 Maryland
5.2.15 New Mexico
5.2.16 Oregon
5.2.17 Indiana
5.2.18 Minnesota
Chapter 6 U.S. Solar PV Market: Competitive Landscape
6.1 Recent Developments & Their Impact Analysis, by Key Market Participants
6.2 List of Raw Material Suppliers and Channel Partners
6.3 Company/Competition Categorization
6.4 List Of Potential Customers
6.5 Company Market Positioning
6.6 Company Market Share Analysis, 2022
6.7 Company Heat Map Analysis
6.8 Competitive Dashboard Analysis
6.9 Strategy Mapping
6.9.1 Expansions
6.9.2 Mergers & acquisition
6.9.3 Collaborations
6.9.4 New product launches
6.9.5 Others
6.10 Company Listing
6.10.1 First Solar
6.10.2 SunPower
6.10.3 Suniva
6.10.4 Soltech
6.10.5 Sharp
6.10.6 Alps Technology
6.10.7 Advance power
6.10.8 Auxin solar
6.10.9 BORG Inc.
6.10.10 Pionis Energy
6.10.11 Participant’s Overview
6.10.12 Financial Performance
6.10.13 Product Benchmarking