U.S. Solar PV Market Development Trend, Marketing Trader, Challenges Forecast to 2025

U.S. Solar PV Market Size, Share, Driving
Factors, Sales and Revenue Forecast to 2025
“Globally, the US solar PV market is estimated to reach an installed capacity of 60 GW by 2022, providing
numerous opportunities for market players to invest in research and development of the market.”
The US solar PV market is estimated to reach an installed capacity of 60 GW by 2022. The rising demand for
electricity coupled with increasing consumer awareness concerning the benefits of renewable resources is
anticipated to have a positive impact on the market growth. The increasing demand for solar PV panels in
commercial and residential applications is expected to drive market growth.
A solar photovoltaic system generates electricity from sunlight with the help of semiconductors. The electrons
in these materials are freed by sunlight and can be induced through an electric circuit to generate electricity.
The growth of solar PV technology is fastest as compared to other renewable energy sources owing to free
availability of sunlight.
The government subsidies and regulations are beneficial to the market growth. In addition, the growth in the
number of solar panel installations mainly in California has caused a steep decline in the module prices. The
decrease in the price of raw materials coupled with advanced manufacturing processes is anticipated to have
a positive impact on the growth of U.S. solar PV market.
The application segments namely, residential, utility and commercial/non-residential are anticipated to
increase substantially on account of the Investment Tax Credit (ITC) subsidy till 2016. In 2016, the US solar
market grew by 97% adding about 15GW of new capacity. The electricity provided by solar energy accounted
for over 39% of the total installed electric capacity in 2016.
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Application Insights
The utility segment contributed to over 50% of the overall U.S. solar PV market installations in 2014. The
development of technology has increased the efficiency of electricity generation by solar PV modules coupled
with low installation cost owing to government subsidies is expected to drive market growth.
The commercial application segment is expected to witness a growth at CAGR of around 14% over the forecast
period. The shift in consumer inclination towards the utilization of renewable energy for electricity generation
owing to environmental protection is likely to fuel solar PV market growth in U.S.
State Insights
California contributed to over 7,815 MW power in 2014 on account of the exposure to solar radiation together
with growing number of installations in residential and utility sectors. In addition, there is a sharp decline in
the cost of equipment owing to large-scale installations of solar PV which is expected to lead market growth.
California accounts for over 50% of the residential segment of the solar PV system installations followed by
New Jersey and Arizona. There is a significant decline in raw material prices owing to technological
advancements and bulk ordering from China. The extension of federal ITC is likely to propel market demand of
solar PV in the country.
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Competitive Insights
The major players in the industry include SunPower, 1Soltech, Advance Power, BORG Inc., Solar Cynergy,
Zebra Energy, Lumos, First Solar, Suniva, Alps Technology, Auxin Solar, Pionis Energy, Green Brilliance, Solar
World, Itek Energy.
First Solar utilizes cadmium telluride (CdTe) thin film technology which gives high efficiency as compared to
monocrystalline and polycrystalline modules. Moreover, the production costs are subordinate to other
modules making it advantageous among all solar PV installers.
Market Segment:
U.S. Solar PV Application Outlook (Installed Capacity, GW; Shipments, Units, 2012 - 2022)
• Residential
• Non-Residential

• Utility
U.S. Solar PV State Outlook (Installed Capacity, GW; Shipments, Units, 2012 - 2022)
• California
• Arizona
• New Jersey
• North Carolina
• Nevada
• Massachusetts
• Hawaii
• Colorado
• New York
• Texas
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