United States Solar Energy Market Outlook
According to the report by Expert Market Research (EMR), The United States solar energy market size was nearly 172.41 GW in 2023. Aided by the increasing focus on sustainability and the rising investments in renewable energy by the US government, the market is estimated to grow at a CAGR of 12.9% during 2024-2032, to reach around 534.96 GW by 2032.
The United States boasts one of the richest solar resources globally. This abundant resource not only supports the country’s energy needs but also contributes significantly to job creation, environmental sustainability, and economic growth. As the demand for renewable and cost-effective energy solutions rises, the United States solar energy market continues to expand, driven by both consumer demand and proactive government policies.
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Technological innovations play a crucial role in shaping the United States solar energy market development. These advancements are anticipated to significantly reduce the costs associated with solar energy production, operation, and maintenance. By 2030, according to experts, a reduction in solar power costs by 15%-25% could make solar energy even more accessible and affordable for a broader range of users, from residential to large-scale commercial consumers. The decline in costs is expected to come from improvements in manufacturing efficiencies, reductions in material costs, and enhancements in the efficiency of solar panels themselves.
Government initiatives are instrumental in fostering the United States solar energy market growth. For example, in July 2023, the U.S. Department of Energy announced a substantial investment of USD 45 million aimed at boosting the domestic manufacturing of solar components. This investment not only supports the production of traditional solar technology but also encourages the development of dual-use solar technologies that promise greater utility and integration in various applications. Such government-backed financial injections help build a more resilient and sustainable energy framework, reinforcing the infrastructure necessary for long-term growth in the solar sector.
The evolution of solar technology itself is making significant strides. The development of transparent solar panels, for instance, opens up new avenues for integrating photovoltaic systems into building materials, such as windows and facades, thereby turning entire buildings into energy-generating entities without compromising on aesthetics or design. Additionally, the use of nanomaterials is enhancing the efficiency of solar cells, pushing the boundaries of how effectively these cells convert sunlight into electricity.
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Further integrating modern technology, artificial intelligence (AI) is set to revolutionise the United States solar energy market. AI can optimise supply chains for solar panel production, predict maintenance needs to prevent system failures and automate the monitoring and maintenance of solar farms. These applications of AI not only improve the operational efficiency of solar energy systems but also enhance their reliability and reduce downtime, leading to higher energy outputs and lower costs over time.
Overall, these factors combined are setting the stage for a vibrant expansion of the United States solar energy market. As technology continues to advance and governmental support remains strong, the United States is well-positioned to capitalise on its solar resources, contributing to a sustainable energy future and leading global efforts in renewable energy adoption.
Photovoltaic (PV) systems are a cornerstone of the renewable energy movement in the United States, capturing a significant portion of the United States solar energy market share. These systems, which convert sunlight directly into electricity, consist of an array of components. The most visible are the solar panels themselves, but equally critical are the inverters, which convert the direct current (DC) electricity generated by the panels into alternating current (AC) electricity that can be used in homes and businesses.
Additionally, a complete PV system includes other electrical and mechanical hardware necessary for safe and efficient operation, such as mounting systems, wiring, and sometimes battery storage units for energy storage.
Market Segmentation
The United States solar energy market can be divided based technology, solar module, application, and region.
Market Breakup by Technology
- Concentrated Solar Power Systems
- Photovoltaic Systems
Market Breakup by Solar Module
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
Market Breakup by Application
- Residential
- Commercial
- Industrial
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States solar energy market. Some of the major players explored in the report by Expert Market Research are as follows:
- JinkoSolar Holding Co., Ltd.
- Trina Solar Co. Ltd.
- Canadian Solar Inc.
- NextEra Energy Resources, LLC
- Avantus LLC
- M. A. Mortenson Company
- SOLV Energy
- First Solar, Inc.
- SunPower Corporation
- Hanwha Group
- Rosendin Electric, Inc.
- Others
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