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United States Solar Energy Market Size, Share, Analysis: By Technology: Concentrated Solar Power Systems, Photovoltaic Systems; By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others; By Application: Residential, Commercial, Industrial; Regional Analysis; Competitive Landscape; 2024-2032
United States Solar Energy Market Outlook
The United States solar energy market size was nearly 172.41 GW in 2023. The market is estimated to grow at a CAGR of 12.9% during 2024-2032, to reach around 534.96 GW by 2032.
Key Trends in the Market
Solar technologies transform sunlight into electrical energy, which can be used to produce electricity or be stored in thermal storage or batteries. This transformation of energy can take place either through photovoltaic (PV) panels or through mirrors that direct solar radiation. One of the crucial advantages of solar energy is that it reduces fossil fuel use without emitting greenhouse gases and eliminates the reliance on an external source for power supply.
- The United States boasts one of the richest solar energy resources in the world, and the sector plays an important role in creating jobs, promoting a healthy environment, and benefitting economic development. The United States solar energy market demand is being fuelled by the growing demand for cost-effective and renewable energy in the country.
Technological advancements and innovations are also likely to reduce the costs of equipment and parts essential for producing, operating, and maintaining solar energy in the coming years. For instance, the cost of solar power is expected to decline by 15%-25% by 2030.
- The United States solar energy market growth is being aided by the introduction of government initiatives to support the adoption of solar energy and lower its production cost. For instance, in July 2023, the US Department of Energy (DOE) announced an investment of USD 45 million to surge the manufacturing of solar components, stimulate the development of dual-use solar technologies, and create a resilient and sustainable energy landscape.
- Advancements in solar technologies such as the development of transparent solar panels for integration with building materials and the use of nanomaterials to enhance solar cell efficiency are favouring the United States solar energy market expansion. Moreover, the deployment of innovative technologies like artificial intelligence (AI) is anticipated to enhance the performance of solar energy systems in the forecast period by facilitating supply optimisation, predictive maintenance, and automated maintenance and monitoring.
United States Solar Energy Market Segmentation
On the basis of technology, the market is bifurcated into concentrated solar power systems and photovoltaic systems. Based on solar module, the market segmentation includes monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells, among others.
Based on application, the market is divided into residential, commercial, and industrial. On the basis of region, the market is divided into New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain and Far West.
The report gives a detailed analysis of the following key players in the United States solar energy market, covering their competitive landscape and latest developments like mergers, acquisitions, investments and expansion plans.
- 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
Market Share by Technology
Photovoltaic systems hold a significant portion of the United States solar energy market share. A photovoltaic system is comprised of one or more solar panels, along with an inverter and other electrical and mechanical hardware, that uses the sun’s energy to generate electricity. The installation/demand for photovoltaic systems is growing due to a rise in number of solar panel installations, technological advancements, and increased investments in green energy alternatives.
Meanwhile, the demand for concentrated solar power systems is likely to surge in the coming years due to their benefits such as minimal water consumption, low capital costs, and high efficiency.
Market Share by Application
As per the United States solar energy market analysis, the demand for solar energy systems in industrial applications is increasing due to their economical nature and increased awareness regarding renewable energy. Solar energy systems are being used by different industries, including agriculture, chemical, textile, cement, and steel, among others, to reduce carbon footprints and protect against volatile energy prices.
Moreover, the installation of solar energy systems in the residential sector is increasing as solar energy can reduce monthly utility bills, increase the value of homes, and reduce the generation of pollutants such as nitrogen oxides and sulphur oxides, among others. As per the U.S. Energy Information Administration, the installation of residential solar power rose by 34% from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021.
Competitive Landscape
JinkoSolar Holding Co., Ltd. was founded in the year 2006 and is headquartered in Shanghai, China. It offers high-powered solar module solutions for utility and residential applications, among others. Its products include Eagle G5, Eagle G6, EAGLE G4, and EAGLE Continental.
Trina Solar Co. Ltd. was established in 1997 and is mainly involved in the manufacturing of PV products, PV systems, and smart energy solutions. It has recruited international high-level management and R&D aptitudes from more than 60 countries and regions, in recent years.
Canadian Solar Inc. was founded in 2001 and is headquartered in Ontario, Canada. It is a prominent manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects.
Other United States solar energy market players include NextEra Energy Resources, LLC, Avantus LLC, M. A. Mortenson Company, SOLV Energy, First Solar, Inc., SunPower Corporation, Hanwha Group, Rosendin Electric, Inc., and others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Solar Module |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Solar Energy Market Overview
8.1 Key Industry Highlights
8.2 North America Solar Energy Historical Market (2018-2023)
8.3 North America Solar Energy Market Forecast (2024-2032)
8.4 North America Solar Energy Market Breakup by Country
8.4.1 United States
8.4.2 Canada
9 United States Solar Energy Market Overview
9.1 Key Industry Highlights
9.2 United States Solar Energy Historical Market (2018-2023)
9.3 United States Solar Energy Market Forecast (2024-2032)
10 United States Solar Energy Market by Technology
10.1 Concentrated Solar Power Systems
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Photovoltaic Systems
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 United States Solar Energy Market by Solar Module
11.1 Monocrystalline
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Polycrystalline
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Cadmium Telluride
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Amorphous Silicon Cells
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United States Solar Energy Market by Application
12.1 Residential
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Industrial
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 United States Solar Energy Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 JinkoSolar Holding Co., Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Trina Solar Co. Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Canadian Solar Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 NextEra Energy Resources, LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Avantus LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 M. A. Mortenson Company
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SOLV Energy
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 First Solar, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 SunPower Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Hanwha Group
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Rosendin Electric, Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Solar Energy Market: Key Industry Highlights, 2018 and 2032
2. United States Solar Energy Market: Key Industry Highlights, 2018 and 2032
3. United States Solar Energy Historical Market: Breakup by Technology (GW), 2018-2023
4. United States Solar Energy Market Forecast: Breakup by Technology (GW), 2024-2032
5. United States Solar Energy Historical Market: Breakup by Solar Module (GW), 2018-2023
6. United States Solar Energy Market Forecast: Breakup by Solar Module (GW), 2024-2032
7. United States Solar Energy Historical Market: Breakup by Application (GW), 2018-2023
8. United States Solar Energy Market Forecast: Breakup by Application (GW), 2024-2032
9. United States Solar Energy Historical Market: Breakup by Region (GW), 2018-2023
10. United States Solar Energy Market Forecast: Breakup by Region (GW), 2024-2032
11. United States Solar Energy Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate volume of 172.41 GW.
The market is estimated to grow at a CAGR of 12.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of around 534.96 GW by 2032.
The market is being driven by the introduction of government initiatives to decrease the use of fossil fuels and reducing costs of solar energy production.
The key trends aiding the market expansion include a rise in the adoption of solar panel installation due to its cost-effective and renewable nature, government initiatives to promote the installation of solar panels in the United States, and increasing solar energy adoption in the residential sector.
The different technologies considered in the market report are concentrated solar power systems and photovoltaic systems.
The various applications of solar energy are residential, commercial, and industrial.
The key players in the market 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, and Rosendin Electric, Inc., among others.
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