United States Solar Energy Market Report and Forecast 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

United States Solar Energy Market Report Snapshots

United States Solar Energy Market Size

United States Solar Energy Market Share

United States Solar Energy Companies