Global U.
S. Solar PV Market is foretold to provide a
robust support for industry players to lay a solid foundation for their
business growth. It includes a comprehensive evaluation of the industry growth
status and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
U. S. Solar PV Market study
offers detail overview of industry with all the requisite data to support
tactical business decisions and come up with strategic growth plans. This study
also proposes a comprehensive insight into the development policies and plans
in addition to manufacturing processes and cost structures.
Industry Insights
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.
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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.
The residential segment
witnessed a substantial growth in the upcoming years owing to the increasing
concern of consumers regarding the protection of environment together with
decreased cost of the module. In addition, the cost of maintenance of solar PV
is low as compared to other sources of power generation which have led to an
increase in demand for the modules.
The reduction in carbon
emission during the generation of electricity as compared to other sources
together with the variable sizes available in solar PV modules is expected to
have a positive impact on the market growth. In addition, the availability of
solar insolation across the US is anticipated to aid the demand of solar PV
modules in the country.
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.
The favorable energy
policies in California is likely to propel growth for renewable energy leading
to a rise in market demand for solar PV modules. The preference of consumers in
Arizona and California towards the use of environmentally friendly renewable
energy is expected to bolster the solar PV market demand.
North Carolina is likely to
have an increase in the contribution towards US solar market owing to a growth
in residential installations. Furthermore, the high cost of power in North
Carolina as compared to other states including Louisiana, Washington, and
Kentucky is likely to boost market growth in the region.
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.
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