U.S. solar PV market is expected to reach 60 GW by 2022. Rising demand for PV panels in residential and commercial segments is projected to drive industry growth. Also, favorable regulatory framework coupled with incentives is anticipated to augment further the growth. Furthermore, the decline in module prices owing to federal subsidies and rise in the number of module installation is expected to drive growth over the forecast period. Falling raw material prices along with improved manufacturing processes for manufacturing solar cells is expected to bolster market growth. Utility accounted for over 50% of the P.V. market installation in 2014. Also, the non-residential segment is also projected to witness substantial growth at a CAGR of over 14% during the forecast period. This increase can be attributed to federal subsidies and state incentives. Furthermore, rising awareness among people regarding environmental protection is projected to boost Solar PV industry over the forecast period.
The residential sector witnessed significant growth over the past few years owing to rising consumer awareness and subsidized module cost. Furthermore, the low maintenance cost of solar panel in comparison to other power generating units is expected to drive demand in a residential application. Moreover, Investment Tax Credit is further projected to augment growth till 2016. U.S. solar PV market is expected to witness significant growth on account of growing demand in commercial and residential segments. Subsidies and favorable regulatory framework are anticipated to drive market growth over the forecast period. Furthermore, a sharp decline in equipment cost owing to rise in installations particularly in California is expected to continue over the forecast period. Application segments including residential, non-residential and utility are expected to witness increased number of installations till 2016 owing to Investment Tax Credit (ITC) subsidy which would expire on December 31, 2016. U.S. solar PV market, being a subsidy-dependent market, is expected to witness a sharp decline in installations post-subsidy period owing to higher capital cost as compared to other forms of power generation. Residential sector has witnessed a significant upsurge over the past few years, on account of rising consumer awareness regarding environment protection coupled with subsidized module cost.
In addition, low maintenance cost for solar PV as compared to other power generating units has resulted in a substantial demand for these modules over the past few years and the trend is anticipated to continue over the forecast period. Reduced carbon emission during electricity generation as compared to other sources of energy coupled with the availability of varied sizes of PV modules has led to a huge demand for solar PV over the past few years. Furthermore, availability of solar radiation across the U.S. has assisted in market growth over the past five years.
Access Research Report of U.S. solar PV market@ http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
California had the largest installed capacity of 7,815 MW in 2014 owing to the exposure to superior solar irradiance and rising number of installation in utility and residential sectors. In addition, tax subsidies provided by the state are expected to result further in high demand for Solar PV installations over the next few years. Furthermore, with the large-scale installation of Solar PV in California, there is a steep decline in equipment cost which is projected to spur growth in the region. North Carolina is expected to witness high growth over the forecast period owing to rise in some residential installations.
Moreover, high power price in North Carolina as compared to other states such as Kentucky, Washington, and Louisiana is further expected to bolster growth in the region. Some of the major market players in the industry are Auxin Solar, Itek Energy, Green Brilliance, First Solar, Lumos, SunPower, Advance Power, BORG Inc., Pionis Energy, Solar Cynergy, Solar World, Suniva, 1Soltech, Alps Technology and Zebra Energy. First Solar implements cadmium telluride thin film technology which offers increased yield and high-performance efficiency as compared to monocrystalline and polycrystalline modules. Furthermore, the production costs of Cadmium Telluride are lower than other modules, making it favorable among solar PV installers. Grand View Research has segmented the U.S. solar PV market on the basis of application and state:
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
Access Press Release of U.S. solar PV market@ https://www.grandviewresearch.com/press-release/u-s-solar-pv-industry
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