US Solar Panel Market Size, Share & Trends Analysis Report by Technology (Monocrystalline Solar Panel, Polycrystalline Solar Panel, Thin-Film Solar Panel, and Other Solar Panels) and by End-User (Household Sector and Corporate Sector) and Forecast, 2019-2025.
The US solar panel market is estimated to grow modestly at a CAGR of around 15.0% during the forecast period. The US is among the top countries in the world in electricity generated by the Sun and several of the world's largest utility-scale installations are located in the desert Southwest. The US contributes significantly in the growth of solar panel market in North America. As a result of the domestic manufacturing and advancing technology, solar panel has become one of the most affordable means of sources of electricity in the U.S. in the current scenario. Solar energy as a power source has also become one of the leading choices for new generation by the utilities.
According to International Renewable Energy Agency (IRENA), around 14,858 GWh of electricity generated from solar photovoltaic in 2013, which increased with an exponential growth rate and reached around 67,393 GWh of solar photovoltaic installations in 2017 in the US. There are numerous projects which are being undertaken so as to promote the use of solar panels in the country. For instance, Biocomplexity Institute collaborated with the Sandia National Laboratory, National Rural Electric Cooperative Association (NRECA), and Arizona State University in 2016 for the development of solar panel technology which was funded by the government under the US Department of Energy's SunShot Initiative.
The companies which are contributing to the growth of the US solar panel market include First Solar, Inc., SunPower Corp., Canadian Solar, Inc., Kyocera Corp., and Wuxi Suntech Power Co., Ltd. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in April 2018, First Solar, Inc. expanded its geographical presence by building a new solar module manufacturing facility near its existing Perrysburg, Ohio plant. The manufacturing facility is expected to produce 1.2 GW capacity of solar panels. Further, the manufacturing facility is focused on producing advanced technology Series 6 thin film PV module.
Research Methodology
The market study of the US solar panel market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors.
Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to the reports.
Secondary Sources Include:
The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.
Market Segmentation:
1. US Solar Panel Market Research and Analysis by Technology
2. US Solar Panel Market Research and Analysis by End-User
The Report covers:
The US solar panel market is estimated to grow modestly at a CAGR of around 15.0% during the forecast period. The US is among the top countries in the world in electricity generated by the Sun and several of the world's largest utility-scale installations are located in the desert Southwest. The US contributes significantly in the growth of solar panel market in North America. As a result of the domestic manufacturing and advancing technology, solar panel has become one of the most affordable means of sources of electricity in the U.S. in the current scenario. Solar energy as a power source has also become one of the leading choices for new generation by the utilities.
According to International Renewable Energy Agency (IRENA), around 14,858 GWh of electricity generated from solar photovoltaic in 2013, which increased with an exponential growth rate and reached around 67,393 GWh of solar photovoltaic installations in 2017 in the US. There are numerous projects which are being undertaken so as to promote the use of solar panels in the country. For instance, Biocomplexity Institute collaborated with the Sandia National Laboratory, National Rural Electric Cooperative Association (NRECA), and Arizona State University in 2016 for the development of solar panel technology which was funded by the government under the US Department of Energy's SunShot Initiative.
The companies which are contributing to the growth of the US solar panel market include First Solar, Inc., SunPower Corp., Canadian Solar, Inc., Kyocera Corp., and Wuxi Suntech Power Co., Ltd. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in April 2018, First Solar, Inc. expanded its geographical presence by building a new solar module manufacturing facility near its existing Perrysburg, Ohio plant. The manufacturing facility is expected to produce 1.2 GW capacity of solar panels. Further, the manufacturing facility is focused on producing advanced technology Series 6 thin film PV module.
Research Methodology
The market study of the US solar panel market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors.
Numbers extracted from Secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables the analyst to derive the closest possible figures without any major deviations in the actual number. The analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to the reports.
Secondary Sources Include:
- Financial reports of companies involved in the market.
- Whitepapers, research-papers, and news blogs.
- Company websites and their product catalog.
The report provides an in-depth analysis of market size, various services offered by the players, and market opportunity. The report will serve as a source for 360-degree analysis of the market delivering insights for making better business decisions.
Market Segmentation:
1. US Solar Panel Market Research and Analysis by Technology
2. US Solar Panel Market Research and Analysis by End-User
The Report covers:
- Comprehensive research methodology of the US solar panel market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the US solar panel market.
- Insights about market determinants which are stimulating the US solar panel market.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Table of Contents
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Determinants
5. Market Segmentation
6. Company Profiles
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
A selection of companies mentioned in this report includes:
- Canadian Solar, Inc.
- First Solar, Inc.
- Hanwha SolarOne Co. Ltd.
- Kyocera Corp.
- Sharp Corp.
- SoloPower Systems, Inc.
- SunEdison, Inc.
- SunPower Corp.
- Trina Solar Energy Co., Ltd.
- Wuxi Suntech Power Co., Ltd.
