U.S. Solar PV Market Rising With Growth In New Technology Trends Research By 2022


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.
Key market participants include First Solar, SunPower, Suniva, 1Soltech, Alps Technology, Advance Power, Auxin Solar, BORG Inc., Pionis Energy, Solar Cynergy, Solar World, Zebra Energy, Green Brilliance, Lumos, Itek Energy. First Solar is the only manufacturer using cadmium telluride (CdTe) thin film technology which offers highest performance efficiency as well as increased yield as compared to polycrystalline and monocrystalline modules. Furthermore, production costs are lower as compared to other modules which make it favorable among solar PV installers.
To Request Sample Copy of this report, click the link:
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.
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.
Browse Press Release of this report:
The utility was the largest application segment for solar PV market in U.S. in 2014, followed by residential and non-residential segments. Shifting consumer preference towards renewable energy generation on account of environmental protection is expected to augment solar PV market growth. Increasing consumer awareness regarding environmental protection is expected to result in the development of sustainable energy and reduced carbon emission which is expected to augment solar PV market growth. Furthermore, technological advancements increasing electricity generation efficiency of modules and lower installation cost on account of subsidies is likely to fuel market growth.
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.
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
Module prices for solar PV have declined over the past few years owing to the presence of various federal subsidies and rise in module installations. Furthermore, raw material prices for manufacturing solar cells have also declined sharply owing to various technological and manufacturing improvements.
Supportive regulations involving federal subsidy and various state incentives are expected to augment market growth over the forecast period. Furthermore, technological advancements in solar PV module manufacturing coupled with declining raw material prices are expected to be key market drivers.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.



Comments

Post a Comment

Popular posts from this blog

Foot Orthotic Insoles Market 2026: What Will Be Changes In Investment Ratio With Opportunity Analysis?? |Grand View Research, Inc.

Image
The global foot orthotic insoles market size is expected to reach USD 5.5 billion by 2026 , according to a new report by Grand View Research, Inc., exhibiting a 6.3% CAGR during the forecast period. Growing incidence of diabetes and plantar fasciitis are expected to drive the market over the forecast period. Moreover, rapid urbanization and increasing disposable income are anticipated to propel growth in future. Technological advancements, spurred by ongoing investments in R&D, are expected to increase growth potential in the coming years. Moreover, rise in geriatric population, which is susceptible to orthopedic disorders, is impelling product demand globally. For instance, in 2017 as per the U.S. Census Bureau, the number of people aged 65 or older increased by 1.6 million from 2014 to 2015. In addition, increasing incidence of sports injuries and rising prevalence of osteosarcoma in the region has led to the need for various orthotics devices, which is expected to drive ...
Read more

A Look into Smokehouse Industry……Deep Analysis…..

Image
The global smokehouse market size is anticipated to reach USD 157.2 million by 2025 , according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 2.2% during the forecast period. Rising need for a healthy lifestyle has led consumers to prefer griller or barbequed food over fried food and other kinds of fast food. This trend is expected to have a positive impact on the market growth. The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution ...
Read more

A Look into Shapewear Industry……Deep Analysis…..

Image
The global shapewear market size is expected to reach USD 3.80 billion by 2025 registering a CAGR of 7.7%, according to a new report by Grand View Research, Inc. The introduction of various products according to the type of garments is expected to support the market growth in the years to come. Growing target population across the globe is also augmenting the market growth. Changing lifestyle incurs increased investment in fitness and related accessories, which has positively impacted the market growth. The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak worldwide. The expected decline in the global sales of clothing, footwear, & accessories is attributable to massive supply chain disruptions across significant export markets, including China and India. However, the industry is likely to recover over the forecast timeframe,...
Read more