The report forecasts the residential solar market in the US to grow at a CAGR of 33.12% during the period 2016-2020.
Commenting on the report, an analyst from the research team said: A key trend that will offer sustained market growth is the advances made in the area of battery storage technology. Intermittency has been one of the biggest challenges in using renewable energy for power generation. However, this challenge has been overcome by the recent advances in battery storage capacity. Cost and storage capacity of the batteries have improved with extensive research and large-scale deployment. Aqueous solar flow is one such technological breakthrough, introduced by the Ohio State University in 2015.
According to the report, a key growth driver is the incentives offered at the federal and state levels along with solar friendly policies. Policies and incentives play a crucial role in the widespread deployment of renewable energy technologies such as solar PV systems. Incentives, awareness programs, and policies offered by the federal government are integral to the growth of the residential solar market in the US. Tax credit policies such as solar ITC have triggered the sales and demand for solar PV systems.
Further, the report states that one challenge that could hamper market growth is the low conversion efficiency of solar PV systems. Though there is intense research to improve the efficiency of solar PV technologies, the conversion efficiency of solar PV systems is by far the lowest in electricity generation technologies.
- What will the market size be in 2020 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
- NRG Energy
- Vivint Solar
- First Solar
- Borg Energy
- Jinko Solar
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Introduction
PART 04: Market landscape
PART 05: Market drivers
PART 06: Impact of drivers
PART 07: Market challenges
PART 08: Impact of drivers and challenges
PART 09: Market trends
PART 10: Analysis of top 10 states
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
PART 14: About the Author
For more information visit http://www.researchandmarkets.com/research/fgf9px/residential_solar
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SOURCE Research and Markets