Residential Solar Market in the US: 9.68% Y-O-Y Growth Rate in 2021 | Market Size, Share & Trends Analysis Report by Technology and Segment Forecasts, 2021 - 2025

The residential solar market share growth in US by the crystalline silicon segment will be significant during the forecast period. Crystalline silicon PV systems are the most widely used solar PV systems in the US. The modules of this PV system are built using crystalline silicon (c-Si) solar cells, which are highly stable, driving their demand. Also, C-Si PV system is the most widely used PV system in the residential sector due to the high-efficiency ratings and reliability of the cells. 

Key Residential Solar Market in US Report Highlights:

1. Market growth 2020-2025: USD 5.99 billion
2. Growth momentum & CAGR: Accelerate at a CAGR of 10%
3. YoY growth (%): 9.68%
4. Performing market contribution: The US at 100%

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Key Vendors and Strategies

Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. are few of the key vendors in the Residential Solar Market in US. The market is concentrated and the vendors are deploying growth strategies such as developing new technologies to compete in the market.

• Panasonic Corp.- In February 2021, the company introduced a new interchangeable telephoto zoom lens, the LUMIX S 70-300mm F4.5-5.6 MACRO O.I.S. (S-R70300), based on the L-Mount system, for the LUMIX S Series Full-frame Digital Single Lens Mirrorless Camera. The LUMIX S Series has high-quality cameras and lenses.
• Tesla Inc. - In December 2019, Tesla's Model X became the first and only SUV to ever receive a 5-star safety rating in every category and sub-category from the US National Highway Traffic Safety Administration.
• Panasonic Corp.- In January 2021. the company announced its first fully wireless Wi-Fi camera, which offers convenience, durability, and increased ease for recreational hauling.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the Residential Solar Market in US.

• Increasing investments in renewable energy:
• One of the key factors driving growth in the residential solar market in the US is the increasing investments in renewable energy. The competitive cost of producing electricity and low carbon emissions from renewable sources has led to an increase in investments in renewable energy technologies in the US over the past years. Although making investments during the ongoing pandemic could be risky, owing to anticipated economic uncertainties, financial institutions and renewable energy development companies are investing in renewable energy.  In May 2020, the US overtook China as one of the most attractive countries for renewables investment. In December 2020, Amazon announced that its renewable energy investment projects would be supplying 6.5 gigawatts (GW) of electricity, which would be enough to power 1.7 million US homes for one year. Thus, the rise in such investments in renewable energy is expected to boost the market growth in the near future.

To know about a few other market drivers, trends, and challenges.

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