Vendor Landscape
The market structure is expected to remain concentrated during the forecast period. Vendors operating in the market are adopting various marketing and growth strategies such as competitive pricing to compete in the market.
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 some of the few key vendors of this market. Vendors are competing to maintain their market position in the market.
Vendors are also trying to expand their market presence and strengthen their product portfolio by entering partnerships and launching new and innovative products.
For instance, 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.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by Technology:
- Crystalline silicon:
- The segment contributed greatly to the overall market growth in 2020.
- The crystalline silicon will continue to remain the largest segment of the market in 2025.
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Revenue Generating Segment
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.
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Latest Trends, Driving the Global Residential solar market in the US
- Residential solar market Driver:
- 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. Thus, the rise in such investments in renewable energy is expected to boost market growth in the near future.
- Residential solar market Trend:
- Residential energy storage:
Residential energy storage as virtual power plants is another major factor supporting the residential solar market share growth in the US. With solar power prices spiraling down, there has been a steady increase in PV adoption, which has led to a continuous increase in the number of installations in the residential and commercial sectors. To overcome the problem of intermittency of solar power and have reliable, cheaper, and cleaner renewable power, solar PV is combined with battery energy storage systems, wherein both the systems complement each other to provide continuous power
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Residential Solar Market In US Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Accelerate at a CAGR of over 10% |
Market growth 2021-2025 |
USD 5.99 billion |
Market structure |
Concentrated |
YoY growth (%) |
9.68 |
Performing market contribution |
US at 100% |
Key consumer countries |
China, US, Japan, India, and Germany |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
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. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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