U.S. Solar Panel Market Size Worth USD 22.90 Billion By 2025: Hexa Research
FELTON, California, July 17, 2018 /PRNewswire/ --
The U.S. solar panel market size is expected to reach USD 22.90 billion by 2025 as a result of increasing demand from consumers owing to decreased installation cost of solar panel systems. Increasing environmental awareness among customers is driving the adoption of cost-efficient renewable forms of energy over conventional energy sources. The year 2016 witnessed a significant growth in number of installations of solar panels in U.S. For instance, more than 11.8 GW of solar panels were installed in U.S. in 2016.
The residential segment witnessed sluggish growth in terms of installation of solar energy owing to discrepancies in sales strategies such as high installation and maintenance costs. However, rising development activities in Texas, Utah, Florida, and South California are expected to drive the segment over the forecast period, thereby generating need for installation of renewable solar panel systems.
The concept of community solar panel systems is gaining popularity in U.S. This has increased off-site and rooftop corporate procurement by companies such as Amazon, Apple, and Target. U.S. is the dominant market for photovoltaic (PV) tracker systems, with NEXTracker and Array Technologies being leading players in the region. In 2016, both companies collectively shipped more than 5 GW DC of PV tracker components.
California holds the largest market share in the U.S. solar panel market. However, there is continuous expansion in markets like Florida, Texas, Utah, and Minnesota. Falling prices are attracting new entrants in the solar industry. These players are expected to acquire a larger market share in future. Furthermore, increasing environmental awareness and innovative technologies to suit rugged terrain and weather are luring customers toward solar energy. This factor is expected to drive the U.S. solar panel market over the forecast period.
Browse full research report with TOC on "U.S. Solar Panel Market Size and Forecast, By Product Type (Solar Tracking Panel, Fixed Panel), By End Use (Residential, Industrial), And Trend Analysis, 2015 - 2025" at: https://www.hexaresearch.com/research-report/us-solar-panel-market
Moreover, increasing adoption by educational institutes is expected to drive the industry in future. For instance, more than 5,500 K-12 schools in U.S. have installed solar energy systems until now. Rising efforts from organizations such as the Solar Energy Industries Association (SEIA) are aiding the regional solar sector. SEIA is a trade association that supports free and fair trade of solar equipment. Government initiatives such as solar investment tax credit has resulted in increased sales of solar panel systems over the past decade. Government reforms are expected to drive the U.S. solar panel industry in the forthcoming years. For instance, in 2018, the government imposed a 30% tax on solar panels and cells imported into U.S. This policy is framed to encourage local manufacturing and to boost the regional solar panel market.
Major players in the U.S. solar panel market include Trina Solar, JinkoSolar, Canadian Solar, Suniva, and SolarWorld. Trina Solar is the leading player, followed by JinkoSolar.
Browse more reports by Hexa Research:
- Recyclable Thermosets Market - Global recyclable thermosets market was around 102 million kilo tonnes with valuation worth USD 15.8 billion in 2015 and it is estimated to exceed valuation worth USD19.3 billion by 2024. Increasing awareness towards minimising dependency on fossil fuels for thermoplastics and thermo polymers is likely to drive the market over the forecast period.
- Dual Axis Solar Tracker Market - Global dual axis solar tracker industry size is expected to increase significantly over the next seven years on account of shifting focus towards non-renewable energy sources. Furthermore, significant demand for photovoltaic and concentrated solar power systems will drive industry growth.
- Rooftop Solar PV Market - Global Rooftop Solar PV market is expected to witness substantial growth over the forecast period on account of the increasing demand in residential and commercial segments. Minimum government interventions, favorable subsidies, and tax credit are expected to drive the Solar PV market.
- Solar Power Market - Government policies and regulations are the major key drivers of solar power market. Because of government subsidies, global solar power market has grown between 25 to 30 percent. Solar power has been segmented on the basis of application they are solar PV systems, concentrated solar power (CSP) and heating and cooling systems.
Hexa Research has segmented the U.S. solar panel market report based on product type and end-use:
Segmentation by product type, 2015 - 2025 (USD Billion)
• Solar Tracking Panel
• Fixed Rack Panel
Segmentation by end use, 2015 - 2025 (USD Billion)
• Residential
• Idustrial
Key players analyzed:
• Trina Solar
• Jinko Solar
• Canadian Solar Inc.
• Itek Energy
• Solaria
About Hexa Research
Hexa Research is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Contact:
Michelle T.
Corporate Sales Specialist
Hexa Research
Phone: +1-415-349-0058
Toll Free: 1-800-489-3075
Email: [email protected]
Web: https://www.hexaresearch.com/
SOURCE Hexa Research
Share this article