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.
Browse full research report on U.S.
Solar PV Market Market: http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
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.
Browse more reports of this category by Grand View Research: http://www.grandviewresearch.com/industry/renewable-energy
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
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.
For more information: www.grandviewresearch.com
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