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Report
United States Solar Energy Market Report and Forecast 2024-2032
Market Report I 2024-03-27 I 173 Pages I EMR Inc.
United States Solar Energy Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the United States solar energy market size reached 32.40 GW in 2023. Aided by a combination of technological advancements, favourable government policies, and increasing environmental awareness among consumers and businesses, the market is projected to further grow at a CAGR of 12.8% between 2024 and 2032 to reach 93.54 GW by 2032.
Solar energy, characterised by the conversion of sunlight into electricity using photovoltaic (PV) panels or through concentrated solar power (CSP) systems, has become a cornerstone of the U.S. strategy to achieve energy independence and reduce carbon emissions. Its role in the transition to a more sustainable energy mix is increasingly vital, reflecting broader global shifts towards renewable resources.
As per the United States solar energy market analysis, there is a growing momentum for community solar projects, which allow multiple consumers to benefit from a single, shared solar array. This model is particularly appealing for renters, those with unsuitable roofs for solar panels, and low-to-moderate-income households, expanding access to solar energy beyond individual rooftop installations. Moreover, the integration of solar energy systems with battery storage is becoming increasingly popular. These combined solutions enhance the reliability and resilience of solar power, allowing for energy storage when production exceeds consumption and providing power during outages or periods of low sunlight.
Innovation is at the centre of the United States solar energy market expansion in recent years. Breakthroughs in PV efficiency, energy storage solutions, and solar-plus-storage systems are making solar energy more reliable and cost-effective. Additionally, the development of floating solar farms and bifacial solar panels offers new avenues for increasing solar capacity without competing for land resources.
Agri-photovoltaics, the co-location of solar panels with agriculture, is an innovative approach that maximises land use efficiency. This trend not only generates clean energy but also provides shade for crops, potentially increasing agricultural productivity while conserving water, and providing growth avenues for the United States solar energy market share. Bifacial solar panels, which capture sunlight from both sides, are also becoming more common due to their higher energy generation capacity compared to traditional monofacial panels. This technology can significantly improve the efficiency and output of solar installations.
The cost of solar PV installations has seen a dramatic decline over the past decade, making solar energy increasingly competitive with traditional energy sources. This trend is expected to continue, further driving the United States solar energy market growth. Beyond utility-scale projects, there is a rising demand for solar installations from the commercial and residential sectors. Companies and homeowners are turning to solar not only to reduce their environmental footprint but also to benefit from long-term savings on energy bills.
Federal tax credits, state-level renewable portfolio standards (RPS), and net metering policies have significantly contributed to the market growth. These initiatives, coupled with investments in solar research and development, underscore the government's commitment to supporting renewable energy.
As per the United States solar energy market outlook, the market is characterised by a diverse ecosystem of players, including solar panel manufacturers, project developers, installation companies, and energy service providers. Competition is driven by technological advancements, cost-reduction strategies, and the ability to provide comprehensive energy solutions.
With continued technological advancements, supportive policies, and increasing awareness of the benefits of renewable energy, the United States solar energy market is set to play a pivotal role in the U.S. energy landscape. The sector's growth will not only contribute to meeting the country's climate goals but also spur economic development and job creation in the renewable energy sector.
Market Segmentation
The market can be divided based on technology, solar module, application, and region.
Market Breakup by Technology
- Concentrated Solar Power Systems
- Photovoltaic Systems
Market Breakup by Solar Module
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
Market Breakup by Application
- Residential
- Commercial
- Industrial
Market Breakup by Region
- New England
- Mideast
- Great Lakes
- Plains
- Southeast
- Southwest
- Rocky Mountain
- Far West
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the United States solar energy market. Some of the major players explored in the report by Expert Market Research are as follows:
- JinkoSolar Holding Co., Ltd.
- Trina Solar Co. Ltd.
- Canadian Solar Inc.
- NextEra Energy Resources, LLC
- Avantus LLC
- M. A. Mortenson Company
- SOLV Energy
- First Solar, Inc.
- SunPower Corporation
- Hanwha Group
- Rosendin Electric, Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 North America Solar Energy Market Overview
8.1 Key Industry Highlights
8.2 North America Solar Energy Historical Market (2018-2023)
8.3 North America Solar Energy Market Forecast (2024-2032)
8.4 North America Solar Energy Market Breakup by Country
8.4.1 United States
8.4.2 Canada
9 United States Solar Energy Market Overview
9.1 Key Industry Highlights
9.2 United States Solar Energy Historical Market (2018-2023)
9.3 United States Solar Energy Market Forecast (2024-2032)
10 United States Solar Energy Market by Technology
10.1 Concentrated Solar Power Systems
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Photovoltaic Systems
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 United States Solar Energy Market by Solar Module
11.1 Monocrystalline
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Polycrystalline
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Cadmium Telluride
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 Amorphous Silicon Cells
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Others
12 United States Solar Energy Market by Application
12.1 Residential
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Industrial
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 United States Solar Energy Market by Region
13.1 New England
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Mideast
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Great Lakes
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Plains
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Southeast
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Southwest
13.6.1 Historical Trend (2018-2023)
13.6.2 Forecast Trend (2024-2032)
13.7 Rocky Mountain
13.7.1 Historical Trend (2018-2023)
13.7.2 Forecast Trend (2024-2032)
13.8 Far West
13.8.1 Historical Trend (2018-2023)
13.8.2 Forecast Trend (2024-2032)
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 JinkoSolar Holding Co., Ltd.
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Trina Solar Co. Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Canadian Solar Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 NextEra Energy Resources, LLC
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Avantus LLC
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 M. A. Mortenson Company
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 SOLV Energy
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 First Solar, Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 SunPower Corporation
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Hanwha Group
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Rosendin Electric, Inc.
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. North America Solar Energy Market: Key Industry Highlights, 2018 and 2032
2. United States Solar Energy Market: Key Industry Highlights, 2018 and 2032
3. United States Solar Energy Historical Market: Breakup by Technology (GW), 2018-2023
4. United States Solar Energy Market Forecast: Breakup by Technology (GW), 2024-2032
5. United States Solar Energy Historical Market: Breakup by Solar Module (GW), 2018-2023
6. United States Solar Energy Market Forecast: Breakup by Solar Module (GW), 2024-2032
7. United States Solar Energy Historical Market: Breakup by Application (GW), 2018-2023
8. United States Solar Energy Market Forecast: Breakup by Application (GW), 2024-2032
9. United States Solar Energy Historical Market: Breakup by Region (GW), 2018-2023
10. United States Solar Energy Market Forecast: Breakup by Region (GW), 2024-2032
11. United States Solar Energy Market Structure
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