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.
In depth research report on 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.
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
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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
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studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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market analysis reports, please visit: http://www.grandviewresearch.com
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