Press release
U.S. Solar PV Market To Witness Growth Based On Rising Demand For PV Panels In Residential And Commercial Segments Till 2022: Grand View Research, Inc.
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.
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
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.
Press Contact
Sherry James - Corporate Sales Specialist, USA
28 2nd Street, Suite 3036
San Francisco, CA 94105
United States
Phone: 1-415-349-0058
Email: sales@grandviewresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release U.S. Solar PV Market To Witness Growth Based On Rising Demand For PV Panels In Residential And Commercial Segments Till 2022: Grand View Research, Inc. here
News-ID: 348992 • Views: …
More Releases from Grand View Research, Inc.
Generative AI Market Size, Share, And Industry Outlook Report, 2030
Generative AI Market Growth & Trends
The global generative AI market size is anticipated to reach USD 109.37 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 37.6% from 2025 to 2030. Growing demand to modernize workflow across industries is expected to drive the demand for generative AI applications among industries. Other factors that propel the market growth include the evolution of AI…
Maternal Mental Health Market To Reach $45.72 Billion By 2030 | Therapy Mama, Ca …
The global maternal mental health market size is expected to reach USD 45.72 billion by 2030, growing at a CAGR of 28.43%, according to a new report by Grand View Research, Inc. Maternal mental health issues are a global concern that affects women of various countries and cultures. It refers to the emotional well-being of women during the pregnancy and postpartum period. The market is driven by the increasing incidence…
Downstream Processing Market Size, Share & Trends Analysis Report, 2030
The global downstream processing market size is expected to reach USD 94.79 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.84% from 2023 to 2030. The capacity requirements during the development of biologic drugs have changed over the past few years, wherein the demand for manufacturing high-volume products has shifted to developing small-volume, high-potency…
Electric Mobility Industry: E- Light Commercial Vehicle Thereby Contributing To …
The global electric mobility industry size stood at USD 101.67 billion in 2022 and will exhibit a CAGR of 19.9% from 2023 to 2030, according to the "Electric Mobility Industry Data Book, 2023 - 2030," published by Grand View Research. The growth comes on the back of an exponential rise in smart cities and a gradual uptick in charging infrastructure. Further, the strong outlook of electric mobility will rely on the launch…
More Releases for Solar
Biohybrid Solar Cell Market Professional Survey Report 2022 - Jinko Solar, JA SO …
The Biohybrid Solar Cell Market Report 2022 provides a comprehensive analysis of observable trends and projections. This research shows how to attract a large number of customers. Our certified crew of economists, researchers, and advisers has made further attempts in projecting the global industry by utilising accredited global Biohybrid Solar Cell market information tools as well as various instruments and ways to successfully review and get information. The research argues…
Home Solar Power System Market Size, Share, Trends, Growth - Tesla, Panasonic So …
The Global Home Solar Power System Market study includes new innovations, market dynamics, strategic profiling in terms of the future market strategies and shares for the subsectors of the industry. This research consists of details related to the size of the industries, the major players, markets, sales volume and value. This study offers a detail data on the historical data pointers as well as forecasts by region/country for the sectors…
Solar PV Module Market Outlook To 2024 - Trina Solar, Canadian Solar Inc., JA So …
Solar PV module market from utility sector has witnessed a substantial growth globally in recent years. In the first quarter of the year, Vietnam's Ministry of Industry and Trade have talked about their FiT scheme related to utility-based solar power projects. Ongoing electrification programs and incentives benefit pertaining to grid connected power generation is surging the demand for on-grid solar PV modules. On-grid connection represented 55% of the overall solar…
Solar Simulator Market Distribution Channel 2019: Spire Solar, Solar Energy Inte …
Solar Simulator Market report aims to examine the developments of market including its market improvements, developments, positions and others.
This report on the Solar Simulator market offers explanatory knowledge on the market parts like dominating players, drivers and restraints, production, revenue, consumption, import and export, and the most effective development within the organization size, deployment type, inside, segmentation comprised throughout this analysis, also major the players have used various strategies such…
Solar PV Module Market By Key Vendors: Trina Solar, Canadian Solar Inc., JA Sola …
UK solar PV module market is set to expand owing to government initiatives towards sustainable energy integration. The export tariff introduced by the UK government facilitates USD 0.06 per unit for the surplus electricity injected back to the grid by the generator. Favorable government reforms with ambitious plan towards carbon footprint reduction will further boost the business outlook.
Request for a sample of this research report @
https://www.gminsights.com/request-sample/detail/1563
Solar PV Module Market size…
Global Solar Thermal Market 2016 Abengoa Solar, SUPCON Solar, Solar Euromed
Global Solar Thermal Market Research Report
The MRS Research Group Solar Thermal report by QY Research represents an inclusive evaluation of the Solar Thermal Market and comprises considerable insights, historical data, facts,and statistical and industry-validated data of the global market.Additionally,it consists of estimated data that is evaluated with the help of suitable set of methodologies and assumptions.The MRS Research Group report research highlights informative data and in-depth analysis of Solar Thermal…
