Press release
Residential Solar Market In The US To Grow At A CAGR Of 33.12% During The Period 2016-2020
A residential solar PV system is a small-scale power generation plant that uses PV technology to convert sunlight into electricity. Harnessing solar energy is considered as one of the most efficient ways to promote renewable energy and improve grid stability. The growing need for electricity and demand-side management (DSM) programs is driving solar PV installations worldwide. Renewable energy accounts for the majority of new capacity installations across countries. In 2015, solar PV installations accounted for 57 GW capacity worldwide, growing by 30% on a YoY basis.
Technavios analysts forecast the residential solar market in the US to grow at a CAGR of 33.12% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the residential solar market in the US for 2016-2020. To calculate the market size, we have collected the annual installed capacity of residential solar PV systems through secondary research. Government policies and targets of various US states have been considered while estimating the market size. In order to calculate the market revenue, the average price of PV balance of system (BOS) based on customer feedback has been taken into consideration.
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The market is analyzed based on states:
California
Arizona
North Carolina
New Jersey
Nevada
Massachusetts
New York
Hawaii
Colorado
Texas
Technavio's report, Residential Solar market in the US 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
NRG Energy
SolarCity
Sungevity
Sunrun
Verengo
Vivint Solar
Other prominent vendors
First Solar
Borg Energy
Jinko Solar
ReneSola
Market driver
Federal and state-level policies and incentives
For a full, detailed list, view our report
Market challenge
Low conversion efficiency of solar PV systems
For a full, detailed list, view our report
Market trend
Advances in battery storage technology
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2020 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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