Press Release

United States Solar Energy Panel Market is expected to grow at a robust CAGR at 20.7%

United States solar energy panel market is rising due to increasing awareness of renewable energy, government incentives, declining solar panel costs, and a growing emphasis on sustainable and clean energy solutions during the forecast period


According to TechSci Research report,United States Solar Energy Panel Market – By Region, Competition, Forecast and Opportunities, 2019-2029”, The United States solar energy panel market is experiencing a notable upswing, driven by several key factors. Increasing awareness of environmental sustainability and the urgent need to reduce carbon footprints have propelled a greater focus on renewable energy sources. Government incentives and supportive policies for solar energy initiatives, alongside technological advancements, have significantly reduced the cost of solar panels, thereby expanding their accessibility to a wider consumer base. This increased accessibility has spurred demand across residential, commercial, and industrial sectors. Furthermore, the nation's commitment to achieving clean energy objectives and reducing reliance on traditional fossil fuels has further accelerated the adoption of solar panels. Consequently, the United States solar energy panel market is witnessing not only a surge in installations but also fostering a dynamic ecosystem of innovation and investment, which is shaping the future landscape of sustainable energy in the country.


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Based on Module Type, the Crystalline module type emerged as the dominant segment in the United States Solar Energy Panel Market and is poised to maintain its supremacy throughout the forecast period. Crystalline solar panels, comprising both monocrystalline and polycrystalline technologies, have consistently demonstrated superior efficiency and reliability, positioning them as the preferred choice for the majority of solar installations. The well-established and mature nature of crystalline technology, along with continuous advancements enhancing their performance and cost-effectiveness, has firmly established their dominance in the market. These panels are renowned for their higher conversion efficiencies and longer lifespan, qualities that resonate strongly with investors and end-users seeking sustainable and dependable solar solutions. While Thin Film technology has shown innovation and flexibility, particularly in niche applications, the broader market has overwhelmingly favored Crystalline modules due to their proven track record and widespread adoption. With ongoing research and development endeavors focused on further enhancing efficiency and reducing costs of Crystalline solar panels, this segment is poised to maintain its dominance, retaining a robust position in the United States Solar Energy Panel Market for the foreseeable future.

Based on Technology, the Solar PV (Photovoltaic) segment dominated the United States Solar Energy Panel Market and is expected to maintain its dominance during the forecast period. Solar PV technology, which directly converts sunlight into electricity using solar panels, has emerged as the primary catalyst for solar energy installations and capacity expansion throughout the United States. The widespread adoption of rooftop solar PV systems, utility-scale solar farms, and community solar projects has propelled the dominance of Solar PV technology in the market. Several factors contribute to the prominence of Solar PV technology. Firstly, the decreasing costs of solar PV panels, coupled with advancements in PV cell efficiency, have significantly boosted its appeal and affordability. Furthermore, favorable government incentives for solar PV installations have further incentivized adoption across residential, commercial, and industrial sectors. Moreover, the scalability, modularity, and versatility of Solar PV technology render it suitable for a wide array of applications, ranging from small-scale residential installations to large-scale utility projects. This flexibility enhances its attractiveness and utility across diverse settings. As the United States continues to prioritize renewable energy deployment and decarbonization efforts, Solar PV technology is poised to maintain its dominance. Its ongoing advancements and innovations are expected to drive further growth and progress within the solar energy panel market, solidifying its position as a key contributor to the nation's sustainable energy future.


Key market players in the United States Solar Energy Panel Market are: -

  • First Solar, Inc.
  • SunPower Corporation
  • Sunrun Inc.
  • Canadian Solar Inc.
  • JinkoSolar Holding Co., Ltd.
  • Trina Solar Limited
  • Hanwha Q CELLS Co., Ltd.
  • LONGi Solar Technology Co., Ltd.
  • Vivint Solar, Inc.
  • Enphase Energy, Inc.

 

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“The United States Solar Energy Panel Market is experiencing robust growth driven by factors such as increasing environmental awareness, government incentives, declining panel costs, and growing accessibility across residential, commercial, and industrial sectors. With a focus on reducing carbon footprints and transitioning to sustainable energy sources, solar panels have gained prominence. Government initiatives, including financial incentives and tax credits, enhance the economic viability of solar projects, fostering widespread adoption. Advances in technology and economies of scale have significantly reduced solar panel costs, democratizing access to solar solutions. Moreover, the adaptability of solar installations to diverse energy needs marks a fundamental shift, positioning solar energy as a mainstream and versatile power source. This dynamic landscape underscores the transformative role of solar energy in shaping the future of the U.S. energy market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.


United States Solar Energy Panel Market Segmented By Technology (Solar PV and Concentrated Solar Power), By Module Type (Thin Film and Crystalline), By Grid Connectivity (On-Grid and Off-Grid), By Application (Residential, Commercial and Industrial), By Region, and By Competition, 2019-2029,” has evaluated the future growth potential of United States Solar Energy Panel Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in United States Solar Energy Panel Market.


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United States Solar Energy Panel Market Segmented By Technology (Solar PV and Concentrated Solar Power), By Module Type (Thin Film and Crystalline), By Grid Connectivity (On-Grid and Off-Grid), By Application (Residential, Commercial and Industrial), By Region, and By Competition 2019-2029

Power | Feb, 2024

The United States solar energy panel market is rising due to increasing awareness of renewable energy, government incentives, declining solar panel costs, and a growing emphasis on sustainable and clean energy solutions during the forecast period 2025-2029

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