U.S. Residential Solar PV Market Size, Share & Trends Analysis Report By Construction (Retrofit, New Construction), By State (California, New York, New Jersey, Arizona, Massachusetts, Texas) And Segment Forecasts, 2022 - 2030
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U.S. Residential Solar PV Market Growth & Trends
The U.S. residential solar PV market size is expected to reach USD 44.77 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030. Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost growth during the forecast period.
Governments across the world have started to adopt solar energy for power production due to it being clean and renewable. Many countries have set targets to reduce their carbon emissions and reduce reliance on conventional energy sources by promoting the use of solar energy for power production. The economies of scale achieved due to this increased demand have in turn decreased the cost of the components making solar energy system installation viable on a smaller scale.
The increasing energy need for emerging states in the U.S. such as California, Texas, and Arizona is expected to positively impact the residential solar PV industry. The decline in the price of solar energy system components has increased the viability of solar energy system installations in the residential sector. The new construction segment in the U.S. Residential Solar PV market is expected to grow significantly in the forecast period owing to the increasing adoption of government regulations to mandate the installation of solar PV into new construction homes.
States such as California and Texas are expected to boost the industry's growth over the forecast period owing to the high amount of investments for solar PV in the States and the increasing energy requirement boosting the demand for solar PV in the States. The price of the components in the solar PV systems market has been declining consistently for the last 10 years and this trend is expected to continue for the forecast period, in turn increasing the demand in the residential sector increasing the demand.
U.S Residential Solar PV Market Report Highlights
U.S. Residential Solar PV Market Growth & Trends
The U.S. residential solar PV market size is expected to reach USD 44.77 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.4% from 2022 to 2030. Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost growth during the forecast period.
Governments across the world have started to adopt solar energy for power production due to it being clean and renewable. Many countries have set targets to reduce their carbon emissions and reduce reliance on conventional energy sources by promoting the use of solar energy for power production. The economies of scale achieved due to this increased demand have in turn decreased the cost of the components making solar energy system installation viable on a smaller scale.
The increasing energy need for emerging states in the U.S. such as California, Texas, and Arizona is expected to positively impact the residential solar PV industry. The decline in the price of solar energy system components has increased the viability of solar energy system installations in the residential sector. The new construction segment in the U.S. Residential Solar PV market is expected to grow significantly in the forecast period owing to the increasing adoption of government regulations to mandate the installation of solar PV into new construction homes.
States such as California and Texas are expected to boost the industry's growth over the forecast period owing to the high amount of investments for solar PV in the States and the increasing energy requirement boosting the demand for solar PV in the States. The price of the components in the solar PV systems market has been declining consistently for the last 10 years and this trend is expected to continue for the forecast period, in turn increasing the demand in the residential sector increasing the demand.
U.S Residential Solar PV Market Report Highlights
- Various state governments have set targets to reduce carbon emissions and have implemented policies to promote the adoption of solar PV systems in the residential sector which is expected to boost the solar PV demand over the forecast period
- The retrofit segment accounted for about 74% of the market share in 2021. Solar PV is the most complex component in solar energy systems and received the highest investments for R&D
- California is projected to grow at a substantial CAGR throughout the forecast period. The rest of the U.S. is expected to account for the maximum share
- Solar power accounted for a 2.8% share of the total electricity generation mix in the U.S. in 2021
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market Segmentation & Scope
1.1.1 Research Methodology and Assumptions
1.1.1.1 Bottom-Up Approach
1.1.1.2 Top-Down Approach
1.1.1.3 Cross-Validation
1.1.1.4 Market Forecasts
1.2 Market Definition
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources
1.3.4 Third-Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Market Outlook
2.2 Segmental Outlook
2.3 Competitive Insights
2.4 Market Snapshot
2.5 Segment Snapshot
2.6 Competitive Landscape Snapshot
CHAPTER 3 MARKET VARIABLES, TRENDS & SCOPE
3.1 Market Lineage Outlook
3.1.1 North America Solar PV Market Outlook
3.2 Penetration and Growth Prospects Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.5.1 Policies and Plans by Major Countries
3.6 U.S. Residential Solar PV Market Dynamics
3.6.1 Market Driver Analysis
3.6.1.1 Decrease in solar PV cost coupled with availability of easy solar financing
3.6.1.2 Favorable policies and regulations
3.6.2 Market Restraint Analysis
3.6.2.1 Presence of substitute clean power generation technologies
3.6.3 Market Opportunity Analysis
3.6.4 Market Challenges
3.6.4.1 Variable Output As Per Geographical Condition Coupled With Rise In Intermitancy In The Grid
3.7 U.S. Residential Solar PV Industry Analysis - Porter’s
3.8 U.S. Residential Solar PV Industry Analysis - PESTEL
3.9 Impact of COVID-19 on the U.S. Residential Solar PV Market
3.9.1 Challenges
3.9.1.1 Disruption in supply chain
3.9.1.2 Reduction in demand in some states
3.9.2 Steps Taken
3.9.3 Impact Analysis - Medium
CHAPTER 4 U.S. RESIDENTIAL SOLAR PV MARKET: CONSTRUCTION TYPE ESTIMATES & TREND ANALYSIS
4.1 Construction Type Movement Analysis & Market Share, 2021 & 2030
4.2 Market Size & Forecasts and Trend Analysis, 2019 to 2030 for the following Construction Type:
4.2.1 Retrofit
4.2.1.1 U.S. Residential Solar PV Market Size & Forecasts, 2021 to 2030 by retrofit
4.2.2 New Construction
4.2.2.1 U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030 by New Construction
CHAPTER 5 U.S. RESIDENTIAL SOLAR PV MARKET: STATE ESTIMATES & TREND ANALYSIS
5.1 State Movement Analysis & Market Share, 2021 & 2030
5.2 Market Size & Forecasts and Trend Analysis, 2019 to 2030 for the Following:
5.2.1 California
5.2.1.1 California Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.2 New York
5.2.2.1 New York Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.3 Arizona
5.2.3.1 Arizona Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.4 New Jersey
5.2.4.1 New Jersey Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.5 Massachusetts
5.2.5.1 Massachusetts Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.6 Texas
5.2.6.1 Texas Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.7 Rest of the U.S.
5.2.7.1 Rest of the U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
CHAPTER 6 COMPETITIVE ANALYSIS
6.1 Key Global Players, Recent Market Developments & Their Impact on the Industry
6.2 U.S. Vendor Landscape
6.2.1 List of Major Solar Installers
6.2.2 List of Major Home Builders
6.2.3 List of Major Battery Manufacturers
6.3 Key Company Market Ranking Analysis in U.S., 2021
6.3.1 Key Battery Players
CHAPTER 7 COMPANY PROFILES
7.1 Tesla
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Product Benchmarking
7.1.4 Strategic Initiatives
7.2 SunPower Corporation
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Product Benchmarking
7.2.4 Strategic Initiatives
7.3 Sunrun
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Product Benchmarking
7.3.4 Strategic Initiatives
7.4 Trinity Solar, Inc.
7.4.1 Company Overview
7.4.2 Product Benchmarking
7.5 Sungevity
7.5.1 Company Overview
7.5.2 Product Benchmarking
7.5.3 Strategic Initiatives
7.6 Momentum Solar
7.6.1 Company Overview
7.6.2 Product Benchmarking
7.6.3 Strategic Initiatives
7.7 SPI Energy Co. Ltd.
7.7.1 Company Overview
7.7.2 Product Benchmarking
7.7.3 Financial Performance
7.7.4 Strategic Initiatives
7.8 ACE Solar
7.8.1 Company Overview
7.8.2 Product Benchmarking
7.8.3 Strategic Initiatives
7.9 Sunlux
7.9.1 Company Overview
7.9.2 Product Benchmarking
7.10 Titan Solar Power
7.10.1 Company Overview
7.10.2 Product Benchmarking
7.10.3 Strategic initiatives
1.1 Market Segmentation & Scope
1.1.1 Research Methodology and Assumptions
1.1.1.1 Bottom-Up Approach
1.1.1.2 Top-Down Approach
1.1.1.3 Cross-Validation
1.1.1.4 Market Forecasts
1.2 Market Definition
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources
1.3.4 Third-Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Market Outlook
2.2 Segmental Outlook
2.3 Competitive Insights
2.4 Market Snapshot
2.5 Segment Snapshot
2.6 Competitive Landscape Snapshot
CHAPTER 3 MARKET VARIABLES, TRENDS & SCOPE
3.1 Market Lineage Outlook
3.1.1 North America Solar PV Market Outlook
3.2 Penetration and Growth Prospects Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.5.1 Policies and Plans by Major Countries
3.6 U.S. Residential Solar PV Market Dynamics
3.6.1 Market Driver Analysis
3.6.1.1 Decrease in solar PV cost coupled with availability of easy solar financing
3.6.1.2 Favorable policies and regulations
3.6.2 Market Restraint Analysis
3.6.2.1 Presence of substitute clean power generation technologies
3.6.3 Market Opportunity Analysis
3.6.4 Market Challenges
3.6.4.1 Variable Output As Per Geographical Condition Coupled With Rise In Intermitancy In The Grid
3.7 U.S. Residential Solar PV Industry Analysis - Porter’s
3.8 U.S. Residential Solar PV Industry Analysis - PESTEL
3.9 Impact of COVID-19 on the U.S. Residential Solar PV Market
3.9.1 Challenges
3.9.1.1 Disruption in supply chain
3.9.1.2 Reduction in demand in some states
3.9.2 Steps Taken
3.9.3 Impact Analysis - Medium
CHAPTER 4 U.S. RESIDENTIAL SOLAR PV MARKET: CONSTRUCTION TYPE ESTIMATES & TREND ANALYSIS
4.1 Construction Type Movement Analysis & Market Share, 2021 & 2030
4.2 Market Size & Forecasts and Trend Analysis, 2019 to 2030 for the following Construction Type:
4.2.1 Retrofit
4.2.1.1 U.S. Residential Solar PV Market Size & Forecasts, 2021 to 2030 by retrofit
4.2.2 New Construction
4.2.2.1 U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030 by New Construction
CHAPTER 5 U.S. RESIDENTIAL SOLAR PV MARKET: STATE ESTIMATES & TREND ANALYSIS
5.1 State Movement Analysis & Market Share, 2021 & 2030
5.2 Market Size & Forecasts and Trend Analysis, 2019 to 2030 for the Following:
5.2.1 California
5.2.1.1 California Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.2 New York
5.2.2.1 New York Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.3 Arizona
5.2.3.1 Arizona Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.4 New Jersey
5.2.4.1 New Jersey Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.5 Massachusetts
5.2.5.1 Massachusetts Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.6 Texas
5.2.6.1 Texas Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
5.2.7 Rest of the U.S.
5.2.7.1 Rest of the U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030 by Construction type (MW) (USD Million)
CHAPTER 6 COMPETITIVE ANALYSIS
6.1 Key Global Players, Recent Market Developments & Their Impact on the Industry
6.2 U.S. Vendor Landscape
6.2.1 List of Major Solar Installers
6.2.2 List of Major Home Builders
6.2.3 List of Major Battery Manufacturers
6.3 Key Company Market Ranking Analysis in U.S., 2021
6.3.1 Key Battery Players
CHAPTER 7 COMPANY PROFILES
7.1 Tesla
7.1.1 Company Overview
7.1.2 Financial Performance
7.1.3 Product Benchmarking
7.1.4 Strategic Initiatives
7.2 SunPower Corporation
7.2.1 Company Overview
7.2.2 Financial Performance
7.2.3 Product Benchmarking
7.2.4 Strategic Initiatives
7.3 Sunrun
7.3.1 Company Overview
7.3.2 Financial Performance
7.3.3 Product Benchmarking
7.3.4 Strategic Initiatives
7.4 Trinity Solar, Inc.
7.4.1 Company Overview
7.4.2 Product Benchmarking
7.5 Sungevity
7.5.1 Company Overview
7.5.2 Product Benchmarking
7.5.3 Strategic Initiatives
7.6 Momentum Solar
7.6.1 Company Overview
7.6.2 Product Benchmarking
7.6.3 Strategic Initiatives
7.7 SPI Energy Co. Ltd.
7.7.1 Company Overview
7.7.2 Product Benchmarking
7.7.3 Financial Performance
7.7.4 Strategic Initiatives
7.8 ACE Solar
7.8.1 Company Overview
7.8.2 Product Benchmarking
7.8.3 Strategic Initiatives
7.9 Sunlux
7.9.1 Company Overview
7.9.2 Product Benchmarking
7.10 Titan Solar Power
7.10.1 Company Overview
7.10.2 Product Benchmarking
7.10.3 Strategic initiatives
LIST OF TABLES
Table 1 U.S. Residential Solar PV Market Size & Forecasts by retrofit construction type, 2019 to 2030
Table 2 U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030, by New Construction
Table 3 California residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 4 California residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 5 New York residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 6 New York residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 7 Arizona residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 8 Arizona residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 9 New Jersey residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 10 New Jersey residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 11 Massachusetts residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 12 Massachusetts residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 13 Texas residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 14 Texas residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 15 Rest of the U.S. residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 16 Rest of the U.S. residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 1 U.S. Residential Solar PV Market Size & Forecasts by retrofit construction type, 2019 to 2030
Table 2 U.S. Residential Solar PV Market Size & Forecasts, 2019 to 2030, by New Construction
Table 3 California residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 4 California residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 5 New York residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 6 New York residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 7 Arizona residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 8 Arizona residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 9 New Jersey residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 10 New Jersey residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 11 Massachusetts residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 12 Massachusetts residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 13 Texas residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 14 Texas residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
Table 15 Rest of the U.S. residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (MW)
Table 16 Rest of the U.S. residential solar PV market estimates & forecast, by construction type, 2019 to 2030 (USD Million)
LIST OF FIGURES
Fig. 1 U.S. Residential Solar PV Market Segmentation
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Primary research process
Fig. 5 Primary research approaches
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot
Fig. 8 Competitive Landscape Snapshot
Fig. 9 North America Solar PV Installed Base (2017 - 2021) (MW)
Fig. 10 U.S. residential solar PV market - Penetration & Growth Mapping
Fig. 11 U.S. Residential Solar PV Market - Industry value chain analysis
Fig. 12 Residential Solar PV System
Fig. 13 Market driver impact analysis
Fig. 14 U.S. wind and solar power installed capacity, 2017 - 2021 (GW)
Fig. 15 U.S solar PV installation costs, 2017 - 2021 (USD/kW)
Fig. 16 Market restraint impact analysis
Fig. 17 U.S. Residential Solar PV Market Analysis - Porter’s
Fig. 18 U.S. Residential Solar PV Market Analysis - PESTEL analysis
Fig. 19 U.S. Residential Solar PV Market: Construction Type Movement Analysis, 2021 & 2030
Fig. 20 U.S. Residential Solar PV Market: State Movement Analysis, 2021 & 2030
Fig. 21 Key Battery Players Ranking Analysis
Fig. 1 U.S. Residential Solar PV Market Segmentation
Fig. 2 Information procurement
Fig. 3 Primary research pattern
Fig. 4 Primary research process
Fig. 5 Primary research approaches
Fig. 6 Market Snapshot
Fig. 7 Segment Snapshot
Fig. 8 Competitive Landscape Snapshot
Fig. 9 North America Solar PV Installed Base (2017 - 2021) (MW)
Fig. 10 U.S. residential solar PV market - Penetration & Growth Mapping
Fig. 11 U.S. Residential Solar PV Market - Industry value chain analysis
Fig. 12 Residential Solar PV System
Fig. 13 Market driver impact analysis
Fig. 14 U.S. wind and solar power installed capacity, 2017 - 2021 (GW)
Fig. 15 U.S solar PV installation costs, 2017 - 2021 (USD/kW)
Fig. 16 Market restraint impact analysis
Fig. 17 U.S. Residential Solar PV Market Analysis - Porter’s
Fig. 18 U.S. Residential Solar PV Market Analysis - PESTEL analysis
Fig. 19 U.S. Residential Solar PV Market: Construction Type Movement Analysis, 2021 & 2030
Fig. 20 U.S. Residential Solar PV Market: State Movement Analysis, 2021 & 2030
Fig. 21 Key Battery Players Ranking Analysis
