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U.S. Solar PV Market Size, Share & Trends Analysis Report By Application (Residential, Non-residential, Utility), By States (CA, AZ, NJ, NC, NV, MA, HI, CO, NY, TX, FL, GA, UT, VA, SC, MD, NM, OR, IN, MN, PA), And Segment Forecasts, 2022 - 2030

November 2022 | 110 pages | ID: U721E96CE698EN
Grand View Research, Inc.

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U.S. Solar PV Market Growth & Trends

The U.S. solar PV market size is anticipated to reach USD 96.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.9% from 2022 to 2030. Reducing prices of solar PV systems has accelerated the adoption of US solar photovoltaic (PV). An increase in government incentives and other financing options is expected to boost the industry’s growth.

The U.S. government has planned to reduce the country’s dependence on conventional energy sources and increase the use of renewable energy sources such as solar, wind, and hydrogen. The government has been constructing utility-scale projects for large-scale power generation.

In terms of revenue, the utility segment accounted for 66.74% of the market for solar power in 2021. The utility sector generates large-scale electricity to power entire communities. There have been high amounts of investment from the US government to invest more in utility-scale solar PV projects and phase out coal and gas power generation. Many companies have also started to invest in utility-scale solar to capitalize on the growing market. For instance, In April 2022, Primenergy announced the construction of the largest solar PV plant in the U.S. The project will be located in Nevada and will generate 690MW of electricity. The plant is expected to be operational by 2023.

Texas was the largest market for U.S. solar PV in terms of revenue in 2021 with 24.93% of the revenue share. The increasing demand for Solar PV in the country can be attributed to the decreasing prices of solar PV that are making them more viable. States with high irradiance such as California, Arizona, and Texas are expected to grow at a higher pace owing to the lower return of investment time frame. States such as New York, New Jersey, and Massachusetts are expected to witness growth in the residential segment owing to the higher concentration of people in these states and relatively lower land available for utility projects.

The industry players are focusing on innovation and technological advancements to reduce the cost of solar PV and to make it competitive with traditional power sources such as natural gas and coal. In addition, the market participants are emphasizing practicing several strategic initiatives such as joint ventures, partnerships, mergers & acquisitions, and others to gain a greater foothold in the forthcoming years.

U.S. Solar PV Market Report Highlights
  • In 2021, utility emerged as the largest segment with a revenue share of 66.74%, owing to the utility segment being the most cost-effective and higher investments from the government and private companies
  • Texas held a dominant market position with a 24.93% revenue share in 2021 due to a higher irradiance factor of the state and the increasing demand for sustainable energy is expected to boost the growth during the forecast period
  • New Mexico is estimated to grow at a significant CAGR over the forecast period owing to the lower penetration of renewable energy in the state boosting market demand and the high amount of sunlight in the state
CHAPTER 1 METHODOLOGY & SCOPE

1.1 Market Segmentation
1.2 Market Scope
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
1.7 List of Abbreviations

CHAPTER 2 EXECUTIVE SUMMARY

2.1 Market Summary

CHAPTER 3 U.S. SOLAR PV MARKET: VARIABLES, TRENDS & SCOPE

3.1 Market Lieneage Outlook
  3.1.1 Global Solar PV Market Outlook
3.2 Penetration and Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.4 Technology Overview
3.5 Regulatory Framework
3.6 Market Dynamics
  3.6.1 Market driver analysis
    3.6.1.1 Declining equipment costs
    3.6.1.2 Technological advancements and innovation
    3.6.1.3 Favorable regulations and policies
  3.6.2 Market Restraint analysis
    3.6.2.1 Alternate energy sources
    3.6.2.2 Higher per MW installation cost
  3.6.3 Opportunity Assessment
3.7 Business Environment Analysis: U.S. Solar PV Market
  3.7.1 Porter’s Five Forces Analysis
  3.7.2 PESTEL Analysis
3.8 COVID-19 Impact on the Renewable Energy Market
  3.8.1 Impact Verdict - Medium
3.9 Eastern European Geopolitical Implications Overview

CHAPTER 4 U.S. SOLAR PV MARKET: BY APPLICATION ESTIMATES & TREND ANALYSIS

4.1 Renewable Energy market: By Product movement analysis
4.2 Residential
  4.2.1 U.S. Solar PV market estimates and forecasts, by Residential, 2019 - 2030 Revenue (USD Million) Volume (MW)
4.3 Non Residential
  4.3.1 U.S. Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 Revenue (USD Million) Volume (MW)
4.4 Utility
  4.4.1 U.S. Solar PV market estimates and forecasts, by Utility, 2019 - 2030 Revenue (USD Million) Volume (MW)

CHAPTER 5 U.S. SOLAR PV MARKET: STATE ESTIMATES & TREND ANALYSIS

5.1 U.S. Solar PV Market: State Movement Analysis, 2021 & 2030
5.2 U.S.
  5.2.1 U.S. Solar PV market estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.2.2 U.S. Solar PV market estimates and forecasts, By Application, 2019 - 2030 (Capacity, TWh) (Revenue, USD Billion)
5.3 California
  5.3.1 California Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.3.2 California Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.4 Arizona
  5.4.1 Arizona Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.4.2 Arizona Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.5 New Jersey
  5.5.1 New Jersey Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.5.2 New Jersey Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.6 North Carolina
  5.6.1 North Carolina Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.6.2 North Carolina Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) Revenue, USD Billion)
5.7 Nevada
  5.7.1 Nevada Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.7.2 Nevada Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.8 Massachusetts
  5.8.1 Massacheutts Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.8.2 Massacheutts Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.9 Hawaii
  5.9.1 Hawaii Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.9.2 Hawaii Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.10 Colorado
  5.10.1 Colorado Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.10.2 Colorado Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.11 New York
  5.11.1 New York Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.11.2 New York Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.12 Texas
  5.12.1 Texas Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.12.2 Texas Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.13 Florida
  5.13.1 Florida Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.13.2 Florida Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.14 Georgia
  5.14.1 Georgia Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.14.2 Georgia Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.15 Utah
  5.15.1 Utah Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.15.2 Utah Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.16 Virginia
  5.16.1 Virginia Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.16.2 Virginia Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.17 South Carolina
  5.17.1 South Carolina Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.17.2 South Carolina Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.18 Maryland
  5.18.1 Maryland Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.18.2 Maryland Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.19 New Mexico
  5.19.1 New Mexico Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.19.2 New Mexico Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.20 Oregon
  5.21.1 Oregon Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.21.2 Oregon Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.22 Indiana
  5.22.1 Indiana Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.22.2 Indiana Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.23 Minnesota
  5.23.1 Minnesota Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.23.2 Minnesota Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
5.24 Pennsylvania
  5.24.1 Pennsylvania Solar PV estimates and forecasts, 2019 - 2030 (Volume, MW) (Revenue, USD Billion)
  5.24.2 Pennsylvania Solar PV estimates and forecasts, By Application 2019 - 2030 (Volume, MW) (Revenue, USD Billion)

CHAPTER 6 COMPETITIVE LANDSCAPE

6.1 Key U.S. Players, Recent Market Developments, and Their Impact on the Industry
6.2 U.S. Vendor Landscape
6.3 Key Company Market Ranking Analysis In U.S., 2021

CHAPTER 7 COMPANY PROFILES

7.1 First Solar
  7.1.1 Company overview
  7.1.2 Financial Performance
  7.1.3 Product Benchmarking
  7.1.4 Strategic Initiatives
7.2 SunPower
  7.2.1 Company overview
  7.2.2 Financial Performance
  7.2.3 Product Benchmarking
7.3 Suniva
  7.3.1 Company overview
  7.3.2 Financial Performance
  7.3.3 Product Benchmarking
  7.3.4 Strategic Initiatives
7.4 1Soltech
  7.4.1 Company overview
  7.4.2 Financial Performance
  7.4.3 Product Benchmarking
7.5 Sharp
  7.5.1 Company overview
  7.5.2 Financial Performance
  7.5.3 Product Benchmarking
7.6 Alps Technology
  7.6.1 Company overview
  7.6.2 Financial Performance
  7.6.3 Product Benchmarking
7.7 Advance Power
  7.7.1 Company overview
  7.7.2 Product Benchmarking
  7.7.3 Strategic Initiatives
7.8 Auxin Solar
  7.8.1 Company overview
  7.8.2 Financial Performance
  7.8.3 Product Benchmarking
7.9 BORG Inc.
  7.9.1 Company Overview
  7.9.2 Financial Performance
  7.9.3 Product Benchmarking
  7.9.4 Strategic Initiatives
7.10 Pionis Energy
  7.10.1 Company Overview
  7.10.2 Financial Performance
  7.10.3 Product Benchmarking
7.11 Solar Cynergy
  7.11.1 Company Overview
  7.11.2 Financial Performance
  7.11.3 Product Benchmarking
7.12 Solar World
  7.12.1 Company Overview
  7.12.2 Financial Performance
  7.12.3 Product Benchmarking
7.13 Green Brilliance
  7.13.1 Company Overview
  7.13.2 Financial Performance
  7.13.3 Product Benchmarking
7.14 Lumos
  7.14.1 Company Overview
  7.14.2 Financial Performance
  7.14.3 Product Benchmarking
7.15 Itek Energy
  7.15.1 Company Overview
  7.15.2 Financial Performance
  7.15.3 Product Benchmarking
LIST OF TABLES

Table 1 List of Abbreviations
Table 2 U.S. Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 3 U.S. Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 4 U.S. Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 5 California Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 6 California Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 7 California Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 8 Arizona Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 9 Arizona Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 10 Arizona Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 12 New Jersey Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 13 New Jersey Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 14 New Jersey Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 15 North Carolina Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 16 North Carolina Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 17 North Carolina Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 18 Nevada Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 19 Nevada Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 20 Nevada Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 21 Massachusetts Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 22 Massachusetts Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 23 Massachusetts Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 24 Hawaii Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 25 Hawaii Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 26 Hawaii Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 27 Colorado Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 28 Colorado Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 29 Colorado Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 30 New York Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 31 New York Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 32 New York Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 33 Texas Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 34 Texas Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 35 Texas Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 36 Florida Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 37 Florida Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 38 Florida Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 39 Georgia Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 40 Georgia Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 41 Georgia Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 42 Utah Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 43 Utah Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 44 Utah Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 45 Virginia Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 46 Virginia Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 47 Virginia Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 48 South Carolina Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 49 South Carolina Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 50 South Carolina Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 51 Maryland Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 52 Maryland Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 53 Maryland Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 54 New Mexico Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 55 New Mexico Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 56 New Mexico Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 57 Oregon Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 58 Oregon Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 59 Oregon Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 60 Indiana Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 61 Indiana Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 62 Indiana Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 63 Minnesota Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 64 Minnesota Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 65 Minnesota Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
Table 66 Pennsylvania Solar PV market estimates and forecasts, by Residential, 2019 - 2030 (USD Million) (MW)
Table 67 Pennsylvania Solar PV market estimates and forecasts, by Non-Residential, 2019 - 2030 (USD Million) (MW)
Table 68 Pennsylvania Solar PV market estimates and forecasts, by Utility, 2019 - 2030 (USD Million) (MW)
LIST OF FIGURES

Fig. 1 U.S. 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 U.S. Solar PV Market - A market snapshot, 2021 (USD Million)
Fig. 7 U.S. Solar PV market: Penetration & growth prospect mapping
Fig. 8 Market driver impact analysis
Fig. 9 Market Restraint analysis
Fig. 10 U.S. solar PV Market - Application movement analysis, 2021 & 2030
Fig. 11 U.S. Solar PV Market - State movement analysis, 2021 & 2030
Fig. 12 Competitive Dashboard Analysis: U.S. Solar PV Market Companies


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