U.S. Solar PV market is expected to exceed 60.0
GW by 2022, according to a new study by Grand View Research, Inc. Favorable
regulatory framework coupled with federal subsidies and state incentives are
expected to be key drivers for solar PV market. In addition, declining
equipment cost on account of rapidly increasing installations and improved
manufacturing processes is likely to augment market growth.
Utility was the largest application segment,
accounting for over 50% of U.S. solar PV market installations in 2014. In
addition, non-residential segment is also expected to witness the strong growth
at an estimated CAGR of over 15% from 2015 to 2022. High growth can be
attributed to federal subsidies and state incentives. Furthermore, growing
awareness among consumers regarding environmental protection is expected to
boost solar PV market over the next few years.
View
summary of this repor @
http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
Further key findings from the study
suggest:
- Residential application of solar PV is expected to witness high growth till 2016 due to ITC (Investment Tax Credit). However, post expiry of ITC, market is expected to witness significant slump resulting in higher installations till 2016.
- California has the largest installed capacity for solar PV in 2014 owing to the states exposure to high solar irradiance. In addition, tax subsidies in the state are expected to result in high demand for solar PV installations over the next few years.
- North Carolina is expected to witness the fastest growth owing to increased residential installations in light of the relatively high power prices in the state as compared to other states such as Washington, Louisiana and Kentucky.
- Reduced solar PV module prices in light of increasing installations and technological advancement is expected to boost market demand in the U.S. Furthermore, raw material prices have witness a sharp decline which is expected to promote production of solar PV modules in turn driving the solar PV market.
- Key solar PV module manufacturers include First Solar, SunPower, Auxin Solar, Alps Technology and Solar Cynergy. The market has witnessed significant R&D activities with companies trying to gain competitive advantage using technological developments. First Solar used cadmium telluride thin film technology for PV module manufacturing since it provides highest efficiency and increased output.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/renewable-energy
For
the purpose of this study, 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, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry
James
Corporate
Sales Specialist, U.S.A.
Grand
View Research, Inc.
United
States
Phone: 1-415-349-0058
Toll
Free: 1-888-202-9519
Email: sales@grandviewresearch.com
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