U.S. Solar PV Market is expected to grow at a CAGR of 15.5% from 2015 to 2022

U.S. solar PV market is expected to reach to reach 60 GW by 2022. Rising demand for PV panels in residential and commercial segments is projected to drive industry growth. Also, favorable regulatory framework coupled with incentives is anticipated to augment further the growth. Furthermore, the decline in module prices owing to federal subsidies and rise in the number of module installation is expected to drive growth over the forecast period. Falling raw material prices along with improved manufacturing processes for manufacturing solar cells is expected to bolster market growth.
Utility accounted for over 50% of the P.V. market installation in 2014. Also, the non-residential segment is also projected to witness substantial growth at a CAGR of over 14% during the forecast period. This increase can be attributed to federal subsidies and state incentives. Furthermore, rising awareness among people regarding environmental protection is projected to boost Solar PV industry over the forecast period.
The residential sector witnessed significant growth over the past few years owing to rising consumer awareness and subsidized module cost. Furthermore, the low maintenance cost of solar panel in comparison to other power generating units is expected to drive demand in a residential application. Moreover, Investment Tax Credit is further projected to augment growth till 2016.

View summary of this report @ http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market

Further key findings from the report suggest:

·         California had the largest installed capacity of 7,815 MW in 2014 owing to the exposure to superior solar irradiance and rising number of installation in utility and residential sectors. In addition, tax subsidies provided by the state are expected to result further in high demand for Solar PV installations over the next few years. Furthermore, with the large-scale installation of Solar PV in California, there is a steep decline in equipment cost which is projected to spur growth in the region. 

·         North Carolina is expected to witness high growth over the forecast period owing to rise in some residential installations. Moreover, high power price in North Carolina as compared to other states such as Kentucky, Washington, and Louisiana is further expected to bolster growth in the region. 

·         Some of the major market players in the industry are Auxin Solar, Itek Energy, Green Brilliance, First Solar, Lumos, SunPower, Advance Power, BORG Inc., Pionis Energy, Solar Cynergy, Solar World, Suniva, 1Soltech, Alps Technology and Zebra Energy. 

·         First Solar implements cadmium telluride thin film technology which offers increased yield and high-performance efficiency as compared to monocrystalline and polycrystalline modules. Furthermore, the production costs of Cadmium Telluride are lower than other modules, making it favorable among solar PV installers.

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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

U.S. Solar PV Market Analysis, Growth, Trends To 2022: Grand View Research, Inc.

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 report @ http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market

U.S. Solar PV Installed capacity, by application, 2012 – 2022 (MW)

 

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.

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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