Solar Power Market in the US to Record 9.11% Y-O-Y Growth Rate in 2022 | Favorable Government Regulations to Boost Growth |17000+ Technavio Reports

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NEW YORK, Feb. 16, 2022 /PRNewswire/ — The solar power market in the US is set to grow by 13.55 gigawatts from 2021 to 2026, progressing at a CAGR of 9.69% according to Technavio. The solar power market in the US is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. 8minutenergy Renewables LLC, Abengoa SA, Acciona SA, BrightSource Energy Inc., Canadian Solar Inc., First Solar Inc., M. A. Mortenson Co., Nextera Energy Inc., SOLV Energy, and SunPower Corp. are some of the major market participants. The solar power market in the US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Latest market research report titled Solar Power Market by Technology and Application - Forecast and Analysis 2022-2026 has been announced by Technavio which is proudly partnering with Fortune 500 companies for over 16 years

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Solar Power Market in US 2022-2026: Scope

 Our solar power market in US  report covers the following areas:

  • Solar Power Market in US size
  • Solar Power Market in US trends
  • Solar Power Market in US industry analysis

Solar Power Market in US 2022-2026: Drivers & challenges

The favorable government regulations is one of the key driver supporting the solar market growth in the US. In the US, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. According to the new legislation passed in December 2020, ITC provides 26% tax credit for solar PV systems to be installed during 2020-2022 and 22% for systems to be installed in 2023. Over there, the annual number of solar installations increased by over three times in the last five years (2015-2020). The continuation of the policy will encourage manufacturers to invest in R&D activities to develop cheaper and more reliable solar PV, which will propel the growth of the solar power market in the US during the forecast period.

However, the increasing number of alternative energy sources is hindering the solar market growth in the US. The cost of establishing renewable energy farms for power production is expensive, and the power output from renewable sources is not at par with the output from fossil fuels. Thus, the preference for non-renewable energy sources is high in the market. On the other hand, the reduced cost of natural gas favors increased power generation from natural gas, which is a challenge for solar power electricity generation. Shale gas exploration in the US is on the rise and has reached a record high. This has led to a continuous decline in oil and gas prices. Therefore, the decline in global oil and gas prices will increase power generation from natural gas, which will affect the demand for residential solar PV systems during the forecast period.

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Solar Power Market in US 2022-2026: Segmentation

  • Technology
    • Photovoltaic Systems
    • Concentrated Solar Power Systems
  • Application
    • Utility
    • Residential
    • Commercial

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Solar Power Market in US 2022-2026: Key Highlights

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist the solar power market in the US growth during the next five years
  • Estimation of the solar power market in the US size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar power market in us
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of the solar power market in us vendors

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Solar Power Market In US Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 9.69%

Market growth 2022-2026

13.55 GW

Market structure

Fragmented

YoY growth (%)

9.11

Regional analysis

US

Performing market contribution

US at 100%

Key consumer countries

US

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

8minutenergy Renewables LLC, Abengoa SA, Acciona SA, BrightSource Energy Inc., Canadian Solar Inc., First Solar Inc., M. A. Mortenson Co., Nextera Energy Inc., SOLV Energy, and SunPower Corp.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents :

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2021
  • Market outlook: Forecast for 2021 – 2026

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Application

  • Market segments
  • Comparison by Application
  • Utility – Market size and forecast 2021-2026
  • Residential – Market size and forecast 2021-2026
  • Commercial – Market size and forecast 2021-2026
  • Market opportunity by Application

Market Segmentation by Technology

  • Market segments
  • Comparison by Technology
  • Photovoltaic systems – Market size and forecast 2021-2026
  • Concentrated solar power systems – Market size and forecast 2021-2026
  • Market opportunity by Technology

Customer landscape

  • Customer landscape
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • 8minutenergy Renewables LLC
  • Abengoa SA
  • Acciona SA
  • BrightSource Energy Inc.
  • Canadian Solar Inc.
  • First Solar Inc.
  • M. A. Mortenson Co.
  • Nextera Energy Inc.
  • SOLV Energy
  • SunPower Corp.

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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