Us PV Module Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
PV Module Market was valued at USD 82 Billion in 2022 and is projected to reach USD 114 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The US PV Module Market is witnessing rapid growth as renewable energy sources, particularly solar power, continue to gain prominence. The shift toward clean, sustainable energy has driven the demand for photovoltaic (PV) modules in residential, commercial, and industrial sectors. In fact, the US solar market has grown by nearly 20% annually, with PV modules being the core component in harnessing solar energy. A significant factor contributing to this surge is the decline in the cost of solar panels, making solar energy more accessible to consumers and businesses alike.
Recent advancements in technology, such as more efficient PV modules and integration with energy storage systems, have also played a crucial role. For instance, bifacial solar panels, which can capture sunlight on both sides, have become increasingly popular in the US. Moreover, solar companies are investing heavily in research and development to produce high-efficiency PV modules that can generate more power in less space.
The growth of the US PV module market is also supported by strong policy incentives, such as the federal Investment Tax Credit (ITC), which allows homeowners and businesses to deduct a significant portion of the cost of installing solar systems. Many states are also implementing renewable energy mandates and providing rebates for solar installations, further incentivizing the adoption of PV technology.
As the US market grows, so too does the competition. Major international players like Canadian Solar, First Solar, and JinkoSolar are solidifying their positions in the US market. At the same time, smaller, innovative startups are emerging, focusing on producing cutting-edge solar technology and offering competitive pricing.
The rise of electric vehicles (EVs) and the increasing demand for grid storage are also accelerating the need for efficient solar solutions. With new storage technologies and smart grid integrations, PV modules are set to play an even larger role in the US energy landscape.
The growing demand for PV modules also parallels the expansion of the broader renewable energy sector, contributing to the US' goal of reducing its carbon footprint and achieving energy independence. With advancements in technology, supportive policies, and a shift toward sustainability, the future of the US PV Module Market looks brighter than ever.
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Jinko Solar
GCL-Poly Energy Holdings
Canadian Solar
First Solar
Renesola
Trina Solar
Leonics Company
AE Solar GmbH
Itek Energy
Wuxi Suntech Power
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global PV Module Market
Industrial Automation
Construction and Infrastructure
Automotive
Telecommunications
Consumer Electronics
Single-core Cables
Multi-core Cables
Flat Cables
Round Cables
Control Cables
Low Voltage (up to 1 kV)
Medium Voltage (1 kV to 36 kV)
High Voltage (above 36 kV)
PVC Insulated Cables
XLPE Insulated Cables
Rubber Insulated Cables
Low Smoke Zero Halogen (LSZH) Cables
Manufacturing
Energy and Power
Transportation
Aerospace
Healthcare
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global PV Module Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global PV Module Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global PV Module Market, By Type
6. Global PV Module Market, By Application
7. Global PV Module Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global PV Module Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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