United States Residential Solar Market was valued at USD 17 Billion in 2022 and is projected to reach USD 67 Billion by 2030, growing at a CAGR of 20% from 2024 to 2030.
The US Residential Solar Market has experienced significant growth over the past decade, driven by increasing consumer demand for sustainable energy sources. As more homeowners embrace renewable energy, the demand for solar panel installations and related services has skyrocketed, leading to a rapidly expanding market that is expected to continue growing in the coming years. This shift toward residential solar energy is not only powered by environmental consciousness but also by the increasing affordability of solar technologies, federal and state incentives, and long-term financial savings for homeowners.
The US Residential Solar Market has a variety of types, ranging from rooftop solar panels to solar-powered appliances. The most common form is the installation of photovoltaic (PV) solar panels on residential rooftops. These panels convert sunlight into electricity, reducing reliance on traditional grid energy sources. Another growing segment within the residential solar market is the solar battery storage industry. With energy storage systems like the Tesla Powerwall, homeowners can store excess solar energy for use during cloudy days or at night, providing greater energy independence.
Industries involved in the US Residential Solar Market include manufacturers, installers, and service providers. Solar panel manufacturers produce the panels that are distributed to various retailers and contractors for installation. The installation market is perhaps the most critical segment, as skilled professionals are needed to ensure the efficient and safe setup of solar systems. Additionally, service providers who offer maintenance, monitoring, and battery storage solutions are becoming increasingly important as homeowners look for ways to maximize the efficiency and lifespan of their solar systems.
The growing demand for residential solar solutions places additional pressure on industries to innovate, improve efficiency, and lower costs. As more solar installations occur, there is a push for greater integration with smart home technology, allowing homeowners to control and monitor their solar energy use via smartphones or smart home systems. The future of the US Residential Solar Market will likely see even more automation, streamlined installation processes, and advancements in energy storage technology, all designed to make solar energy more accessible, efficient, and reliable for homeowners across the country.
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NRG Energy
SolarCity
Sungevity
Sunrun
Verengo
Vivint Solar
First Solar
Borg Energy
Jinko Solar
ReneSola
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 US Residential Solar Market
Photovoltaic (PV) Systems
Concentrated Solar Power (CSP)
Thin-Film Solar Cells
Organic Photovoltaic Cells
Residential
Commercial
Industrial
Government
Rooftop Solar Systems
Ground-Mounted Solar Systems
Building-Integrated Photovoltaics (BIPV)
Solar Panels
Inverters
Solar Batteries
Mounting Systems
Charge Controllers
Energy Supply
Electricity Storage
Remote Area Electrification
US (United States, US 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 US Residential Solar 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. US Residential Solar Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Residential Solar Market, By Type
6. US Residential Solar Market, By Application
7. US Residential Solar Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Residential Solar Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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