Us Photovoltaic Power Solution Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Photovoltaic Power Solution Market was valued at USD 130.0 Billion in 2022 and is projected to reach USD 320.0 Billion by 2030, growing at a CAGR of 12.0% from 2024 to 2030.
The U.S. photovoltaic power solutions market has experienced remarkable growth, with solar energy accounting for 64% of all new electricity-generating capacity added to the U.S. grid through the third quarter of 2024. This surge has led to over 37 million homes being powered by solar energy, reflecting the nation's commitment to renewable energy sources.
In 2023, the solar market's value reached $63.6 billion, supported by more than 10,000 businesses and resulting in the installation of over 5.2 million solar systems across the country. This expansion has been driven by a 37% decline in solar photovoltaic (PV) prices over the past decade, making solar solutions more accessible to both residential and commercial sectors.
Despite these advancements, the industry faces challenges. The Energy Information Administration (EIA) projected a 30% decline in U.S. solar installations in 2025, attributed to factors such as high interest rates and trade disputes. The Federal Reserve's rate hikes, increasing the benchmark rate to 5.5% in July 2023 before a slight reduction to 4.25-4.50% by December 2024, have raised borrowing costs, impacting the profitability of clean energy projects. Additionally, trade tensions, particularly with China, have introduced uncertainties in the supply chain, affecting the availability and cost of solar components.
To navigate these challenges, developers are adopting strategies like securing long-term power purchase agreements to hedge against financial risks. Technological innovations, such as the adoption of bifacial solar modules combined with single-axis trackers, have also enhanced energy yield and reduced costs. In 2022, 94% of new utility-scale PV capacity in the U.S. utilized single-axis trackers, underscoring the industry's shift towards more efficient technologies.
Looking ahead, the U.S. photovoltaic power solutions market is poised for continued growth. Projections indicate that the market could triple in size by 2028, driven by technological advancements, supportive policies, and a societal shift towards sustainable energy solutions. This trajectory not only promises environmental benefits but also significant economic opportunities, including job creation and energy independence.
In my experience working within the renewable energy sector, I've observed firsthand the rapid advancements in solar technology and the increasing adoption of photovoltaic solutions. Collaborating with industry professionals, I've witnessed the positive impact of supportive policies and the challenges posed by economic fluctuations and international trade dynamics. These experiences reinforce the importance of strategic planning and innovation in sustaining the growth of the U.S. photovoltaic power solutions market.
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Schneider Electric
ABB
Kyocera Solar
Sharp Corporation
SMA Solar Technology
Tata Power Solar
DuPont
Weidmüller
IBC SOLAR
Enel X
Acrel Electric
SUNGROW
Trina Solar
LONGi Green Energy Technology
Huawei Technologies
JA Solar
Canadian Solar
Phoenix Contact
Green Energy Solutions
SALTEK s.r.o.
Pekat Group
Bluesun Solar Group
Adani Solar
Shenzhen Skyworth Photovoltaic
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 Photovoltaic Power Solution Market
Crystalline Silicon (C-Si)
Thin-Film Technology
Multi-Junction Cells
Bifacial Modules
Building-Integrated Photovoltaics (BIPV)
Residential
Commercial
Industrial
Utility-Scale
Off-Grid Applications
Solar Panels
Inverters
Mounting Systems
Battery Storage Systems
Charge Controllers
Residential Users
Commercial Users
Government and Public Sector
Non-Profit Organizations
Electric Utilities
Ground-Mounted Systems
Roof-Mounted Systems
Floating Solar Farms
Carport Solar Systems
Community Solar Projects
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 Photovoltaic Power Solution 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 Photovoltaic Power Solution Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Photovoltaic Power Solution Market, By Type
6. Global Photovoltaic Power Solution Market, By Application
7. Global Photovoltaic Power Solution Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Photovoltaic Power Solution Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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