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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
United States Solar Energy Market Share by Technology
Photovoltaic systems hold a significant portion of the United States solar energy market share. A photovoltaic system is comprised of one or more solar panels, along with an inverter and other electrical and mechanical hardware, that uses the sun’s energy to generate electricity. The installation/demand for photovoltaic systems is growing due to a rise in number of solar panel installations, technological advancements, and increased investments in green energy alternatives.
Meanwhile, the demand for concentrated solar power systems is likely to surge in the coming years due to their benefits such as minimal water consumption, low capital costs, and high efficiency.
United States Solar Energy Market Share by Application
As per the United States solar energy market analysis, the demand for solar energy systems in industrial applications is increasing due to their economical nature and increased awareness regarding renewable energy. Solar energy systems are being used by different industries, including agriculture, chemical, textile, cement, and steel, among others, to reduce carbon footprints and protect against volatile energy prices.
Moreover, the installation of solar energy systems in the residential sector is increasing as solar energy can reduce monthly utility bills, increase the value of homes, and reduce the generation of pollutants such as nitrogen oxides and sulphur oxides, among others. As per the U.S. Energy Information Administration, the installation of residential solar power rose by 34% from 2.9 gigawatts in 2020 to 3.9 gigawatts in 2021.
United States Solar Energy Market Report Snapshots
United States Solar Energy Market Size
United States Solar Energy Market Share
United States Solar Energy Companies
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2024, the market reached an approximate volume of 172.41 GW.
The market is estimated to grow at a CAGR of 12.9% between 2025 and 2034.
The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach a volume of around 534.96 GW by 2034.
The market is being driven by the introduction of government initiatives to decrease the use of fossil fuels and reducing costs of solar energy production.
The key trends aiding the market expansion include a rise in the adoption of solar panel installation due to its cost-effective and renewable nature, government initiatives to promote the installation of solar panels in the United States, and increasing solar energy adoption in the residential sector.
The different technologies considered in the market report are concentrated solar power systems and photovoltaic systems.
The various applications of solar energy are residential, commercial, and industrial.
The key players in the market JinkoSolar Holding Co., Ltd., Trina Solar Co. Ltd., Canadian Solar Inc., NextEra Energy Resources, LLC, Avantus LLC, M. A. Mortenson Company, SOLV Energy, First Solar, Inc., SunPower Corporation, Hanwha Group, and Rosendin Electric, Inc., among others.
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