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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
United States Solar Energy Market Size
The United States solar energy market was nearly 172.41 GW in 2023. The market is estimated to grow at a CAGR of 12.9% during 2024-2032, to reach around 534.96 GW by 2032.
Key Trends in the Market
Solar technologies transform sunlight into electrical energy, which can be used to produce electricity or be stored in thermal storage or batteries. This transformation of energy can take place either through photovoltaic (PV) panels or through mirrors that direct solar radiation. One of the crucial advantages of solar energy is that it reduces fossil fuel use without emitting greenhouse gases and eliminates the reliance on an external source for power supply.
- The United States boasts one of the richest solar energy resources in the world, and the sector plays an important role in creating jobs, promoting a healthy environment, and benefitting economic development. The United States solar energy market demand is being fuelled by the growing demand for cost-effective and renewable energy in the country.
Technological advancements and innovations are also likely to reduce the costs of equipment and parts essential for producing, operating, and maintaining solar energy in the coming years. For instance, the cost of solar power is expected to decline by 15%-25% by 2030.
- The United States solar energy market growth is being aided by the introduction of government initiatives to support the adoption of solar energy and lower its production cost. For instance, in July 2023, the US Department of Energy (DOE) announced an investment of USD 45 million to surge the manufacturing of solar components, stimulate the development of dual-use solar technologies, and create a resilient and sustainable energy landscape.
- Advancements in solar technologies such as the development of transparent solar panels for integration with building materials and the use of nanomaterials to enhance solar cell efficiency are favouring the United States solar energy market expansion. Moreover, the deployment of innovative technologies like artificial intelligence (AI) is anticipated to enhance the performance of solar energy systems in the forecast period by facilitating supply optimisation, predictive maintenance, and automated maintenance and monitoring.
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 2023, the market reached an approximate volume of 172.41 GW.
The market is estimated to grow at a CAGR of 12.9% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of around 534.96 GW by 2032.
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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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124