US Solar Energy Market Analysis, Growth & Forecast [2031]

Segments - US Solar Energy Market by Types (Concentrated Solar Power and Solar Photovoltaic) and Country - Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

Author : Raksha Sharma

Fact-checked by : Vineet Pandey

Editor : Swapnil Hedau

Report Description

US Solar Energy Market Outlook

The US Solar Energy Market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031 expanding at a CAGR of 16.48% during 2023 – 2031. The growth of the market is attributed to the increasing number of solar photovoltaic projects under construction, in pipeline, and in planning stages in the country.

Solar energy is one of the most accessible and environment preferable renewable energy sources on the planet. Solar energy is the radiant energy released by the sun that can be stored using photovoltaic cells, solar heating, and other technologies. It is a cost-effective and practical renewable energy solution for rising global warming, greenhouse gas emissions, and unconventional energy.

The United States, along with China, Germany, and Spain, possesses the world's largest solar storage resources. Solar energy is not always produced at the time of need, therefore it is important to store the solar energy in a reliable form. Solar energy storage is generally divided into three categories namely thermal storage, mechanical storage, and battery storage.

Thermal storage uses mediums, such as molten salt or water to absorb and retain heat from the sun. This medium is kept in an insulated tank till the requirement of energy. Mechanical storage transforms additional electrical power into mechanical power, which is converted back into electricity whenever needed. Electricity generated by steam-driven turbines or solar cells can be stored using batteries when the sun shines. Energy is stored in the form of electrochemical potential or super capacitors in batteries. When needed, the solar energy can be released.

The COVID-19 pandemic outbreak had negatively impacted the US solar energy market. During the pandemic, the lockdown imposed by government body had resulted in temporary shutdown of manufacturing plant of solar projects. As a result, the global supply chain of raw materials across the country had been completely disrupted. Additionally, the pandemic had adversely delayed the solar power investments in solar projects due to the decline in funds and sluggish demand for solar energy storage devices from consumer. The market is expected to recover soon with an uptrend operation as due to subsiding COVID cases.

US Solar Energy Market Trends, Drivers, Restraints, and Opportunities

Increasing awareness among people about environmental pollution and global warming across the globe is one of the key factors driving the market.
Rising favorable initiatives by government on manufacturing and installation of solar devices is projected to boost the market during the forecast period.
Geographical latitude and overall climatic conditions especially snowfall acts as a major challenge that can restrict the market growth in the coming years.
Constraints in land use for solar project as it cannot build on agricultural and forest land area is expected to hamper the market growth during the projected timeline.
Surging demand of electricity, increasing rooftop installations, and rising applications in architectural sector are anticipated to create significant growth opportunities for the market.

Scope of US Solar Energy Market Report

The report on the US solar energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Solar Energy Market - US Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Types (Concentrated Solar Power and Solar Photovoltaic)
Country	The US
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	First Solar, Inc.; Swinerton Renewable Energy; M. A. Mortenson Co.; 8minutenergy Renewables LLC; and NextEra Energy, Inc.

Market Segment Insights

Photovoltaic segment to grow at high CAGR

In terms of types, the US solar energy market is bifurcated into concentrated solar power and solar photovoltaic. The photovoltaic segment is estimated to grow at high CAGR during the forecast period owing to the significant rise in the demand of solar photovoltaic, government initiatives, and huge R&D investment in the sector.

Moreover, decreasing cost of photovoltaic technologies, increasing energy fuel yielding, and improved panel efficiency are key factors driving the segment further. On the other hand, the concentrated solar power segment is anticipated to register significant growth during the projected period attributed to the growing number of application in various end-user industries such as food processing, water desalination, and oil recovery.

Segments

The US solar energy market has been segmented on the basis of

Types

Concentrated Solar Power
Solar Photovoltaic

Country

The US

Key Players

First Solar, Inc.
Swinerton Renewable Energy
M. A. Mortenson Co.
8minutenergy Renewables LLC
NextEra Energy, Inc.

Competitive Landscape

Key players competing in the US solar energy market are First Solar, Inc.; Swinerton Renewable Energy; M. A. Mortenson Co.; 8minutenergy Renewables LLC; and NextEra Energy, Inc. Companies are focusing on investment in new property builders to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquire new buyers.

For instance, In April 2020, BayWa, a Munich-based company with core segments of energy, agriculture, and construction materials. The company obtained a construction term financing and tax equity investment for the solar project, 134 MW Fern, comprising 42 inverters and 353,276 solar panels in Edgecombe County located in North Carolina. The project construction is underway until now. The project is expected to provide solar power to the Corporate Renewable Energy Aggregation Group, comprising of Workday; Bloomberg; Gap Inc.; Salesforce; and Cox Enterprises.

US Solar Energy Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solar Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solar Energy Market - Supply Chain
  4.5. Global Solar Energy Market Forecast
     4.5.1. Solar Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solar Energy Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Solar Energy Market Absolute $ Opportunity
5. Global Solar Energy Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Solar Energy Market Size and Volume Forecast by Types
     5.3.1. Concentrated Solar Power
     5.3.2. Solar Photovoltaic
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Solar Energy Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Solar Energy Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Solar Energy Demand Share Forecast, 2019-2026
7. North America Solar Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Solar Energy Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Solar Energy Market Size and Volume Forecast by Types
     7.4.1. Concentrated Solar Power
     7.4.2. Solar Photovoltaic
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Solar Energy Demand Share Forecast, 2019-2026
8. Latin America Solar Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Solar Energy Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Solar Energy Market Size and Volume Forecast by Types
     8.4.1. Concentrated Solar Power
     8.4.2. Solar Photovoltaic
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Solar Energy Demand Share Forecast, 2019-2026
9. Europe Solar Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Solar Energy Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Solar Energy Market Size and Volume Forecast by Types
     9.4.1. Concentrated Solar Power
     9.4.2. Solar Photovoltaic
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Solar Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Solar Energy Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Solar Energy Market Size and Volume Forecast by Types
     10.4.1. Concentrated Solar Power
     10.4.2. Solar Photovoltaic
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Solar Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Solar Energy Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Solar Energy Market Size and Volume Forecast by Types
     11.4.1. Concentrated Solar Power
     11.4.2. Solar Photovoltaic
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Solar Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Solar Energy Market: Market Share Analysis
  12.2. Solar Energy Distributors and Customers
  12.3. Solar Energy Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. First Solar, Inc.
     12.4.2. Swinerton Renewable Energy
     12.4.3. M. A. Mortenson Co.
     12.4.4. 8minutenergy Renewables LLC
     12.4.5. NextEra Energy, Inc.