US Solar Energy Market Analysis, Growth & Forecast [2031]
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
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| Report ID :EP-3905
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| 202 Pages
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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.
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Attributes |
Details |
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Report Title |
Solar Energy Market - US Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Types (Concentrated Solar Power and Solar Photovoltaic) |
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Country |
The US |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
Frequently Asked Questions
The report covers the forecast period from 2023 to 2031, with historic data from 2016 to 2021 and a base year of 2022.
Opportunities include increasing rooftop solar installations, rising applications in the architectural sector, and growing demand for electricity.
Major companies include First Solar, Inc.; Swinerton Renewable Energy; M. A. Mortenson Co.; 8minutenergy Renewables LLC; and NextEra Energy, Inc.
The photovoltaic (PV) segment is expected to grow at the highest CAGR due to rising demand, government support, R&D investments, decreasing technology costs, and improved panel efficiency.
Major challenges include geographical and climatic constraints (such as snowfall), and land use restrictions, as solar projects cannot be built on agricultural or forest land.
The COVID-19 pandemic led to temporary shutdowns of manufacturing plants, disrupted the supply chain, delayed investments, and decreased demand for solar energy storage devices. The market is expected to recover as the pandemic subsides.
Solar energy is stored using three main methods: thermal storage (using mediums like molten salt or water), mechanical storage (converting electrical power into mechanical power), and battery storage (using electrochemical potential or super capacitors).
The US solar energy market is mainly segmented into concentrated solar power (CSP) and solar photovoltaic (PV) technologies, with the photovoltaic segment expected to grow at a higher CAGR.
Key drivers include increasing awareness about environmental pollution and global warming, favorable government initiatives for solar device manufacturing and installation, and surging demand for electricity and rooftop installations.
The US solar energy market was valued at USD XX Billion in 2022 and is expected to reach USD XX Billion by 2031, expanding at a CAGR of 16.48% from 2023 to 2031.
Table Of Content
1. Executive Summary2. 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 (000’ 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.
Methodology
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