Thursday, May 12 2022

NEW YORK, January 17, 2022 /PRNewswire/ — The US Residential Solar Power Market Value should grow by $5.99 billion, growing at a CAGR of 10% from 2020 to 2025, according to Technavio’s latest report.

The growth in residential solar power market share in the United States by the crystalline silicon segment will be significant during the forecast period. Crystalline silicon PV systems are the most widely used solar PV systems in the United States. The modules of this PV system are built using crystalline silicon (c-Si) solar cells, which are very stable, which is driving their demand. Also, the C-Si PV system is the most widely used PV system in the residential sector due to high efficiency ratings and cell reliability.

Key US Residential Solar Market Report Highlights:

  1. Market Growth 2020-2025: $5.99 billion
  2. Growth momentum and CAGR: Accelerate to 10% CAGR
  3. Annual growth (%): 9.68%
  4. Contribution of the successful market: the United States at 100%

Want more data and insights not included in this report? Contact our analysts and get this customizable report according to your needs. Talk to an analyst.

Main Suppliers and Strategies

Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd. and Trinity Heating & Air Inc. are some of the leading suppliers in the residential solar market in the United States. The market is concentrated and the vendors are deploying growth strategies such as developing new technologies to compete in the market.

  • Panasonic Corp.- In February 2021, the company introduced a new interchangeable telephoto zoom lens, the LUMIX S 70-300mm F4.5-5.6 MACRO OIS (S-R70300), based on the L-Mount system, for the LUMIX S Series Full-frame Digital Single Lens Mirrorless Camera. The LUMIX S series offers high quality cameras and lenses.
  • Tesla Inc. – In December 2019, Tesla’s Model X became the first and only SUV to receive a 5-star safety rating in every category and subcategory from the US National Highway Traffic Safety Administration.
  • Panasonic Corp.- In January 2021. the company announced its first completely wireless Wi-Fi camera, which offers convenience, durability and increased ease for recreational transport.

Download our free sample report to get a brief understanding of various other vendors and vendor strategies.

Key Market Drivers

Our analysts have detailed information on the major market drivers and their impact on the residential solar market in the United States.

  • Increase investments in renewable energies:
    • One of the main growth factors in the residential solar market in the United States is the increase in investment in renewable energy. The competitive cost of electricity generation and low carbon emissions from renewable sources has led to increased investment in renewable energy technologies in the United States in recent years. Although it may be risky to invest during the ongoing pandemic, due to anticipated economic uncertainties, financial institutions and renewable energy development companies are investing in renewable energy. In May 2020, the United States exceeded China as one of the most attractive countries for investment in renewable energies. In December 2020, Amazon announced that its renewable energy investment projects would provide 6.5 gigawatts (GW) of electricity, enough to power 1.7 million American homes for one year. Thus, increasing such investment in renewable energy is expected to drive the growth of the market in the near future.

To know some other market drivers, trends and challenges.

Download our free sample report

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US residential solar market

Report cover

Details

Page number

120

Year of reference

2020

Forecast period

2021-2025

Growth momentum and CAGR

Accelerate at a CAGR of 10%

Market Growth 2021-2025

$5.99 billion

Market structure

Concentrated

Annual growth (%)

9.68

Regional analysis

APAC, Europe, North America, MEA and South America

Successful market contribution

100% United States

Main consumer countries

China, USA, Japan, India and Germany

Competitive landscape

Leading companies, competitive strategies, scope of consumer engagement

Profiled companies

Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd. and Trinity Heating & Air Inc.

Market dynamics

Parent Market Analysis, Market Growth Drivers and Barriers, Fast and Slow Growing Segment Analysis, Impact of COVID-19 and Future Consumer Dynamics, Market Condition Analysis for the Forecast Period,

Personalization area

If our report does not include the data you are looking for, you can contact our analysts and customize the segments.

About Us

Technavio is a global leader in technology research and consulting. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialist analysts, Technavio’s reporting library consists of over 17,000 reports and counts, spanning 800 technologies, spanning 50 countries. Their customer base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing customer base relies on Technavio’s comprehensive coverage, in-depth research, and actionable market intelligence to identify opportunities in existing markets and potentials and assess their competitive positions in changing market scenarios.

Contact

Technavio Research

Jesse Maida

Media & Marketing Manager

USA: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

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