U.S. Solar PV Market is estimated to reach an installed capacity of 60 GW by 2022. The rising demand for electricity coupled with increasing consumer awareness concerning the benefits of renewable resources is anticipated to have a positive impact on the market growth. The increasing demand for solar PV panels in commercial and residential applications is expected to drive market growth.
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The key driving factors responsible for the growth of U.S. Solar PV
market :
A solar photovoltaic system
generates electricity from sunlight with the help of semiconductors. The
electrons in these materials are freed by sunlight and can be induced through
an electric circuit to generate electricity. The growth of solar PV technology
is fastest as compared to other renewable energy sources owing to free
availability of sunlight.
The government subsidies and
regulations are beneficial to the market growth. In addition, the growth in the
number of solar panel installations mainly in California has caused a steep
decline in the module prices. The decrease in the price of raw materials
coupled with advanced manufacturing processes is anticipated to have a positive
impact on the growth of U.S. solar PV market.
The application segments namely,
residential, utility and commercial/non-residential are anticipated to increase
substantially on account of the Investment Tax Credit (ITC) subsidy till 2016.
In 2016, the US solar market grew by 97% adding about 15GW of new capacity. The
electricity provided by solar energy accounted for over 39% of the total
installed electric capacity in 2016.
The residential segment witnessed
a substantial growth in the upcoming years owing to the increasing concern of
consumers regarding the protection of environment together with decreased cost
of the module. In addition, the cost of maintenance of solar PV is low as
compared to other sources of power generation which have led to an increase in
demand for the modules.
The reduction in carbon emission
during the generation of electricity as compared to other sources together with
the variable sizes available in solar PV modules is expected to have a positive
impact on the market growth. In addition, the availability of solar insolation
across the US is anticipated to aid the demand of solar PV modules in the
country.
Application Insights
The utility segment contributed
to over 50% of the overall U.S. solar PV market installations in 2014. The
development of technology has increased the efficiency of electricity
generation by solar PV modules coupled with low installation cost owing to
government subsidies is expected to drive market growth.
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