U.S. solar PV market is expected
to reach 60 GW by 2022. Rising demand for PV panels in residential and
commercial segments is projected to drive industry growth. Also, favorable
regulatory framework coupled with incentives is anticipated to augment further
the growth. Furthermore, the decline in module prices owing to federal
subsidies and rise in the number of module installation is expected to drive
growth over the forecast period. Falling raw material prices along with
improved manufacturing processes for manufacturing solar cells is expected to
bolster market growth.
Utility
accounted for over 50% of the P.V. market installation in 2014. Also, the
non-residential segment is also projected to witness substantial growth at a
CAGR of over 14% during the forecast period. This increase can be attributed to
federal subsidies and state incentives. Furthermore, rising awareness among
people regarding environmental protection is projected to boost Solar PV
industry over the forecast period.
The
residential sector witnessed significant growth over the past few years owing
to rising consumer awareness and subsidized module cost. Furthermore, the low
maintenance cost of solar panel in comparison to other power generating units
is expected to drive demand in a residential application. Moreover, Investment
Tax Credit is further projected to augment growth till 2016.
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Further key findings from the study suggest:
- California had the largest installed capacity of 7,815 MW in 2014 owing to the exposure to superior solar irradiance and rising number of installation in utility and residential sectors. In addition, tax subsidies provided by the state are expected to result further in high demand for Solar PV installations over the next few years. Furthermore, with the large-scale installation of Solar PV in California, there is a steep decline in equipment cost which is projected to spur growth in the region.
- North Carolina is expected to witness high growth over the forecast period owing to rise in some residential installations. Moreover, high power price in North Carolina as compared to other states such as Kentucky, Washington, and Louisiana is further expected to bolster growth in the region.
- Some of the major market players in the industry are Auxin Solar, Itek Energy, Green Brilliance, First Solar, Lumos, SunPower, Advance Power, BORG Inc., Pionis Energy, Solar Cynergy, Solar World, Suniva, 1Soltech, Alps Technology and Zebra Energy.
- First Solar implements cadmium telluride thin film technology which offers increased yield and high-performance efficiency as compared to monocrystalline and polycrystalline modules. Furthermore, the production costs of Cadmium Telluride are lower than other modules, making it favorable among solar PV installers.
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