The United States solar energy market is expected to grow at a CAGR of more than 15% during the forecast period of 2020-2025. In terms of competition, the market is fragmented.
Factor such as supportive government policies to meet more energy demand through renewable energy is likely to drive the United States solar energy market. However, the United States is the one of the largest and cheapest producer of natural gas in the world, about 38% of the electricity generated in the country is from natural gas, which is expected to restrain the United States solar energy market.
The solar photovoltaic (PV) due to a significant decline in the cost of installation held a considerable market share in 2018 and is expected to dominate the market during the forecast period.
United States government has planned to cut down the cost of electricity generation by 50% by 2030. Many states in the country such as California, New Jersey, and others have their solar energy targets for 2030, which are expected to create several opportunities for the United States solar energy market in the future.
Upcoming and ongoing projects focused on increasing share of solar in renewable energy in the country are likely to drive the United States solar energy market during the forecast period.
Solar Photovoltaic (PV) Expected to Dominate the Market
In 2019, more than 1.7% of the total electricity generation in the United States was from solar photovoltaic (PV), producing 69 terawatt-hours (TWh) of electricity, on the other hand, electricity generated from solar thermal was 3 terawatt-hours (TWh) thus contributing 0.1% of total power in the country. This makes solar photovoltaic (PV) source the dominating segment in Israel solar energy market.
In May 2019, the First solar announced the completion and commercial operation of its California Flats Solar Project. The project uses solar photovoltaic (PV) technology and has a total installed capacity of 280 megawatts (MW).
In 2019, NextEra Energy Resources completed the construction of its Shaw Creek Solar energy center in Aiken, South Carolina. The project has a total installed capacity of 74.9 megawatts (MW), which features more than 270,000 solar photovoltaic (PV) panels.
Therefore, owing to the above projects, the solar photovoltaic (PV) segment is likely to dominate the United States solar energy market during the forecast period.
Upcoming and Ongoing Projects Expected to Drive the Market
In 2019, the United States added 9114 megawatts (MW) of solar installation in the country. The 50 states in the country contribute to the solar energy generation. Many counties in the United States has planned to go 100% on renewable energy resources.
In 2019, the solar energy plant installation capacity in the United States was 62298 megawatts (MW), which was higher than the installation capacity of 2018, 53184 megawatts (MW).
In 2020, Ecoplexus Inc, a leading developer and owner of the renewable projects, announced the commencement of the Peak Durrance Solar Center in Florida. The project is owned by Owned Utilities and is expected a total installed capacity of 35 megawatts (MW), which is likely to 125 gigawatt-hours (GWh) of electricity annually. The project is expected to be complete by 2022.
In November 2019, Cypress Creek Renewables got approval from St. Johnsville (NY) planning board to start the construction of the Tayandenega Solar project in New York. The is expected to have an install capacity of 20 megawatts (MW) and is expected to start by the end of 2020.
Hence, owing to the above points, upcoming and ongoing projects in the country are expected to drive the United States solar energy market during the forecast period.
Key Topics Covered
1. INTRODUCTION 1.1 Scope of the Study 1.2 Market Definition 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW 4.1 Introduction 4.2 United States Solar Energy Installation Capacity and Forecast in Megawatt (MW), till 2025 4.3 Recent Trends and Developments 4.4 Government Policies and Regulations 4.5 Market Dynamics 4.5.1 Drivers 4.5.2 Restraints 4.6 Supply Chain Analysis 4.7 PESTLE Analysis
5. MARKET SEGMENTATION 5.1 Type 5.1.1 Solar Photovoltaic (PV) 5.1.2 Concentrated Solar Power
6 COMPETITIVE LANDSCAPE 6.1 Mergers, Acquisitions, Collaboration, and Joint Ventures 6.2 Strategies Adopted by Key Players 6.3 Company Profiles (Overview, Products and Services/Projects, Financials, and Recent Developments) 6.3.1 M. A. Mortenson Company 6.3.2 First Solar Inc. 6.3.3 NextEra Energy Inc. 6.3.4 SunPower Corporation 6.3.5 Renewable Energy Systems Ltd. 6.3.6 Rosendin Electric Inc. 6.3.7 Hanwha Corporation 6.3.8 LG Electronics Inc. 6.3.9 JinkoSolar Holding Co. Ltd. 6.3.10 Swinerton Renewable Energy 6.3.11 8minute Solar Energy