2024 Solar Market Forecast: Growth Analysis for Key Players.

By Oliver Townsend Jul 2, 2024
US Solar Panel Market Size 2024: Global Share, Industry And Report Analysis By 2030 | SunPower Corp. Trina Solar Energy Co., Ltd. Wuxi Suntech Power Co., Ltd..jpegOrginal image from: https://www.openpr.com/news/3560905/us-solar-panel-market-size-2024-global-share-industry

The US solar panel market is experiencing steady growth, with an estimated CAGR of around 15.0% during the forecast period. The US is a key player in solar energy generation, with many large utility-scale installations located in the desert Southwest. This growth is contributing significantly to the overall solar panel market in North America. The availability of domestic manufacturing and advancing technology has made solar panels one of the most affordable sources of electricity in the US. Solar energy is increasingly becoming a preferred choice for new generation utilities.

Factors Driving Growth in the US Solar Panel Market

The International Renewable Energy Agency (IRENA) reported a significant increase in solar photovoltaic electricity generation in the US, from 14,858 GWh in 2013 to 67,393 GWh in 2017. This exponential growth is supported by various projects aimed at promoting solar panel usage. For instance, collaborations between the Biocomplexity Institute, Sandia National Laboratory, National Rural Electric Cooperative Association, and Arizona State University have led to advancements in solar panel technology.

The US solar panel market is segmented based on technology and end-user. Monocrystalline, Polycrystalline, Thin-Film Crystalline, and Other Solar Panels are the main technologies driving market growth. These panels are used across various sectors, including households and corporations. Key companies in the industry include Canadian Solar, First Solar, Hanwha SolarOne, and Trina Solar Energy, among others.

Market Segmentation and Company Profiles

The US solar panel market is segmented by technology into Monocrystalline, Polycrystalline, Thin-Film Crystalline, and Other Solar Panels. End-users include the household and corporate sectors. Key companies driving market growth include Canadian Solar, First Solar, Hanwha SolarOne, and Trina Solar Energy, among others.

Comprehensive Market Analysis

The US solar panel market offers a range of opportunities for growth and innovation. By leveraging existing technology and advancing manufacturing capabilities, the market is poised for continued expansion. With a focus on sustainability and renewable energy sources, the US solar panel market is set to play a crucial role in the global transition towards clean energy.

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