U.S. Solar PV Market By Application (Utility, Residential, Non-Residential) Is Expected To Exceed 60.0 GW By 2022: New Report By Grand View Research, Inc.
San Francisco, California, May 13, 2015 (GLOBE NEWSWIRE) -- U.S. solar PV market is expected to exceed 60.0GW by 2022, according to a new study by Grand View Research, Inc.Favorable regulatory framework coupled with federal subsidies andstate incentives are expected to be key drivers for solar PVmarket. In addition, declining equipment cost on account of rapidlyincreasing installations and improved manufacturing processes islikely to augment market growth.
Browse to access In-depth research report on U.S. SolarPV Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
Utility was the largest application segment,accounting for over 50% of U.S. solar PV market installations in2014. In addition, non-residential segment is also expected towitness the strong growth at an estimated CAGR of over 15% from2015 to 2022. High growth can be attributed to federalsubsidies and state incentives. Furthermore, growing awarenessamong consumers regarding environmental protection is expected toboost solar PV market over the next few years.
Further key findings from the studysuggest:
Residential application of solar PV is expected to witness highgrowth till 2016 due to ITC (Investment Tax Credit). However, postexpiry of ITC, market is expected to witness significant slumpresulting in higher installations till 2016.
California has the largest installed capacity for solar PV in2014 owing to the states exposure to high solar irradiance. Inaddition, tax subsidies in the state are expected to result in highdemand for solar PV installations over the next few years.
North Carolina is expected to witness the fastest growth owingto increased residential installations in light of the relativelyhigh power prices in the state as compared to other states such asWashington, Louisiana and Kentucky.
Reduced solar PV module prices in light of increasinginstallations and technological advancement is expected to boostmarket demand in the U.S. Furthermore, raw material prices havewitness a sharp decline which is expected to promote production ofsolar PV modules in turn driving the solar PV market.
Key solar PV module manufacturers include First Solar,SunPower, Auxin Solar, Alps Technology and Solar Cynergy. Themarket has witnessed significant R&D activities with companiestrying to gain competitive advantage using technologicaldevelopments. First Solar used cadmium telluride thin filmtechnology for PV module manufacturing since it provides highestefficiency and increased output.
Get more insights about the U.S. Solar PV Market orrequest for sample of this research report: http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market
For the purpose of this study, Grand ViewResearch has segmented the U.S. solar PV market on the basis ofapplication and state:
U.S. Solar PV Application Outlook (Installed Capacity,GW; Shipments, Units, 2012 - 2022)
Residential
Non-Residential
Utility
U.S. Solar PV State Outlook (Installed Capacity, GW;Shipments, Units, 2012 - 2022)
California
Arizona
New Jersey
North Carolina
Nevada
Massachusetts
Hawaii
Colorado
New York
Texas
Browse to access more reports of this category by GrandView Research: http://www.grandviewresearch.com/industry/renewable-energy
About Grand View Research
Grand View Research, Inc. is a U.S. based market research andconsulting company, registered in the State of California andheadquartered in San Francisco. The company providessyndicated research reports, customized research reports, andconsulting services. To help clients make informed businessdecisions, we offer market intelligence studies ensuring relevantand fact-based research across a range of industries, fromtechnology to chemicals, materials and healthcare.
