The US solar panel market is estimated to grow modestly at a CAGR of around 15.0% during the forecast period. The US is among the top countries in the world in electricity generated by the Sun and several of the world’s largest utility-scale installations are located in the desert Southwest. The US contributes significantly in the growth of solar panel market in North America. As a result of the domestic manufacturing and advancing technology, solar panel has become one of the most affordable means of sources of electricity in the U.S. in the current scenario. Solar energy as a power source has also become one of the leading choices for new generation by the utilities.
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According to International Renewable Energy Agency (IRENA), around 14,858 GWh of electricity generated from solar photovoltaic in 2013, which increased with an exponential growth rate and reached around 67,393 GWh of solar photovoltaic installations in 2017 in the US. There are numerous projects which are being undertaken so as to promote the use of solar panels in the country. For instance, Biocomplexity Institute collaborated with the Sandia National Laboratory, National Rural Electric Cooperative Association (NRECA), and Arizona State University in 2016 for the development of solar panel technology which was funded by the government under the US Department of Energy’s SunShot Initiative.
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US Solar Panel Market Segmentation
By Technology
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Other Solar Panels
By End-User
- Household Sector
- Corporate Sector
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
