United States Solar Energy Market Introduction and Overview
According to SPER Market Research, the United States Solar Energy Market is estimated to reach USD XX billion by 2033 with a CAGR 16.75%.
The report includes an in-depth analysis of the United States Solar Energy Market, including market size and trends, product mix, distribution channels, and supplier analysis. The term "solar energy" describes the energy derived from solar radiation, which can be captured and transformed into a variety of energy forms, including heat and electricity. This energy is a desirable substitute for conventional fossil fuels, which are limited and contribute to climate change. It is also abundant and renewable. Many methods can be used to capture solar energy. For example, photovoltaic cells use sunlight to produce electricity directly, while concentrated solar power systems use the sun's heat to produce electricity or hot water for a variety of uses.
- A solar power purchase agreement (PPA) was signed by Atlas Renewable Energy and Albras in April 2023. As per the terms of the contract, Atlas will supply Albras with solar-generated power for the next twenty-one years. Solar electricity will be provided by the 902 MW Vista Alegre Photovoltaic Project. In 2025, the facility located in Minas Gerais, Southeastern Brazil, is scheduled to start up.
- April 2023: Masdar strengthened its position in the US by purchasing a 50% share from EDF Renewables North America in a solar and battery storage project. A 40MW battery energy storage system and a 128MW solar installation make up the Big Beau project in California. It is one of eight projects that Masdar and EDF Renewables have decided to work together on, totaling 1.6 GW in capacity.
Market Opportunities and Challenges
Opportunities: The increase in energy consumption brought on by a population boom is the main factor propelling the expansion of the global solar energy market. Additionally, there has been a global upsurge in demand for sustainable energy resources, and this need has been fueled by supportive government laws that have expanded the market. These rules assist in reducing environmental pollution and emphasize a decreased reliance on fossil fuels. Consequently, this increases consumer demand for sustainable energy sources like solar power. Furthermore, the market for solar energy is anticipated to rise due to the decrease in carbon emissions and the increased demand for inexpensive energy production.
Challenges: Throughout the projected period, rising natural gas consumption and the implementation of alternative clean energy sources are anticipated to impede the market's expansion. Nevertheless, elements including the high price of power conversion, storage, and installation as well as the low efficiency of solar modules are anticipated to impede the market's expansion.
Market Competitive Landscape
The solar energy market in the US is dispersed. M. A. Mortenson Company, First Solar Inc., NextEra Energy Inc., SOLV Energy, and 8minutenergy Renewables LLC are a few of the major participants.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type
|
| Regions covered | Eastern, Western, Northern, Southern
|
| Companies Covered | 8minute Solar Energy, Canadian Solar Inc, First Solar Inc., Hanwha Corporation, JinkoSolar Holding Co. Ltd, M. A. Mortenson Company, NextEra Energy Inc., Renewable Energy Systems Ltd, Rosendin Electric Inc., SOLV Energy, SunPower Corporation, Others |
COVID-19 Impact on United States Solar Energy Market
The US market for solar energy has been significantly impacted by the COVID-19 outbreak. Although the industry had been expanding quickly before the epidemic, supply chain hiccups, project delays, and unstable economic conditions have hampered the pace of growth. Both the installation of new solar installations and the upkeep of existing ones were hampered by the personnel shortages and logistical difficulties brought on by the lockdown measures and limitations put in place to stop the virus's spread. Additionally, finance for solar projects has been hampered by a decline in consumer spending and reluctance to make investments. Nevertheless, despite the difficulties, some encouraging things have happened.
Key Target Audience:
- Residential Consumers
- Commercial Enterprises
- Industrial Sector
- Government Entities
- Energy Utilities
- Investors and Financial Institutions
- Environmental Advocates and NGOs
Our in-depth analysis of the United States Solar Energy Market includes the following segments:
|
By Type: |
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
|
|
By Region: |
Eastern
Western
Northern
Southern
|
Key Topics Covered in the Report:
- United States Solar Energy Market Size (FY’2024-FY’2033)
- Overview of United States Solar Energy Market
- Segmentation of United States Solar Energy Market By Type {Solar Photovoltaic (PV), Concentrated Solar Power (CSP)}
- Expansion Analysis of United States Solar Energy Market
- Problems and Obstacles in United States Solar Energy Market
- Competitive Landscape in the United States Solar Energy Market
- Impact of COVID-19 and Demonetization on United States Solar Energy Market
- Details on Current Investment in United States Solar Energy Market
- Competitive Analysis of United States Solar Energy Market
- Prominent Players in the United States Solar Energy Market
- SWOT Analysis of United States Solar Energy Market
- United States Solar Energy Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United States Solar Energy Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United States Solar Energy Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United States Solar Energy Market
7. United States Solar Energy Market, By Type (USD Million) 2020-2033
7.1. United States Solar Energy Market Size, Share and Forecast, By Type, 2020-2026
7.2. United States Solar Energy Market Size, Share and Forecast, By Type, 2027-2033
7.3. Solar Photovoltaic (PV)
7.4. Concentrated Solar Power (CSP)
8. United States Solar Energy Market Forecast, 2020-2033 (USD Million)
8.1. United States Solar Energy Market Size and Market Share
9. United States Solar Energy Market, By Region, 2020-2033 (USD Million)
9.1. United States Solar Energy Market Size and Market Share By Region (2020-2026)
9.2. United States Solar Energy Market Size and Market Share By Region (2027-2033)
9.3. Eastern
9.4. Western
9.5. Northern
9.6. Southern
10. Company Profile
10.1. 8minute Solar Energy
10.1.1. Company details
10.1.2. Financial outlook
10.1.3. Product summary
10.1.4. Recent developments
10.2. Canadian Solar Inc.
10.2.1. Company details
10.2.2. Financial outlook
10.2.3. Product summary
10.2.4. Recent developments
10.3. First Solar Inc.
10.3.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.4. Hanwha Corporation
10.4.1. Company details
10.4.2. Financial outlook
10.4.3. Product summary
10.4.4. Recent developments
10.5. JinkoSolar Holding Co. Ltd
10.5.1. Company details
10.5.2. Financial outlook
10.5.3. Product summary
10.5.4. Recent developments
10.6. M. A. Mortenson Company
10.6.1. Company details
10.6.2. Financial outlook
10.6.3. Product summary
10.6.4. Recent developments
10.7. NextEra Energy Inc.
10.7.1. Company details
10.7.2. Financial outlook
10.7.3. Product summary
10.7.4. Recent developments
10.8. Renewable Energy Systems Ltd
10.8.1. Company details
10.8.2. Financial outlook
10.8.3. Product summary
10.8.4. Recent developments
10.9. Rosendin Electric Inc.
10.9.1. Company details
10.9.2. Financial outlook
10.9.3. Product summary
10.9.4. Recent developments
10.10. SOLV Energy
10.10.1. Company details
10.10.2. Financial outlook
10.10.3. Product summary
10.10.4. Recent developments
10.11. SunPower Corporation
10.11.1. Company details
10.11.2. Financial outlook
10.11.3. Product summary
10.11.4. Recent developments
10.12. Others
11. Conclusion
12. Reference Links
13. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
