U.S. solar PV market is expected to exceed 60.0 GW by 2022, according to a new study by Grand View Research, Inc. Favorable regulatory framework coupled with federal subsidies and state incentives are expected to be key drivers for solar PV market. In addition, declining equipment cost on account of rapidly increasing installations and improved manufacturing processes is likely to augment market growth.
Utility was the largest application segment, accounting for over 50% of U.S. solar PV market installations in 2014. In addition, non-residential segment is also expected to witness the strong growth at an estimated CAGR of over 15% from 2015 to 2022. High growth can be attributed to federal subsidies and state incentives. Furthermore, growing awareness among consumers regarding environmental protection is expected to boost solar PV market over the next few years.
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