U.S. Solar PV Market Share To Exceed 60.0 GW By 2022: Grand View Research, Inc

Published: Thu 28 May 2015
A blog entry by Devesh Billore

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Devesh Billore
SEO
Grand View Research Inc

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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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http://www.grandviewresearch.com/industry-analysis/u-s-solar-pv-market

Further key findings from the study suggest:

  • Residential application of solar PV is expected to witness high growth till 2016 due to ITC (Investment Tax Credit). However, post expiry of ITC, market is expected to witness significant slump resulting in higher installations till 2016.
  • California has the largest installed capacity for solar PV in 2014 owing to the states exposure to high solar irradiance. In addition, tax subsidies in the state are expected to result in high demand for solar PV installations over the next few years.
  • North Carolina is expected to witness the fastest growth owing to increased residential installations in light of the relatively high power prices in the state as compared to other states such as Washington, Louisiana and Kentucky.
  • Reduced solar PV module prices in light of increasing installations and technological advancement is expected to boost market demand in the U.S. Furthermore, raw material prices have witness a sharp decline which is expected to promote production of solar PV modules in turn driving the solar PV market.

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