Authored By: Sarah
02 Feb 2022

Residential Solar market in US Growth Analysis | Hanwha Group, LG Electronics Inc., Panasonic Corp. are among key contributors

Competitive Benchmarking and Vendor Forecasts for 2021-2025

Residential solar market in US  is set to post an incremental growth of $ 5.99 billion,  accelerating at a CAGR of 10% during the forecast period. The market is concentrated with Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. being some of the major participants in the market.

This research report provides a detailed analysis of all the key players tracking recent and historic developments with respect to their market share and product portfolio. We also provide a pipeline analysis of upcoming developments and future growth opportunities. The growth of the vendors depends on several factors such as market conditions, government support, and industry development. 


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Residential Solar Market in the US to Grow by $ 5.99 Billion

Residential Solar market in US : Market Highlights

  • The Residential solar market in US is segmented by Technology (Crystalline silicon and Thin-film).                               
  • Increasing investments in renewable energy is one of the primary factors driving the growth of the residential solar market in US. The competitive cost of producing electricity and low carbon emissions from renewable sources has led to an increase in investments in renewable energy technologies in the US over the past years. Even though making investments during the ongoing pandemic may be a risky proposition due to anticipated economic uncertainties, financial institutions and renewable energy development companies are investing in renewable energy. This speaks volumes for the prospective growth potential of this market in the coming years. In December 2020, Amazon announced that its renewable energy investment projects would be supplying 6.5 gigawatts (GW) of electricity, which would be enough to power 1.7 million US homes for one year.    
  • Residential energy storage as virtual power plants is a leading trend targetted towards overcoming the problem of intermittency of solar power. Solar PV is combined with battery energy storage systems, wherein both the systems complement each other to provide continuous power. The addition of an energy storage system will help utilities smoothen the power flow and avoid the intermittency effect on power systems, resulting in the deployment of large-scale energy storage. Virtual power plants are an interconnection of small decentralized units of wind, solar, or energy storage units, which are operated as a single unit through a software system by an energy aggregator.                                                                                                                                                           
  • The report provides a detailed study of this and all the other drivers that will boost market growth. An understanding of the key drivers will enable clients to leverage growth opportunities to their advantage with a view to short-term and long-term business goals. For more insights on this market: Download a Free Sample Report

Key Focus Areas in Our Reports:

  • Market segments
  • Comparison by Product
  • Filleting and skinning equipment - Market size and forecast 2020-2025
  • De-heading and gutting equipment - Market size and forecast 2020-2025
  • Grading equipment - Market size and forecast 2020-2025
  • Scaling equipment - Market size and forecast 2020-2025
  • Others - Market size and forecast 2020-2025
  • Market opportunity by Product

Customer landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2020-2025
  • MEA - Market size and forecast 2020-2025
  • Europe - Market size and forecast 2020-2025
  • North America - Market size and forecast 2020-2025
  • South America - Market size and forecast 2020-2025
  • Key leading countries
  • Market opportunity by geography
  • Market drivers
  • Market challenges
  • Market trends

Vendor Landscape

  • Competitive scenario
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Hanwha Group
  • LG Electronics Inc.
  • Panasonic Corp.
  • Sungevity Inc.
  • Sunnova Energy International Inc.
  • SunPower Corp.
  • Sunrun Inc.
  • Tesla Inc.
  • Trina Solar Co. Ltd.
  • Trinity Heating & Air Inc.

Residential Solar In US: Discover Key Drivers that will Boost Growth

Synopsis of Growth Drivers with Market Forecast 2021-2025

The Global Residential Solar Market In US is projected to grow by $ 5.99 bn, accelerating at a CAGR of over 10% till 2025. This research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends and challenges that are likely to impact market growth.


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Residential Solar Market In US: What are the factors that will drive market growth?

^A detailed study of market drivers enables market players to leverage these factors to drive growth. Technavio’s research reports provide a comprehensive analysis of all the other factors that will drive market growth during the forecast period. In addition to market drivers, our research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario. One of the key drivers that will boost this market is Increasing investments in renewable energy. For more insights on the impact of this and all the other drivers, request for our FREE sample report:

Residential Solar Market in the US to Grow by $ 5.99 Billion

Residential Solar Market In US: Segments and Geographical Regions

This research report provides insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges on each market segment along with insights into the way forward. These insights will equip clients with information that will help them design a growth strategy for their business and area of operation. Residential Solar Market In US is segmented by Technology (Crystalline silicon and Thin-film). Request our Free Sample Report

Residential Solar Market In US: Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. are some of the leading competitors

The market is concentrated, and the growth of the players depends on several factors such as market conditions, government support, and industry development. Marke players must distinguish their product and service offerings through a clear and unique value proposition to prosper in this competitive market.  Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. are some of the major market participants. The report offers a detailed analysis of each of the above-listed vendors and their product portfolio.

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations.

For more insights on this market: Download a Free Sample Report

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerate at a CAGR of over 10%.
     
  2. What is the incremental growth of the market?
    The market is expected to grow by $ 5.99 bn through 2021-2025.
     
  3. What is a key factor driving this market?
    Increasing investments in renewable energy will drive market growth over the forecast period.
     
  4. What are the key regions covered in this market research report?
    APAC, Europe, North America, MEA, and South America are the key regions featured in this research report.
     
  5. Which is the leading geographic region for this market:
    100% growth will originate from US
     
  6. Who are the leading market vendors?
    The leading vendors in this market are Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc.
     
  7. What are the market segments covered in this report?
    The market is segmented by Technology (Crystalline silicon and Thin-film)

Residential Solar Market in US Size to Grow by $ 5.99 Billion through 2021-2025  

Technavio research projects the residential solar market in US to grow by $ 5.99 billion, accelerating at a CAGR of over 10% till 2025. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking


Residential Solar Market in US: Receive FREE Sample Report


Residential Solar Market in US: Key Market Driver

One of the primary factors that will trigger the growth of the residential solar market in US size is increasing investments in renewable energy. "The increasing investments in renewable energy will drive the growth prospects of the market. The residential solar market in US is highly diverse and has many international and domestic vendors", says a senior research analyst for the Utilities Industry at Technavio.

This research report provides a comprehensive analysis of all the factors that are likely to propel market growth, taking into account the market trends as well as challenges that are likely to impede growth. The objective of this research report is to equip clients with actionable insights that will help them leverage opportunities and formulate growth strategies for their business.

Want to know more about this market: Request for Our Free Sample Report

Residential Solar Market in US: Technology Segment Highlights

  • Segmentation by technology Crystalline silicon and Thin-film. 
  • The residential solar market share growth in the US by the crystalline silicon segment will be significant during the forecast period. Solar PV project developers prefer c-Si technology because of its higher cell efficiencies, space-efficient designs, and long module lifetimes. Most of the states in the US use c-Si capacity than thin-film capacity due to the various advantages provided by the former. 
  •  This report provides an accurate prediction of the contribution of all the segments to the growth of the residential solar market size in the US.
  • The increasing investments in renewable energy are notably driving the residential solar market growth in the US.

Residential Solar Market in the US to Grow by $ 5.99 Billion

Residential Solar Market in US: Competitive Analysis

  • The Residential Solar Market in US is concentrated due to the presence of several vendors.
  • Market vendors focused on market expansion, innovations, and expansion of distribution networks.
  • Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. are some of the major market participants. Although the growing demand will offer immense growth opportunities, the availability of alternative technologies may challenge the growth of the market participants. 

 

Residential Solar Market in the US to Grow by $ 5.99 Billion

Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. This customized report will help clients keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with a pipeline analysis of vendor operations and the impact of government regulations.

For more insights on this market: Download a Free Sample Report

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