The Residential Solar Market in US is being driven by Increasing investments in renewable energy
The Residential Solar Market in US is expected to grow at a CAGR of 12.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 10927.3 million. In the dynamic residential solar market of the US, the decreasing costs of photovoltaic (PV) systems have driven a significant uptick in installations across both the residential and commercial sectors. However, the intermittent nature of standalone solar power poses a challenge, as power generation is contingent upon solar irradiation, panel efficiency, and shading conditions that fluctuate throughout the day and with varying cloud coverage. To mitigate this issue and ensure a steady, cost-effective, and eco-friendly energy supply, the integration of battery energy storage systems with solar PV has emerged as a promising solution. These systems work in harmony to provide continuous power, addressing the intermittency concerns of solar energy and enhancing overall energy efficiency.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
188 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.3% |
Market growth 2025-2029 |
USD 10927.3 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
11.0 |
Key countries |
US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The residential solar market in the US is experiencing growth due to increasing electricity costs, climate change risks, and the availability of non-chemical solar technology that harnesses sunlight for producing energy. With rapid industrialization and urbanization leading to higher energy consumption, renewable energy deployment through Solar PV systems, grid-connected systems, and battery storage systems is becoming increasingly popular. Net metering schemes and tax benefits offer incentives for households to adopt these technologies. Fossil fuel reserves are depleting, making renewable sources like solar and wind power generation more attractive. Innovations like floating solar panels and the Solar Investment Tax Credit further boost the market.
The residential solar market in the US is a significant segment of the global renewable electricity market, which encompasses businesses involved in the generation and distribution of electricity derived from renewable sources. Key players include independent power producers, gas and power marketing specialists, integrated energy merchants, and manufacturers of raw materials and equipment, such as photovoltaic cells, for the solar power industry. Factors fueling market expansion include supportive policies and ambitious targets for renewable energy deployment, escalating electricity costs, and climate change risk mitigation. Commercial buildings and new residential constructions are prime targets for rooftop solar projects utilizing non-chemical, photovolvoltaic cell technology.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
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