Latest News- Residential Solar Market in US: Crystalline silicon is expected to lead the Technology segment during 2025-2029

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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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Crystalline silicon
  • Thin-film
• Location
  • California
  • Florida
  • Arizona
  • Rest of US
• Type
  • Rooftop solar systems
  • Ground-mounted solar systems
• Connectivity
  • On-grid solar systems
  • Off-grid solar systems
• Geography
  • US

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing investments in renewable energy
• Favorable government regulations
• Rising number of solar PV installations

However, the market also witnesses some limitations, which are as follows:

• Availability of alternative technologies
• Technical challenges associated with battery technology
• Low efficiency of solar PV

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Market Scope in Residential Solar Market in US Research Report

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Research Analysis Overview

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.

Market Research Overview

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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/