Latest News- Solar Power Market in US: Photovoltaic systems is expected to lead the Technology segment during 2025-2029

The Solar Power Market in US is being driven by Rise in investments in renewable energy

The Solar Power Market in US is expected to grow at a CAGR of 11.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 21.7 billion. In the burgeoning solar power market of the US, floating solar power plants represent an innovative solution for regions with limited land space. These systems, which are still in their infancy, offer the opportunity to harness solar energy on water bodies. Floating solar power plants can be installed in artificial or natural water sources, such as dam reservoirs, lakes, municipal water storage ponds, and water treatment plants. The cooling effect of evaporating water enables these systems to operate more efficiently than traditional land-based solar panels. Floating solar panels are securely attached to interconnected plastic rafts, allowing them to float effortlessly on the water surface. This cutting-edge technology not only maximizes energy production in land-constrained areas but also delivers improved performance and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Photovoltaic systems
  • Concentrated solar power systems
• Application
  • Utility
  • Residential
  • Commercial
• Component Specificity
  • Panels
  • Inverters
  • Mounting Systems
  • Batteries
• End-User
  • Households
  • Businesses
  • Energy Providers
• Geography
  • US

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

• Rise in investments in renewable energy
• Rising electricity demand and high cost of grid expansion
• Emergence of zero-energy buildings

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

• Increasing number of alternative energy sources
• Intermittency in solar power generation
• Low conversion efficiency of solar PVs

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Market Scope in Solar Power Market in US Research Report

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Research Analysis Overview

The Solar Power Market in the US encompasses various aspects, including solar cell technology advancements, power output capacity, and grid connection requirements. The solar energy potential is significant, necessitating energy storage solutions and renewable energy integration. Solar panel lifespan, system design optimization, and energy cost reduction are crucial factors. Solar radiation data, system reliability analysis, and performance degradation analysis are essential for optimal performance. Shade analysis, microgrid integration, and solar panel degradation are critical considerations in the project development lifecycle. Environmental impact assessments, solar panel materials, energy balance analysis, and economic feasibility studies are integral parts of the process. Carbon footprint reduction, land use requirements, solar energy policy, utility-scale solar farms, community solar projects, solar panel recycling, solar energy financing, grid stability improvements, and energy independence goals are other significant elements of the solar power market in the US.

Market Research Overview

The Solar Power Market in the US is a significant segment of the larger global Renewable Electricity Market. This market encompasses businesses involved in the production and distribution of electricity derived from solar energy. Key components of this sector include photovoltaic cell manufacturers, solar panel efficiency specialists, energy storage system providers, grid integration solutions developers, and solar inverter technology firms. The market's expansion is fueled by supportive policies and ambitious renewable energy targets, driving the adoption of solar power. Companies manufacturing raw materials and equipment for the solar power industry are also integral to this market's growth.. 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
Website: www.technavio.com/