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 in the US, floating solar power plants represent an innovative solution for regions with limited land availability. These systems are installed on human-made or natural water bodies, such as dam reservoirs, lakes, municipal water storage ponds, and water treatment plants. Floating solar panels are attached to interconnected plastic rafts, enabling them to float on the water. This technology offers several advantages, including improved performance due to cooling from evaporating water, which enhances operational efficiency. Floating solar power plants are a promising development in the solar energy sector, providing a viable solution for harnessing solar energy in water-rich areas. 

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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
• 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 is experiencing significant growth, with solar installations increasing and the installed capacity reaching new heights. This shift towards clean electricity sources comes as concerns over natural gas consumption and its resulting greenhouse gas emissions grow. Technological advancements, such as Perovskite-based cells and manufacturing processes for silicon-based solar PV panels, are driving innovation in the industry. Solar power-generating facilities, including Solar PV plants and photovoltaic (PV) panels, are becoming more prevalent in the power scenario, offering a sustainable and renewable energy alternative to traditional energy sources. Green energy advocates hail this transition as a step towards reducing emissions and mitigating environmental concerns.

Market Research Overview

The renewable electricity market in the US, a segment of the larger global market, encompasses businesses involved in the production and distribution of clean electricity from solar power. This market's revenue is derived from independent power producers, gas and power marketing specialists, integrated energy merchants, and manufacturers of solar power equipment. The market's expansion is fueled by favorable policies and environmental concerns, as the shift towards green energy intensifies. With the rise in emissions from fossil fuels under scrutiny, there is a growing demand for renewable energy sources to mitigate greenhouse gas emissions and protect the environment. Government initiatives and ambitious targets for renewable power deployment are key drivers for this trend.. 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/