United States Solar Energy Market - Growth, Trends, and Forecasts (2020 - 2025)
The market is segmented by Type (Solar Photovoltaic (PV) and Solar Thermal)
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
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The United States solar energy market is expected to grow at a CAGR of more than 15% during the forecast period of 2020-2025. Factor such as supportive government policies to meet more energy demand through renewable energy is likely to drive the United States solar energy market. However, the United States is the one of the largest and cheapest producer of natural gas in the world, about 38% of the electricity generated in the country is from natural gas, which is expected to restrain the United States solar energy market.
The solar photovoltaic (PV) due to a significant decline in the cost of installation held a considerable market share in 2018 and is expected to dominate the market during the forecast period.
United States government has planned to cut down the cost of electricity generation by 50% by 2030. Many states in the country such as California, New Jersey, and others have their solar energy targets for 2030, which are expected to create several opportunities for the United States solar energy market in the future.
Upcoming and ongoing projects focused on increasing share of solar in renewable energy in the country are likely to drive the United States solar energy market during the forecast period.
Scope of the report
The United States solar energy market report include:
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Key Market Trends
Solar Photovoltaic (PV) Expected to Dominate the Market
In 2019, more than 1.7% of the total electricity generation in the United States was from solar photovoltaic (PV), producing 69 terawatt-hours (TWh) of electricity, on the other hand, electricity generated from solar thermal was 3 terawatt-hours (TWh) thus contributing 0.1% of total power in the country. This makes solar photovoltaic (PV) source the dominating segment in Israel solar energy market.
In May 2019, the First solar announced the completion and commercial operation of its California Flats Solar Project. The project uses solar photovoltaic (PV) technology and has a total installed capacity of 280 megawatts (MW).
In 2019, NextEra Energy Resources completed the construction of its Shaw Creek Solar energy center in Aiken, South Carolina. The project has a total installed capacity of 74.9 megawatts (MW), which features more than 270,000 solar photovoltaic (PV) panels.
Therefore, owing to the above projects, the solar photovoltaic (PV) segment is likely to dominate the United States solar energy market during the forecast period.
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Upcoming and Ongoing Projects Expected to Drive the Market
In 2019, the United States added 9114 megawatts (MW) of solar installation in the country. The 50 states in the country contribute to the solar energy generation. Many counties in the United States has planned to go 100% on renewable energy resources.
In 2019, the solar energy plant installation capacity in the United States was 62298 megawatts (MW), which was higher than the installation capacity of 2018, 53184 megawatts (MW).
In 2020, Ecoplexus Inc, a leading developer and owner of the renewable projects, announced the commencement of the Peak Durrance Solar Center in Florida. The project is owned by Owned Utilities and is expected a total installed capacity of 35 megawatts (MW), which is likely to 125 gigawatt-hours (GWh) of electricity annually. The project is expected to be complete by 2022.
In November 2019, Cypress Creek Renewables got approval from St. Johnsville (NY) planning board to start the construction of the Tayandenega Solar project in New York. The is expected to have an install capacity of 20 megawatts (MW) and is expected to start by the end of 2020.
Hence, owing to the above points, upcoming and ongoing projects in the country are expected to drive the United States solar energy market during the forecast period.
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The United States solar energy market is fragmented. Some of the key players in this market include Cypress Creek Renewables, Llc, First Solar, Inc., NextEra Energy Inc, Ecoplexus Inc, and 8minutenergy Renewables LLC.