U.S. Solar Pv Panels Market Size & Outlook, 2023-2030
U.S. solar pv panels market, 2018-2030 (US$M)
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U.S. solar pv panels market highlights
- The U.S. solar pv panels market generated a revenue of USD 23,251.8 million in 2023 and is expected to reach USD 39,360.2 million by 2030.
- The U.S. market is expected to grow at a CAGR of 7.8% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 23,251.8 million |
| Market revenue in 2030 | USD 39,360.2 million |
| Growth rate | 7.8% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, U.S. accounted for 13.7% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 4,845.4 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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U.S. solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 32.54% in 2023. Horizon Databook has segmented the U.S. solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
The U.S. is recognized as one of the second-largest in terms of adoption of PV panels in the global owing to the rising consumption of PV panels in the country. The market in the country is projected to grow at a significant CAGR over the forecast period.
Factors such as solar PV projects under construction and in the planning stage coupled with government support are expected to increase the cumulative installed capacity of solar energy over the forecast period. For instance, as per the U.S. Energy Information Administration, in 2022, the solar PV capacity additions in the U.S. increased by 38.7% as compared to 2021.
For instance, in August 2022, the U.S. government launched the Inflation reduction act which allotted USD 369 billion for the promotion of renewable energy sector. Many companies have started to construct new solar PV plants and are increasing the capacity of their existing plants.
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into U.S. solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. solar pv panels market size, by technology, 2018-2030 (US$M)
U.S. Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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