The report, now available on ASDReports, recognizes the following companies as the key players in the residential solar market in the US: NRG Energy, SolarCity, Sungevity, Sunrun, Verengo, and Vivint Solar.
Other Prominent Vendors in the market are: First Solar, Borg Energy, Jinko Solar, and ReneSola.
Commenting on the report, an analyst said: “A key trend that will offer sustained market growth is the advances made in the area of battery storage technology. Intermittency has been one of the biggest challenges in using renewable energy for power generation. However, this challenge has been overcome by the recent advances in battery storage capacity. Cost and storage capacity of the batteries have improved with extensive research and large-scale deployment. Aqueous solar flow is one such technological breakthrough, introduced by the Ohio State University in 2015.”
According to the report, a key growth driver is the incentives offered at the federal and state levels along with solar friendly policies. Policies and incentives play a crucial role in the widespread deployment of renewable energy technologies such as solar PV systems. Incentives, awareness programs, and policies offered by the federal government are integral to the growth of the residential solar market in the US. Tax credit policies such as solar ITC have triggered the sales and demand for solar PV systems.
Further, the report states that one challenge that could hamper market growth is the low conversion efficiency of solar PV systems. Though there is intense research to improve the efficiency of solar PV technologies, the conversion efficiency of solar PV systems is by far the lowest in electricity generation technologies.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Jun 28, 2016