Growing demand for renewable-based clean electricity coupled with government policy tax rebates and incentives to install solar panels is expected to drive the market in the coming years. Firms in commercial and industrial sectors are among the chief consumers of solar photovoltaic (PV) panels owing to their large scale requirement for green power. Economies of scale installation in these sectors compensate for any loss in panel efficiency, thereby making the solar PV systems profitable for large scale power generation. The residential sector is gaining momentum in solar PV panel installations owing to net metering schemes for on-grid systems and availability of energy storage systems for off-grid systems. The solar power markets have been one of the very few industries that have seen growth in spite of the pandemic. As technology costs have fallen and efficiencies have increased, providing more energy output per square foot, solar has become one of the primary sources of new electrical capacity installed across the United States . A report from Grand View Research said that the global solar PV panels market size was valued at USD 115.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Active Companies in the markets today include Green Stream Holdings Inc. (OTCPK: GSFI), Enphase Energy, Inc. (NASDAQ: ENPH ), First Solar, Inc . (NASDAQ: FSLR ), Sunrun Inc. (NASDAQ: RUN ), SunPower Corp. (NASDAQ: SPWR ).
The Grand View Research report added that: "The market in the U.S. is expected to witness prominent growth rate on account of robust federal schemes such as solar investment tax credit, rising demand across public and private sector for green electricity, and declining panels cost. According to the Solar Energy Industries Association, the U.S. solar industry generated an investment of USD 18.0 billion in 2019 and achieved an installed capacity of 78 GW across the nation. The commercial segment held the largest market share of 30.4% and was valued at USD 35.0 billion in 2019. Rapid penetration of solar PV panels across corporate offices, hotels, and hospitals coupled with growing power demand from communication base stations and data centers is expected to propel the product demand across the commercial sector. In addition, enhanced panel efficiency, improved energy yield, and module-level monitoring are among the key factors driving the PV panel adoption in this segment."
Forecasts by Type (Ground-Mounted, Rooftop Solar), by End-User (Utility Sector, Residential Sector, Commercial Sector, Industrial Sector), by Technology (Mono-Crystalline Cells, Multi-Crystalline Cells, PERC Cells, HIT Cells, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Crystalline Silicon Solar PV Companies AND COVID-19 Recovery ScenariosDownload free sample pages
Date: Oct 6, 2021
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