NEW YORK, March 4, 2022 — Residential Solar Market in US Facts at a Glance-
Total Pages: 120 Companies: 10+ – Including Hanwha Group, LG Electronics Inc., Panasonic Corp., Sungevity Inc., Sunnova Energy International Inc., SunPower Corp., Sunrun Inc., Tesla Inc., Trina Solar Co. Ltd., and Trinity Heating & Air Inc. among others. Coverage: Key drivers, trends, and challenges; Product insights & news; Value chain analysis; Parent market analysis; Vendor landscape; COVID impact & recovery analysis Segments: Technology (crystalline silicon and thin-film) Geography: US
The residential Solar Market in US is expected to increase by USD 5.99 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 10% as per the latest market report by Technavio. Also, the market recorded a 9.68% Y-O-Y growth rate in 2021. The residential solar market share growth in the US by the crystalline silicon segment will be significant for revenue generation. Crystalline silicon PV systems are the most widely used solar PV systems in the US. The modules of this PV system are built using crystalline silicon (c-Si) solar cells, which are highly stable, driving their demand. Also, the C-Si PV system is the most widely used PV system in the residential sector due to the high-efficiency ratings and reliability of the cells.
Product Insights & News –
The Residential Solar Market in US is Concentrated and the vendors are deploying growth strategies such as developing new technologies to compete in the market.
Panasonic Corp.- In February 2021, the company introduced a new interchangeable telephoto zoom lens, the LUMIX S 70-300mm F4.5-5.6 MACRO O.I.S. (S-R70300), based on the L-Mount system, for the LUMIX S Series Full-frame Digital Single Lens Mirrorless Camera. The LUMIX S Series has high-quality cameras and lenses. Tesla Inc. – In December 2019, Tesla’s Model X became the first and only SUV to ever receive a 5-star safety rating in every category and sub-category from the US National Highway Traffic Safety Administration. Panasonic Corp.- In January 2021. the company announced its first fully wireless Wi-Fi camera, which offers convenience, durability, and increased ease for recreational hauling.
Latest Drivers & Trends Driving the Market-
Residential Solar Market in US Driver: Increasing investments in renewable energy:
The key factor driving growth in the residential solar market in the US is the increasing investments in renewable energy. The competitive cost of producing electricity and low carbon emissions from renewable sources has led to an increase in investments in renewable energy technologies in the US over the past years. Although making investments during the ongoing pandemic could be risky, owing to anticipated economic uncertainties, financial institutions and renewable energy development companies are investing in renewable energy. In May 2020, the US overtook China as one of the most attractive countries for renewables investment. Thus, the rise in such investments in renewable energy is expected to boost market growth in the near future.
Residential Solar Market in US Trend: Residential energy storage as virtual power plants:
Residential energy storage as virtual power plants is another major factor supporting the residential solar market share growth in the US. With solar power prices spiraling down, there has been a steady increase in PV adoption, which has led to a continuous increase in the number of installations in the residential and commercial sectors. To overcome the problem of intermittency of solar power and have reliable, cheaper, and cleaner renewable power, solar PV is combined with battery energy storage systems, wherein both the systems complement each other to provide continuous power. The addition of an energy storage system will help utilities smoothen the power flow and avoid the intermittency effect on power systems, resulting in the deployment of large-scale energy storage.
Value Chain Analysis
The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period. The value chain of the industry includes the following core components:
Electricity generation Electricity transmission Electricity distribution End-customers Industry innovations
Technavio report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence – To know more – Click Now!
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