The US rooftop solar panel market is estimated to grow modestly at a CAGR of around 7.1% during the forecast period. The US is one of the key countries in which the emphasis is on the uses of renewable energy. Owing to which the opportunities for the energy created from solar sources are expected to increase in the coming years. Furthermore, the US has the largest utility-scale installations which are located in the Southwest desert. The US contributes significantly to the revenue generation of the rooftop solar panel market in North America. The US is expected to contribute significantly due to a rise in the adoption of solar panel technology so as to reduce electricity costs in Hospitals, industries, malls among various others.
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There are numerous projects which are being undertaken so as to promote the use of solar panels in the country. For instance, Biocomplexity Institute collaborated with the Sandia National Laboratory, National Rural Electric Cooperative Association (NRECA), and Arizona State University in 2016 for the development of solar panel technology which was funded by the government under the US Department of Energy’s SunShot Initiative. This initiative supports the early-stage research and development of PV (Photovoltaic) technologies that improve efficiency and reliability, lower manufacturing costs, and drive down the cost of solar electricity. As of November 2016, the solar industry is about 90% on its way to achieving SunShot’s 2020 cost target of $0.06 per kilowatt-hour for utility-scale PV (based on 2010 baseline figures), and SunShot is already beginning to work toward $0.03 per kilowatt-hour for utility-scale PV by 2030. Such initiatives are expected to increase the demand for solar rooftop installations for reducing electricity costs, thereby creating opportunities for growth.
The companies which are contributing to the growth of the US rooftop solar panel market include First Solar, Inc., SunPower Corp., Canadian Solar, Inc., Kyocera Corp., and Wuxi Suntech Power Co., Ltd. The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in February 2019, SunPower Corp. acquired SolarWorld Americas facility in Hillsboro, Oregon. The company is assembling its high-quality 19% efficient performance series solar panel (P19 or P-Series) for commercial customers in the US factory.
US Rooftop Solar Panel Market Segmentation
By Type
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Amorphous Silicon (a-Si)
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIS/CIGS)
- Other Solar Panels
By End-User
- Household Sector
- Corporate Sector
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Company Profiles
- Canadian Solar, Inc.
- First Solar, Inc.
- Hanwha SolarOne Co. Ltd.
- Kyocera Corp.
- Sharp Corp.
- SoloPower Systems, Inc.
- SunEdison, Inc.
- SunPower Corp.
- Trina Solar Energy Co., Ltd.
- Wuxi Suntech Power Co., Ltd.
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