Grand View Research.com has announced the addition of "U.S. Solar PV Market Analysis And Segment Forecasts To 2022" Market Research report to their Database.
U.S. solar PV market is expected to exceed 60.0 GW by 2022, according to a new study by Grand View Research, Inc. Favorable regulatory framework coupled with federal subsidies and state incentives are expected to be key drivers for solar PV market. In addition, declining equipment cost on account of rapidly increasing installations and improved manufacturing processes is likely to augment market growth.
Further key findings from the study suggest:
• Residential application of solar PV is expected to witness high growth till 2016 due to ITC (Investment Tax Credit). However, post expiry of ITC, market is expected to witness significant slump resulting in higher installations till 2016.
• California has the largest installed capacity for solar PV in 2014 owing to the states exposure to high solar irradiance. In addition, tax subsidies in the state are expected to result in high demand for solar PV installations over the next few years.
• North Carolina is expected to witness the fastest growth owing to increased residential installations in light of the relatively high power prices in the state as compared to other states such as Washington, Louisiana and Kentucky.
• Reduced solar PV module prices in light of increasing installations and technological advancement is expected to boost market demand in the U.S. Furthermore, raw material prices have witness a sharp decline which is expected to promote production of solar PV modules in turn driving the solar PV market.
• Key solar PV module manufacturers include First Solar, SunPower, Auxin Solar, Alps Technology and Solar Cynergy. The market has witnessed significant R&D activities with companies trying to gain competitive advantage using technological developments. First Solar used cadmium telluride thin film technology for PV module manufacturing since it provides highest efficiency and increased output.
For the purpose of this study, Grand View Research has segmented the U.S. solar PV market on the basis of application and state:
U.S. Solar PV Application Outlook (Installed Capacity, GW; Shipments, Units, 2012 - 2022)
U.S. Solar PV State Outlook (Installed Capacity, GW; Shipments, Units, 2012 - 2022)
• New Jersey
• North Carolina
• New York