US market analysis report on market size, share and trend by design, by state (California, New York, Arizona, New Jersey, Massachusetts, Texas, rest of US) and segment forecast, 2021-2028.
New York, September 06, 2021 (GLOBE NEWSWIRE) – Reportlinker.com Announces the Release of the Report “US Market Analysis Report On Market Size, Share, And Trends By Construction, By State And Segment Forecasts, 2021-2028” – https: // www .reportlinker.com / p06134856 /? utm_source = GNW
US Solar PV Market Growth and Trends
The U.S. residential photovoltaic market is projected to reach $ 14.1 billion by 2028. The market is expected to grow at a CAGR of 5.6% from 2021 to 2028. Factors such as increasing demand for renewable, clean power generation and government measures regarding incentives and tax rebates for solar PV (photovoltaic) systems are expected to drive the market over the forecast period. Increasing people’s awareness of using low-carbon technologies to limit their carbon footprint is one of the main drivers behind the adoption of solar PV systems in the US residential sector.
The US re-entry into the Paris Climate Agreement in February 2021 is expected to further boost market growth. In addition, the expansion of the Investment Tax Credit (ITC) for private PV systems by 26% by 2022 and 22% by 2023 is expected to spur industry growth over the forecast period.
California is expected to continue to have a dominant market share compared to other US states as there are supportive policies, plans, and financial incentives for installing PV systems in the residential sector. In addition, the passage of the California solar mandate from January 2021 is expected to stimulate market growth in the state in the coming years. The mandate provides that all newly built residential properties in the country should opt for solar PV systems.
The availability of alternative clean power generation technologies in the form of wind power and fuel cell systems is expected to hinder the growth of the market. Increasing research and development activities and the existence of favorable guidelines and regulations for these power generation sources are factors that are likely to increase their acceptance during the forecast period.
These factors are expected to limit industry growth over the forecast period.
US Residential Solar PV Market Report Highlights
• The renovation construction segment accounted for the largest share of sales in 2020, as there is already a large number of apartments across the country compared to the number of apartments built annually. In addition, the presence of various financial incentives provides end users with a positive environment for installing PV systems in their homes
• California had a significant share of sales in 2020. Factors such as supporting policies and regulations, as well as rebate programs such as SMUD – PV Residential Retrofit Buy-Down and City of San Francisco – Solar Energy Incentive Program, have spurred market growth in the state
• Some of the key strategic initiatives by vendors in the market include mergers and acquisitions, business expansion in the country, and strategic collaborations with market participants
Read the full report: https://www.reportlinker.com/p06134856/?utm_source=GNW
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