September 2024 | Report Format: Electronic (PDF)
U.S. Residential Solar PV Market Growth & Trends
The U.S. residential solar PV market size is expected to reach USD 17.68 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.4% from 2024 to 2030. Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost growth during the forecast period.
Governments across the world have started to adopt solar energy for power production due to it being clean and renewable. Many countries have set targets to reduce their carbon emissions and reduce reliance on conventional energy sources by promoting the use of solar energy for power production. The economies of scale achieved due to this increased demand have in turn decreased the cost of the components making solar energy system installation viable on a smaller scale.
The increasing energy need for emerging states in the U.S. such as California, Texas, and Arizona is expected to positively impact the residential solar PV industry. The decline in the price of solar energy system components has increased the viability of solar energy system installations in the residential sector. The new construction segment in the U.S. Residential Solar PV market is expected to grow significantly in the forecast period owing to the increasing adoption of government regulations to mandate the installation of solar PV into new construction homes.
States such as California and Texas are expected to boost the industry’s growth over the forecast period owing to the high amount of investments for solar PV in the States and the increasing energy requirement boosting the demand for solar PV in the States. The price of the components in the solar PV systems market has been declining consistently for the last 10 years and this trend is expected to continue for the forecast period, in turn increasing the demand in the residential sector increasing the demand.
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U.S. Residential Solar PV Market Report
U.S. Residential Solar PV Market Report Highlights
- Various state governments have set targets to reduce carbon emissions and have implemented policies to promote the adoption of solar PV systems in the residential sector which is expected to boost the solar PV demand over the forecast period
- The retrofit segment accounted for about 71.70% of the market share in 2023. Solar PV is the most complex component in solar energy systems and received the highest investments for R&D
- In 2023, California accounted for the largest revenue share of 23.84% in 2023.The rest of the U.S. is expected to account for the maximum share
U.S. Residential Solar PV Market Segmentation
Grand View Research has segmented the U.S. residential solar PV market based on construction and state:
U.S. Residential Solar PV Construction Outlook (Capacity, MW; Revenue, USD Million, 2018–2030)
- Retrofit
- New Construction
U.S. Residential Solar PV State Outlook (Capacity, MW; Revenue, USD Million, 2018–2030)
- California
- New York
- Arizona
- New Jersey
- Massachusetts
- Texas
- Rest of the U.S.
List of Key Players in U.S. Residential Solar PV Market
- Tesla
- SunPower Corp.
- Sunrun
- Trinity Solar Inc.
- Sungevity
- Momentum Solar
- SPI Energy Co. Ltd.
- Ace Solar
- Sunlux
- Titan Solar Power
