Report Ocean’s Comprehensive Analysis Unveils Lucrative Opportunities in U.S. Solar Energy Market
Report Ocean has recently released an in-depth analysis of the United States Solar Energy Market, covering crucial aspects such as COVID-19 impact, market size, growth projections, segmentation, regional breakdowns, competitive landscape, market shares, trends, and strategies. The report not only forecasts regional market growth but also tracks the market’s evolution until 2032.
Key Features and Market Dynamics
The U.S. solar energy market anticipates a robust Compound Annual Growth Rate (CAGR) of 17.32% from 2020 to 2025. Contributing factors include ongoing solar PV projects, consistent government policies, and the impact of the pandemic on solar energy capacity.
In 2019, the U.S. witnessed a 24% Year-on-Year (Y-o-Y) increase in PV installations. Residential and utility-scale markets saw respective growths of 16% and 38%.
Dominance of Solar Photovoltaic (PV)
The U.S. secured its position as the second-largest PV market globally in 2019, boasting a cumulative installed capacity of 74.84 GW. California led in solar PV generation, representing nearly 20% of the market in 2019, with emerging states like Texas, Utah, and Florida expected to contribute substantially in the coming years.
High Investment Attractiveness Despite Challenges
Despite challenges posed by the COVID-19 pandemic, solar power investments in the U.S. are set to surge in 2020 and 2021. Investors rush to complete projects before solar Investment Tax Credits (ITC) expire.
Anticipated Cost Decline and Future Growth
Beyond 2021, the U.S. solar power costs are expected to decline rapidly due to oversupply and increased price responsiveness of power plant operators. Positive growth is anticipated, driven by the expiration of tax credits in the first half of the forecast period and decreasing solar charger costs in the latter part.
Source：taiwannews.com.tw
