Solar Power Market in US 2022-2026: Scope
Our solar power market in US report covers the following areas:
Solar Power Market in US 2022-2026: Drivers & challenges
The favorable government regulations is one of the key driver supporting the solar market growth in the US. In the US, the investment tax credit (ITC) is an important federal policy developed to support the adoption of solar PV energy in the country. According to the new legislation passed in December 2020, ITC provides 26% tax credit for solar PV systems to be installed during 2020-2022 and 22% for systems to be installed in 2023. Over there, the annual number of solar installations increased by over three times in the last five years (2015-2020). The continuation of the policy will encourage manufacturers to invest in R&D activities to develop cheaper and more reliable solar PV, which will propel the growth of the solar power market in the US during the forecast period.
However, the increasing number of alternative energy sources is hindering the solar market growth in the US. The cost of establishing renewable energy farms for power production is expensive, and the power output from renewable sources is not at par with the output from fossil fuels. Thus, the preference for non-renewable energy sources is high in the market. On the other hand, the reduced cost of natural gas favors increased power generation from natural gas, which is a challenge for solar power electricity generation. Shale gas exploration in the US is on the rise and has reached a record high. This has led to a continuous decline in oil and gas prices. Therefore, the decline in global oil and gas prices will increase power generation from natural gas, which will affect the demand for residential solar PV systems during the forecast period.
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Solar Power Market in US 2022-2026: Segmentation
- Photovoltaic Systems
- Concentrated Solar Power Systems
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Solar Power Market in US 2022-2026: Key Highlights
- CAGR of the market during the forecast period 2022-2026
- Detailed information on factors that will assist the solar power market in the US growth during the next five years
- Estimation of the solar power market in the US size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the solar power market in us