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Residential Solar Market in the US by Technology - Forecast and Analysis 2022-2026

  • Published: Sep 2022
  • Pages: 103
  • SKU: IRTNTR70400
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The residential solar market share in the US is expected to increase by USD 6.67 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 10.39%.

This US residential solar market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers residential solar market in the US segmentations by technology (crystalline silicon and thin-film). The residential solar market in the US report also offers information on several market vendors, including AUXIN SOLAR Inc., BrightSource Energy Inc, E Solar, Enphase Energy Inc., Freedom Solar LLC, Hanwha Corp., LG Corp., Panasonic Holdings Corp., Schneider Electric SE, Sharp Corp., Silfab Solar Inc., Solar Panels Plus LLC, Sungevity Inc., Sunnova Energy International Inc., Sunrun Inc., Tesla Inc., TotalEnergies SE, Trina Solar Co. Ltd., and Trinity Heating and Air Inc among others.

What will the Residential Solar Market Size in the US be During the Forecast Period?

Residential Solar Market in the US Size

Download Report Sample to Unlock the Residential Solar Market Size in the US for the Forecast Period and Other Important Statistics

 

US Residential Solar Market: Key Drivers, Trends, and Challenges

The increasing investments in renewable energy is notably driving the residential solar market growth in the US, although factors such as the availability of alternative technologies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the residential solar industry in the US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Residential Solar Market Driver in the US

The increasing investments in renewable energy is one of the key drivers supporting the US residential solar market growth. Although making investments during the ongoing pandemic could be risky, owing to anticipated economic uncertainties, financial institutions and renewable energy development companies are investing in renewable energy. Despite the headwinds of supply chain disruptions and other pandemic-related delays, the long-term outlook for renewable energy investments in the US is expected to be positive during the forecast period. For instance, in December 2020, Amazon announced that its renewable energy investment projects would be supplying 6.5 gigawatts (GW) of electricity, which would be enough to power 1.7 million US homes for one year. Thus, the rise in such investments in renewable energy is expected to boost the market growth in the near future.

Key Residential Solar Market Trend in the US

Residential energy storage as virtual power plants is one of the key US residential solar market trends contributing to the market growth. Consumers in developed countries are looking forward to more than just reliable power from utilities. They expect the power to be generated from a cleaner source, which would have a reduced impact on the environment. This notion has turned them into prosumers, wherein they generate their own power, thereby leading to thousands of storage units paired with solar PV to be installed at individual houses. Also, various initiatives undertaken by companies to enhance the availability of residential solar energy storage virtual power plants are anticipated to propel market growth in the near future. 

Key Residential Solar Market Challenge in the US

The availability of alternative technologies is one of the factors hampering the US residential solar market growth. Solar PV systems also face a challenge from newer technologies, such as fuel cells, that can function as a standalone system to provide power as well as heat without the need to be charged by solar or wind power. Fuel cells have higher efficiency and higher energy density than batteries, making them a viable alternative source of power for residential applications. Thus, the availability of such technology hinders the adoption of residential solar PV systems.

This US residential solar market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the US residential solar market as a part of the global renewable electricity market within the global independent power and renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the residential solar market in the US during the forecast period.

Who are the Major Residential Solar Market Vendors in the US?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AUXIN SOLAR Inc.
  • BrightSource Energy Inc
  • E Solar
  • Enphase Energy Inc.
  • Freedom Solar LLC
  • Hanwha Corp.
  • LG Corp.
  • Panasonic Holdings Corp.
  • Schneider Electric SE
  • Sharp Corp.
  • Silfab Solar Inc.
  • Solar Panels Plus LLC
  • Sungevity Inc.
  • Sunnova Energy International Inc.
  • Sunrun Inc.
  • Tesla Inc.
  • TotalEnergies SE
  • Trina Solar Co. Ltd.
  • Trinity Heating and Air Inc

 

This statistical study of the US residential solar market encompasses successful business strategies deployed by the key vendors. The US residential solar market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Hanwha Corp. - Hanwha Corp. is a public company headquartered in South Korea (Republic of Korea). It is a global company generating $60,702 million in revenues and limited information regarding its employee strength is available. Its revenue from the residential solar market in the US contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 
  • Hanwha Corp. - The company offers residential solar such as from cell production to power plant construction and project financing. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The US residential solar market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

US Residential Solar Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the residential solar market in the US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Technology Segments in the US Residential Solar Market?

Residential Solar Market in the US Share

To gain further insights on the market contribution of various segments Request PDF Sample

The residential solar market share growth in the US by the crystalline silicon segment will be significant during the forecast period. Crystalline silicon PV systems are the most widely used solar PV systems in the US. The modules of this PV system are built using crystalline silicon (c-Si) solar cells, which are highly stable. Significantly, c-Si solar PV systems deliver efficiencies of around 20%.

This report provides an accurate prediction of the contribution of all the segments to the growth of the residential solar market size in the US and actionable market insights on post COVID-19 impact on each segment.

 

US Residential Solar Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 10.39%

Market growth 2022-2026

$ 6.67 billion

Market structure

Fragmented

YoY growth (%)

9.95

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

AUXIN SOLAR Inc., BrightSource Energy Inc, E Solar, Enphase Energy Inc., Freedom Solar LLC, Hanwha Corp., LG Corp., Panasonic Holdings Corp., Schneider Electric SE, Sharp Corp., Silfab Solar Inc., Solar Panels Plus LLC, Sungevity Inc., Sunnova Energy International Inc., Sunrun Inc., Tesla Inc., TotalEnergies SE, Trina Solar Co. Ltd., and Trinity Heating and Air Inc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Residential Solar Market in the US Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive residential solar market growth in the US during the next five years
  • Precise estimation of the residential solar market size in the US and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the residential solar industry in the US  
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of residential solar market vendors in the US 

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Technology
    • Exhibit 05: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 06: Parent market
    • Exhibit 07: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 08: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 09: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 10: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 11: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 12: Chart on US: Year-over-year growth 2021-2026 (%)
      • Exhibit 13: Data Table on US: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 14: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 15: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 16: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 17: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 18: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 19: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 20: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Technology

    • 5.1 Market segments
      • Exhibit 21: Chart on Technology - Market share 2021-2026 (%)
      • Exhibit 22: Data Table on Technology - Market share 2021-2026 (%)
    • 5.2 Comparison by Technology
      • Exhibit 23: Chart on Comparison by Technology
      • Exhibit 24: Data Table on Comparison by Technology
    • 5.3 Crystalline silicon - Market size and forecast 2021-2026
      • Exhibit 25: Chart on Crystalline silicon - Market size and forecast 2021-2026 ($ million)
      • Exhibit 26: Data Table on Crystalline silicon - Market size and forecast 2021-2026 ($ million)
      • Exhibit 27: Chart on Crystalline silicon - Year-over-year growth 2021-2026 (%)
      • Exhibit 28: Data Table on Crystalline silicon - Year-over-year growth 2021-2026 (%)
    • 5.4 Thin-film - Market size and forecast 2021-2026
      • Exhibit 29: Chart on Thin-film - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Data Table on Thin-film - Market size and forecast 2021-2026 ($ million)
      • Exhibit 31: Chart on Thin-film - Year-over-year growth 2021-2026 (%)
      • Exhibit 32: Data Table on Thin-film - Year-over-year growth 2021-2026 (%)
    • 5.5 Market opportunity by Technology
      • Exhibit 33: Market opportunity by Technology ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 34: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Drivers, Challenges, and Trends

    • 7.1 Market drivers
      • 7.2 Market challenges
        • 7.3 Impact of drivers and challenges
          • Exhibit 35: Impact of drivers and challenges in 2021 and 2026
        • 7.4 Market trends

          8 Vendor Landscape

          • 8.1 Overview
            • 8.2 Vendor landscape
              • Exhibit 36: Overview on Criticality of inputs and Factors of differentiation
            • 8.3 Landscape disruption
              • Exhibit 37: Overview on factors of disruption
            • 8.4 Industry risks
              • Exhibit 38: Impact of key risks on business

            9 Vendor Analysis

            • 9.1 Vendors covered
              • Exhibit 39: Vendors covered
            • 9.2 Market positioning of vendors
              • Exhibit 40: Matrix on vendor position and classification
            • 9.3 Hanwha Corp.
              • Exhibit 41: Hanwha Corp. - Overview
              • Exhibit 42: Hanwha Corp. - Product / Service
              • Exhibit 43: Hanwha Corp. - Key news
              • Exhibit 44: Hanwha Corp. - Key offerings
            • 9.4 LG Corp.
              • Exhibit 45: LG Corp. - Overview
              • Exhibit 46: LG Corp. - Business segments
              • Exhibit 47: LG Corp. - Key offerings
              • Exhibit 48: LG Corp. - Segment focus
            • 9.5 Panasonic Holdings Corp.
              • Exhibit 49: Panasonic Holdings Corp. - Overview
              • Exhibit 50: Panasonic Holdings Corp. - Business segments
              • Exhibit 51: Panasonic Holdings Corp. - Key news
              • Exhibit 52: Panasonic Holdings Corp. - Key offerings
              • Exhibit 53: Panasonic Holdings Corp. - Segment focus
            • 9.6 Sungevity Inc.
              • Exhibit 54: Sungevity Inc. - Overview
              • Exhibit 55: Sungevity Inc. - Product / Service
              • Exhibit 56: Sungevity Inc. - Key offerings
            • 9.7 Sunnova Energy International Inc.
              • Exhibit 57: Sunnova Energy International Inc. - Overview
              • Exhibit 58: Sunnova Energy International Inc. - Business segments
              • Exhibit 59: Sunnova Energy International Inc. - Key news
              • Exhibit 60: Sunnova Energy International Inc. - Key offerings
              • Exhibit 61: Sunnova Energy International Inc. - Segment focus
            • 9.8 Sunrun Inc.
              • Exhibit 62: Sunrun Inc. - Overview
              • Exhibit 63: Sunrun Inc. - Business segments
              • Exhibit 64: Sunrun Inc. - Key offerings
              • Exhibit 65: Sunrun Inc. - Segment focus
            • 9.9 Tesla Inc.
              • Exhibit 66: Tesla Inc. - Overview
              • Exhibit 67: Tesla Inc. - Business segments
              • Exhibit 68: Tesla Inc. - Key offerings
              • Exhibit 69: Tesla Inc. - Segment focus
            • 9.10 TotalEnergies SE
              • Exhibit 70: TotalEnergies SE - Overview
              • Exhibit 71: TotalEnergies SE - Business segments
              • Exhibit 72: TotalEnergies SE - Key news
              • Exhibit 73: TotalEnergies SE - Key offerings
              • Exhibit 74: TotalEnergies SE - Segment focus
            • 9.11 Trina Solar Co. Ltd.
              • Exhibit 75: Trina Solar Co. Ltd. - Overview
              • Exhibit 76: Trina Solar Co. Ltd. - Business segments
              • Exhibit 77: Trina Solar Co. Ltd. - Key offerings
              • Exhibit 78: Trina Solar Co. Ltd. - Segment focus
            • 9.12 Trinity Heating and Air Inc
              • Exhibit 79: Trinity Heating and Air Inc - Overview
              • Exhibit 80: Trinity Heating and Air Inc - Product / Service
              • Exhibit 81: Trinity Heating and Air Inc - Key offerings

            10 Appendix

            • 10.1 Scope of the report
              • 10.2 Inclusions and exclusions checklist
                • Exhibit 82: Inclusions checklist
                • Exhibit 83: Exclusions checklist
              • 10.3 Currency conversion rates for US$
                • Exhibit 84: Currency conversion rates for US$
              • 10.4 Research methodology
                • Exhibit 85: Research methodology
                • Exhibit 86: Validation techniques employed for market sizing
                • Exhibit 87: Information sources
              • 10.5 List of abbreviations
                • Exhibit 88: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Residential Solar market growth will increase by $6676.73 million during 2022-2026.
              The residential solar market is expected to grow at a CAGR of 10.39% during 2022-2026.
              Technavio has segmented the residential solar market by technology (Crystalline silicon and Thin-film) and geographic (US, Europe, North America, MEA, and South America).
              AUXIN SOLAR Inc., BrightSource Energy Inc, E Solar, Enphase Energy Inc., Freedom Solar LLC, Hanwha Corp., LG Corp., Panasonic Holdings Corp., Schneider Electric SE, Sharp Corp., Silfab Solar Inc., Solar Panels Plus LLC, Sungevity Inc., Sunnova Energy International Inc., Sunrun Inc., Tesla Inc., TotalEnergies SE, Trina Solar Co. Ltd., Trinity Heating and Air Inc are a few of the key vendors in the residential solar market.
              North America will register the highest growth rate of 100% among the other regions. Therefore, the residential solar market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the residential solar market growth are:
              • Increasing investments in renewable energy
              • Residential energy storage as virtual power plants
              The residential solar market vendors should focus on grabbing business opportunities from the crystalline silicon segment as it accounted for the largest market share in the base year.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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