PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1731126
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1731126
U.S. Solar Panel Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)
The U.S. solar panel market generated revenue of USD 30.9 billion in 2024 and is projected to grow at a compound annual growth rate of 12.5% between 2025 and 2032, reaching USD 78.4 billion by 2032. The growth is fueled by increasing adoption of renewable energy, government incentives promoting solar power, and rising environmental concerns. The expansion of residential, commercial, and utility-scale solar installations is further driving market demand.
Technological advancements in photovoltaic cells, including higher efficiency and lower manufacturing costs, are making solar panels more accessible and affordable. Additionally, declining costs of energy storage solutions and supportive regulatory frameworks are enhancing market growth. These factors collectively position the U.S. solar panel market for significant expansion in the coming years.
Key Insights
The market is segmented by panel type into monocrystalline, polycrystalline, and thin-film solar panels, with monocrystalline panels dominating due to higher efficiency.
Utility-scale installations lead the application segment, while residential is the fastest-growing category.
States such as California, Texas, and Florida are major markets, supported by favorable sunlight conditions and state-level incentives.
Innovations such as bifacial solar panels and building-integrated photovoltaics (BIPV) are enhancing adoption.
Leading players like First Solar, SunPower Corporation, and Tesla focus on technological innovation and capacity expansion.
The integration of solar panels with energy storage systems and smart grids is gaining traction.
Government policies and tax credits, such as the Investment Tax Credit (ITC), significantly support market growth.
Increasing corporate sustainability initiatives are boosting commercial solar installations.
The declining cost of solar panels and installation is driving consumer adoption.
Table of Contents
Chapter 1. Research Scope
- 1.1. Research Objectives
- 1.2. Market Definition
- 1.3. Analysis Period
- 1.4. Market Size Breakdown by Segments
- 1.4.1. Market Size Breakdown, by Technology Type
- 1.4.2. Market Size Breakdown, by Application
- 1.4.3. Market Size Breakdown, by Installation
- 1.4.4. Market Size Breakdown, by End User
- 1.5. Market Data Reporting Unit
- 1.5.1. Revenue
- 1.6. Key Stakeholders
Chapter 2. Research Methodology
- 2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence Database
- 2.2. Primary Research
- 2.3. Market Size Estimation
- 2.4. Data Triangulation
- 2.5. Currency Conversion Rates
- 2.6. Assumptions for the Study
- 2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
- 5.1. Industry Background
- 5.2. Market Dynamics
- 5.2.1. Trends
- 5.2.2. Drivers
- 5.2.3. Restraints/Challenges
- 5.2.4. Emerging Economies and Key Opportunities
- 5.2.5. Impact Analysis of Drivers/Restraints
- 5.3. Impact of COVID-19
- 5.4. Sociopolitical Impact
- 5.5. Porter's Five Forces Analysis
- 5.5.1. Bargaining Power of Buyers
- 5.5.2. Bargaining Power of Suppliers
- 5.5.3. Threat of New Entrants
- 5.5.4. Intensity of Rivalry
- 5.5.5. Threat of Substitutes
- 5.6. Innovation and Technology Trends
- 5.7. Supply Chain and Value Chain Insights
- 5.8. Economic and Regulatory Impact
- 5.9. Market Entry Strategies
Chapter 6. Competitive Landscape
- 6.1. List of Market Players and their Offerings
- 6.2. Market Share of Key Players (2024)
- 6.3. Competitive Benchmarking of Key Players
- 6.4. Product Benchmarking of Key Players
- 6.5. Recent Strategic Developments by Key Players
- 6.6. Company Leadership Matrix
Chapter 7. U.S. Market
- 7.1. Overview
- 7.2. Market Revenue, by Technology Type (2019-2032)
- 7.3. Market Revenue, by Application (2019-2032)
- 7.4. Market Revenue, by Installation (2019-2032)
- 7.5. Market Revenue, by End User (2019-2032)
- 7.6. Market Revenue, by Region (2019-2032)
Chapter 8. Company Profiles
Chapter 9. Appendix
- 9.1. Sources and References
- 9.2. Related Reports
