The U.S. solar PV market is estimated to experience considerable expansion in the years ahead. Boosting demand for solar PVs in the sectors of residential and commercial are responsible for the same. Funds and accelerated supportive regulatory frameworksare projected to propel the demand for the market during the forecast phase. Moreover, steep reduction in equipment price on account of increased installations (specifically in California) is estimated to continue over the forecast phase. Application sectors of the U.S. solar PV market, such as non-residential, residential and utility are predicted to notice installations till 2016.
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The U.S. solar PV market, which relies on sponsorship, is projected to experience reduced installations after the funding phase. This is on account of higher fiscal costs in comparison to other power production forms. The sector of residential has been experiencing imperative U.S. solar PV marketdemand in the last few years. Augmented consciousness (among clients) with respect to ecological safety, together with fundedunit cost has caused this sector to undergo the same. Moreover, low costs involvedin the maintenance of solar PVs as against other power producing units have led to significant demand for themin the last few years. This trend is anticipated to carry on in the near future.
Decreased carbon ejections during electricityproduction in comparison to other energy sources, in combination with accessibility to differently-sized PV units are also likely to further the sales of the U.S. solar PV market in the coming years. Moreover, solar radiations in the United States have aided market expansion in the last five years. Unit costs ofsolar PV have also decreased. This has been due to national sponsorships and grants and escalating unit installations. Additionally, costs of unprocessed materials for the production of solar cells have also reduced abruptly. Manufacturing and technological developments have contributed to this.
The U.S. solar PV market is bifurcated into two categories. These include states and applications.
California was the biggest U.S. solar PV market in 2014. The region occupied the biggest share due to rising installation of solar PVs in the sectors of residential and utility. California captured in excess of 50 percent of the market. It was chased by Arizona and New Jersey. North Carolina and California experienced augmented residential installations in 2014.
This experience of theirs was in view of supportive subvention regulations and regulatory frameworks by the central government. Unit costs are estimated to reduce steeply in California due to huge scale installations in the years to come. Also, the rising tendency of states towards the production of renewable electricity isestimated to drive the U.S. solar PV market ahead.
The energy regulations of California aid the development of renewable energy. This is yet another factor projected at intensifying the demand for the market.
Utility was the biggest application sector of theU.S. solar PV market in 2014. Residential and non-residential followed utility and were the second and third biggest sectors respectively. Non-residential is expected to notice slowgrowth. Low set-up costs of solar PVs and technological developments are likely to expand the U.S. solar PV market in the aforementioned sectors.
Information Source: Grand View Research