The utility-scale photovoltaic (PV) market in the United States is experiencing extraordinary growth, with key market segments, prominent players, and federal policies driving this solar revolution. Technological advances and strategic partnerships are pushing the boundaries of solar efficiency and sustainability.
In the United States, the utility-scale photovoltaic (PV) market is experiencing unprecedented growth, with cumulative installed capacity skyrocketing and technology trends shifting toward greater efficiency and sustainability. As of February 12, 2024, the global solar PV installations market is projected to reach a staggering $393,594 million by 2023, growing at a compound annual growth rate (CAGR) of 17.4% between 2017 and 2023.
Key market segments and playersUnited States: The Solar Renaissance and Soaring Growth of the Utility-Scale PV Market
The solar PV market spans several segments, including thin film, crystalline, monocrystalline, and microcrystalline technologies. Among them, the crystalline silicon solar PV segment held the largest share in 2016, driven by strong demand in countries such as China and Japan. The monocrystalline technology sector is expected to see significant growth due to advancements in technology and increased solar efficiency.
Prominent industry players are adopting strategies to strengthen their influence in the market, with key developments such as Recurrent Energy securing $160 million for a solar project in Louisiana and Microsoft becoming the sole buyer of another solar project.
Impact of policies and market dynamics
Federal policies, including the Inflation Reduction Act (IRA) and the phasing out of the Investment Tax Credit (ITC), are playing a critical role in shaping the solar industry. The rapid growth of renewable energy in the Asia-Pacific and LAMEA regions, local content laws and increase in PV panel installation projects due to the expiration of the ITC are the main drivers of the market.
Operating expenses, levelized cost of solar energy, and power purchase agreement (PPA) prices are important factors in market dynamics. Furthermore, evaluating the reliability of inverters has become crucial to ensure the longevity and efficiency of solar PV installations.
In conclusion, the solar PV market is undergoing a transformation, with large-scale projects driving growth and technological innovations pushing the limits of solar efficiency. The global market is expected to continue its upward trajectory, with key segments and players vying for influence in this rapidly evolving landscape.