U.S. Solar Power Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025

Description

The U.S. solar power market is expected to grow significantly from USD 53.45 billion in 2024 to USD 123.86 billion by 2032, at a CAGR of 11.19%. This growth is primarily driven by falling solar panel costs, government incentives like the Inflation Reduction Act of 2022, and the increasing demand for clean energy. Additionally, advancements in solar energy technologies, such as photovoltaic (PV) and concentrated solar power (CSP), alongside improvements in battery storage systems, are further supporting the market's expansion. Solar energy is becoming more accessible, benefiting residential, commercial, and utility sectors alike.

Key Insights

The solar photovoltaic (PV) technology leads the U.S. solar power market, holding a 92% share in 2024 due to its cost-effectiveness and ease of installation, particularly for residential, commercial, and utility applications.

Concentrated solar power (CSP) is the fastest-growing segment due to its capacity for large-scale power generation and energy storage capabilities.

Utility-scale solar power generation dominates the market, providing the largest share of the U.S. solar power capacity, while the residential sector is the fastest-growing due to demand for energy independence and decreasing installation costs.

The declining costs of solar panels and associated technologies, driven by economies of scale and competition, are making solar energy more accessible and affordable for both consumers and businesses.

Battery energy storage systems (BESS) are increasingly being integrated with solar installations, enhancing energy storage capabilities and ensuring power availability during nighttime or outages.

The U.S. solar power market is also benefiting from state-level renewable energy mandates and federal policies supporting clean energy, ensuring a steady rise in solar installations across residential, commercial, and utility applications.

The largest market share is held by the West region, while the South is expected to witness the fastest growth, driven by strong policy support and rising solar adoption.

Utility-scale solar power projects are expected to continue dominating, as they provide cost-effective energy solutions, while rooftop solar installations are becoming increasingly popular due to their economic and environmental benefits.

Product Code: 13316

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
- 1.4.2. Market Size Breakdown, by Application
- 1.4.3. Market Size Breakdown, by Power Output
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. Porter-s Five Forces Analysis
- 5.4.1. Bargaining Power of Buyers
- 5.4.2. Bargaining Power of Suppliers
- 5.4.3. Threat of New Entrants
- 5.4.4. Intensity of Rivalry
- 5.4.5. Threat of Substitutes

Chapter 6. Competitive Landscape

6.1. List of Market Players and their Offerings
6.2. Competitive Benchmarking of Key Players
6.3. Product Benchmarking of Key Players
6.4. Recent Strategic Developments by Key Players
6.5. Company Leadership Matrix

Chapter 7. U.S. Market

7.1. Overview
7.2. Market Revenue, by Technology (2019-2032)
7.3. Market Revenue, by Application (2019-2032)
7.4. Market Revenue, by Power Output (2019-2032)
7.5. Market Revenue, by Country (2019-2032)

Chapter 8. Northeast Market

8.1. Overview
8.2. Economic Indicators
8.3. Regional Hotspots
8.4. Growth Drivers
8.5. Challenges and Barriers
8.6. Competitive Strategies
8.7. Emerging Players
8.8. Compliance Requirements
8.9. Emerging Investment Areas
8.10. Major Ongoing Projects
8.11. Market Size and Forecast
- 8.11.1. Market Revenue, by Technology (2019-2032)
- 8.11.2. Market Revenue, by Application (2019-2032)
- 8.11.3. Market Revenue, by Power Output (2019-2032)

Chapter 9. Midwest Market

9.1. Overview
9.2. Economic Indicators
9.3. Regional Hotspots
9.4. Growth Drivers
9.5. Challenges and Barriers
9.6. Competitive Strategies
9.7. Emerging Players
9.8. Compliance Requirements
9.9. Emerging Investment Areas
9.10. Major Ongoing Projects
9.11. Market Size and Forecast
- 9.11.1. Market Revenue, by Technology (2019-2032)
- 9.11.2. Market Revenue, by Application (2019-2032)
- 9.11.3. Market Revenue, by Power Output (2019-2032)

Chapter 10. West Market

10.1. Overview
10.2. Economic Indicators
10.3. Regional Hotspots
10.4. Growth Drivers
10.5. Challenges and Barriers
10.6. Competitive Strategies
10.7. Emerging Players
10.8. Compliance Requirements
10.9. Emerging Investment Areas
10.10. Major Ongoing Projects
10.11. Market Size and Forecast
- 10.11.1. Market Revenue, by Technology (2019-2032)
- 10.11.2. Market Revenue, by Application (2019-2032)
- 10.11.3. Market Revenue, by Power Output (2019-2032)

Chapter 11. South Market

11.1. Overview
11.2. Economic Indicators
11.3. Regional Hotspots
11.4. Growth Drivers
11.5. Challenges and Barriers
11.6. Competitive Strategies
11.7. Emerging Players
11.8. Compliance Requirements
11.9. Emerging Investment Areas
11.10. Major Ongoing Projects
11.11. Market Size and Forecast
- 11.11.1. Market Revenue, by Technology (2019-2032)
- 11.11.2. Market Revenue, by Application (2019-2032)
- 11.11.3. Market Revenue, by Power Output (2019-2032)

Chapter 12. Company Profiles

Chapter 13. Appendix

13.1. Sources and References
13.2. Related Reports

U.S. Solar Power Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2025 - 2032)