United States Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The US solar energy market is expected to record a CAGR of 17.32% during the forecast period (2022-2027), reaching a solar installed capacity of 270 GW by 2027 from 96.19 GW in 2020. Unlike many other industries, the country’s solar energy industry was not severely impacted by the COVID-19 pandemic, resulting in significant new installations of 19.22 GW in 2020. Factors such as declining solar PV costs and supportive government policies are expected to drive the solar energy market in the country. However, supply chain vulnerability due to increasing geopolitical tensions and increasing consumption of natural gas are expected to hinder the market's growth during the forecast period.
Key HighlightsThe US solar energy market is fragmented. Some of the key players include M. A. Mortenson Company, First Solar Inc., NextEra Energy Inc., SOLV Energy, and 8minutenergy Renewables LLC.
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