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Market Overview:
The U.S Solar Photovoltaic Market size is estimated to reach $67.3 Billion by 2031, growing at a CAGR of 22.0% during the forecast period 2025-2031, according to a recent report published by IndustryARC, titled, “U.S Solar Photovoltaic Market – By Type (Thin film and Crystalline), By Material (Silicon based, Perovskite, Organic Photovoltaic and Others), By Grid Connectivity (On Grid and Off Grid), By Installation (Ground mounted, Rooftop and Floating Solar), By Application (Residential, Commercial, Utilities and Others) and By Geography - Global Opportunity Analysis & Industry Forecast, 2025-2031”
The U.S Solar Photovoltaic Market is experiencing robust growth driven by an increasing preference for plant-based beverages and a surge in global Solar Photovoltaic consumption. Additionally, the widespread popularity of Solar Photovoltaic culture and the rising number of cafes are also contributing to market growth.
Utilities Dominated the Market in 2024:
Utilities accounted for the largest share of 41% of the U.S Solar Photovoltaic Market in 2024 driven by large solar farms supplying electricity to the grid. According to the US Department of Energy (EIA), the United States connected 20.2 GW (AC) of utility-scale power plants to the grid during the first half of 2024. This capacity includes 12 GW of solar, which represents 59% of the total additions. Utility companies invest heavily in solar infrastructure to diversify their energy portfolios, reduce carbon emissions, and meet federal and state-level renewable energy targets. Large-scale solar farms often spanning thousands of acres benefit from economies of scale, lowering the cost per megawatt-hour compared to residential and commercial installations.
U.S Solar Photovoltaic Market: Key Takeaways
Net Zero and SDG
The push for net-zero and the Sustainable Development Goals (SDGs) is accelerating photovoltaic adoption in the U.S. The Biden administration set ambitious clean energy targets, aiming for a carbon-free electricity sector by 2035 and net-zero emissions by 2050. Solar energy plays a critical role in achieving these goals, with increasing investments in large-scale photovoltaic projects and residential solar installations. The private sector is also aligning with sustainability objectives, with corporations committing to 100% renewable energy under initiatives like RE100.
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Make in America Initiative
The U.S. government's Make in America initiative is driving demand for domestically produced photovoltaic panels with tariffs on Chinese imports boosting local manufacturing. Policies such as the Inflation Reduction Act (IRA) and the Solar Energy Manufacturing for America Act offer tax credits and incentives for companies investing in U.S.-based solar production. Tariffs on Chinese solar imports imposed to counteract unfair trade practices further encourage domestic manufacturing. In February 2025, US President Donald Trump issued an executive order imposing new 10% tariffs on Chinese solar materials. The move follows former President Joe Biden’s tariff hikes bringing total duties on Chinese solar polysilicon, wafers and cells to 60% under Section 301.
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Recent Developments:
• In February 2025, SEG Solar, a U.S.-based manufacturer of photovoltaic (PV) modules, and Talon PV, a U.S.-based manufacturer of solar cells, announced a strategic partnership under which Talon would supply high-performance N-type solar cells to SEG starting in Q1 2026.
• In January 2025, ContourGlobal and Qcells announced a strategic transaction for a U.S. solar PV portfolio located in Colorado and Virginia with an installed capacity of 446 MWp.
U.S Solar Photovoltaic Market: Competitive Landscape
Key companies profiled in the U.S Solar Photovoltaic Market are Canadian Solar Inc., First Solar Inc., LONGi Solar North America, Jinko Solar Holding Company Ltd., SEG Solar, Mission Solar Energy LLC, Qcells North America, Heliene, Inc., Trina Solar Ltd., Maxeon Solar Technologies, Ltd. and Others
Related Reports:
Solar Backsheet Market – Solar Backsheet Market Size is valued at $7.44 Billion by 2030, and is anticipated to grow at a CAGR of 7.8% during the forecast period 2024 -2030. The advancements in solar technology have increased efficiency, driving higher installation rates globally, supported by environmental policies favoring renewable energy sources are stimulating market growth.
Floatovoltaics Market - The Global Floatovoltaics Market size is estimated to reach US$3.5 billion by 2027, growing at a CAGR of 12.5% from 2022 to 2027 owing to increasing demand for sustainable solar energy. Additionally, increasing investment in solar-based energy projects and growing awareness about clean and sustainable energy have boosted the market growth
Solar Project Financing Market - Solar Project Financing Market size is estimated to reach $1150 Billion by 2030, growing at a CAGR of 15% during the forecast period 2024-2030. The Government incentives in and the cost of solar photovoltaic (PV) technology has seen a significant decline in recent years, rendering solar projects increasingly cost-effective and appealing to investors are propelling the Solar Project Financing Market growth.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
Contact Us:
Mr. Venkat Reddy
IndustryARC
Email: [email protected]
USA: (+1) 518-282-4727