U.S Solar Photovoltaic Market – By Type , By Material , By Grid Connectivity , By Installation - Opportunity Analysis & Industry Forecast, 2025-2031

U.S Solar Photovoltaic 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. The U.S Solar Photovoltaic Market is booming due to the rising demand for clean energy and sustainability driven by global efforts to reduce carbon emissions. Energy independence is another factor as it allows individual consumers and businesses to generate their own power. Additionally, technological advancements are enhancing efficiency and reliability making solar energy more appealing and the government support and initiatives further drive growth in the market. A major trend in the market is the use of solar trackers. Solar trackers are rapidly gaining popularity in the renewable energy sector by offering a significant boost in efficiency for solar power systems as they automatically adjusting the angle of solar panels to follow the sun’s movement throughout the day. In December 2024, Nextracker announced it has shipped and delivered the industry’s first U.S.-manufactured solar trackers in the United States to SB Energy’s Pelican’s Jaw project. Another trend in the market is bifacial solar panels. Bifacial solar panels capture sunlight from both sides are gaining popularity due to their ability to generate more energy. 

U.S Solar Photovoltaic Market - Report Coverage:

The “U.S Solar Photovoltaic Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the U.S Solar Photovoltaic Market.

Key Takeaways:

Crystalline is the Largest Segment

Crystalline is the largest segment in the U.S Solar Photovoltaic Market due to its high efficiency, durability and cost-effectiveness. Monocrystalline and polycrystalline silicon panels account for the majority of solar installations particularly in utility-scale and residential projects. Crystalline silicon technology offers higher energy conversion rates than thin-film alternatives making it the preferred choice for large-scale solar farms and rooftop installations. The widespread availability of silicon coupled with advancements in manufacturing techniques has driven down costs further solidifying its market leadership. In March 2024, Suniva, Inc. and Heliene, Inc. announced the execution of a three-year strategic sourcing contract. Under the terms of the contract, Heliene will incorporate Suniva’s U.S.-made solar cells into its U.S.-made solar modules, with market availability beginning in mid-2024. Heliene’s modules will be the first crystalline solar modules with a U.S.-made solar cell. This contract is the result of solar project owners’ and developers’ desire for their projects to qualify for the 10% Domestic Content Bonus Investment Tax Credit, which can be obtained by using U.S. made cells based on The U.S. Department of Treasury’s guidance published in May 2023. Therefore, government incentives, tax credits and state-level renewable energy mandates support the adoption of crystalline PV systems.

On Grid is the Largest Segment 

On Grid holds the largest market share due to their integration with the existing power infrastructure. These systems, connected to the national electricity grid, allow excess energy to be fed back into the system through net metering programs, enabling consumers to lower electricity costs. Utilities, commercial businesses, and residential users prefer on-grid systems because they eliminate the need for expensive battery storage while ensuring a reliable power supply. Government policies, federal tax incentives and renewable portfolio standards (RPS) helped accelerate on-grid solar adoption particularly in states like California, Texas and Florida. Nearly 9 in 10 Californians believe solar customers should be fairly compensated for the power they sell back to the grid and 85% say the state should be doing more to encourage solar adoption, according to new polling released in September 2024 by Global Strategy Group (GSG), North Star and the Solar Energy Industries Association (SEIA). The poll reveals strong backing for solar at all scales as 87% support the construction of more utility-scale solar in the desert and 74% support the construction of a solar project in their own community, including 64% of respondents living in rural communities.

Utilities Leads the Market

Utilities occupied the largest share in the market in 2024 driven by the region's growing solar energy capacity, high installation and government initiatives that promote the use of solar energy. According to the U.S. Solar Market Insight 2024 Year in Review report released by the Solar Energy Industries Association (SEIA), the utility-scale segment saw historic gains in 2024, growing by 33% year-over-year with a record 41.4 GW of installed capacity. The US Energy Information Administration (EIA) forecasts 63GW of new utility-scale electricity-generating project additions in 2025, led by solar PV. 52% is forecast to come from utility-scale solar PV with 32.5GW, which added a record 30GW in 2024, according to data from the EIA. According to the American Clean Power Association, at the end of Q2 2024, Texas surpassed California as the leading state in installed utility-scale solar PV.

Government Incentives to Boost Local Manufacturing

The U.S. government is actively encouraging domestic manufacturing of photovoltaic components to enhance energy security, drive economic growth and reduce reliance on international supply chains. According to the Institute for Energy Economics & Financial Analysis, the export of Indian PV modules surged by more than 23 times between FY2022 and FY2024, with the U.S. accounting for over 97% of India’s exports in both FY2023 and FY2024. While international trade in PV modules is thriving, the American government aims to boost domestic production through measures such as the Inflation Reduction Act, tax credits and other incentives. A key example is Qcells' $2.8 billion investment in building a fully integrated solar supply chain facility in Cartersville, Georgia. This facility will produce ingots, wafers, cells, and finished panels, with an annual capacity of 8.4 GW, equivalent to nearly 46,000 panels per day. In December 2024, the U.S. Department of Energy's Loan Programs Office (LPO) supported this initiative with a $1.45 billion loan. By fostering projects like Qcells' facility, the U.S. government aligns with its renewable energy goals and strengthens its leadership in sustainable innovation and economic growth.

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the U.S Solar Photovoltaic Market. The top 10 companies in this industry are listed below:

1. Canadian Solar Inc
2. First Solar Inc
3. LONGi Solar North America
4. Jinko Solar Holding Company Ltd
5. SEG Solar
6. Mission Solar Energy LLC
7. Qcells North America
8. Heliene, Inc.
9. Trina Solar Ltd
10. Maxeon Solar Technologies, Ltd..

Scope of the Report

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