United States Solar Power Market Size, Growth, Key Players, Opportunity Report by 2033

IMARC Group has recently released a new research study titled “United States Solar Power Market Size, Share, Trends and Forecast by Technology, Solar Module, End Use, Application, and Region, 2025-2033” which offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

Market Overview

The United States solar power market size was valued at 177 GW in 2024 and is projected to reach 657.62 GW by 2033, reflecting a robust CAGR of 14.2% during the forecast period from 2025 to 2033. Market expansion is propelled by increasing investments in solar infrastructure and technology enhancements, including the integration of solar panels in automotive designs. This growth aligns with rising environmental awareness and technological advancements improving efficiency and affordability.

Study Assumption Years

●     Base Year: 2024

●     Historical Years: 2019-2024

●     Forecast Period: 2025-2033

United States Solar Power Market Key Takeaways

●     Current Market Size: 177 GW in 2024

●     CAGR: 14.2%

●     Forecast Period: 2025-2033

●     The U.S. solar power market is fueled by growing environmental awareness driving demand for renewable energy.

●     Technological improvements like higher efficiency solar cells and better energy storage boost market growth.

●     Government funding includes USD 2 Billion for clean energy jobs and infrastructure, enhancing solar initiatives nationwide.

●     Photovoltaic (PV) module production increased by 75% in the first half of 2024 compared to the previous year.

●     Solar power applications are expanding in the automotive sector with rising electric vehicle sales and solar-powered charging stations.

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United States Solar Power Market Growth Factors

Rising environmental awareness is a key force driving the growth of the United States solar power market. Individuals and organizations are increasingly turning to solar energy as a clean and sustainable alternative to traditional power sources, fueled by mounting concerns over climate change, environmental pollution, and the depletion of natural resources. As a renewable and low-emission energy option, solar power enables households and businesses to significantly reduce their carbon footprints. This growing eco-conscious mindset is encouraging greener lifestyles and business practices, with solar energy playing a vital role in lowering greenhouse gas emissions and supporting long-term environmental preservation.

Technological progress is also playing a major role in accelerating market expansion. Innovations in solar panel technology have enhanced efficiency, durability, and overall performance, while advancements in energy storage systems are helping to address intermittency challenges. These developments make solar power more reliable and suitable for both residential and commercial use. In parallel, the integration of smart grid technologies and advanced solar monitoring solutions is improving energy management and distribution, while reducing installation and maintenance costs. Together, these advancements are making solar power more affordable, accessible, and appealing to consumers seeking both economic and environmental benefits.

Government support and investment further strengthen market growth. The U.S. Budget for FY 2024 allocated USD 2 billion toward clean energy job creation and infrastructure development, including USD 107 million for the Grid Deployment Office to assist utilities and local governments in building a more resilient and renewable-ready power grid. Increased public funding, combined with supportive policies, tax incentives, and rising private sector investments, is accelerating solar infrastructure development and technological innovation. Additionally, domestic photovoltaic module production capacity expanded significantly, with output rising by 75% in early 2024, supporting broader adoption of solar energy across residential and commercial sectors.

United States Solar Power Market Segmentation

Breakup by Technology:

●     Photovoltaic Systems: These systems convert sunlight directly into electricity using semiconductor materials, primarily silicon-based solar panels. Their cost-effectiveness and scalability make them suitable for residential and commercial use.

●     Concentrated Solar Power Systems: Utilizing lenses or mirrors to focus sunlight and generate high temperatures for electricity, these systems are mainly for large-scale solar power plants in regions with abundant direct sunlight.

Breakup by Solar Module:

●     Monocrystalline: Known for high efficiency and longevity, consisting of a single crystal structure that enables greater power generation. Often used where space conservation is critical.

●     Polycrystalline: Made from fused silicon crystals, offering a balance of cost and performance, widely utilized in large solar setups.

●     Cadmium Telluride: Thin-film technology panels that are lightweight and flexible, with lower manufacturing costs, suitable for utility-scale projects and effective in low light.

●     Amorphous Silicon Cells: Non-crystalline silicon cells that are flexible and lightweight, adapted for compact, portable solar devices and surfaces like glass or plastic.

●     Others

Breakup by End Use:

●     Electricity Generation: Covers residential, commercial, and utility-scale applications producing clean electricity and reducing reliance on fossil fuels.

●     Lighting: Includes solar-powered streetlights, garden lights, and outdoor decoration lights, storing solar energy during the day for nighttime use.

●     Heating: Solar thermal systems for water heating and space heating used in homes, businesses, and industries.

●     Charging: Solar-powered charging stations for electric vehicles and portable electronics.

Breakup by Application:

●     Residential: Homeowners use solar panels to reduce energy costs and environmental impact, often paired with home battery systems.

●     Commercial: Businesses adopt solar to lower costs and enhance sustainability, applied in offices, retail, and warehouses.

●     Industrial: Factories and plants use solar for large-scale energy demands, integrating systems for production, heating, and cooling.

Regional Insights

The South region is the largest solar market in the United States, benefiting from ample sunlight, favorable weather, and declining solar technology prices. States such as Texas, Florida, and Georgia extensively use solar power for both residential and utility-scale applications. The region's long summers and high energy demand make solar energy particularly attractive for residents and businesses.

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Recent Developments & News

In January 2025, Aptera Motors launched a solar-powered electric vehicle offering a 60 km daily range without plugging in, with nearly 50,000 reservations. Waaree Solar Americas began commercial solar module manufacturing at its 1.6 GW Texas plant, aiming to expand capacity to 5 GW by 2027. In December 2024, Leeward Renewable Energy commenced operations at a 200-MW solar plant in Texas, supplying power to Microsoft. October 2024 saw TotalEnergies start operations of 1.2 GW solar projects with integrated battery storage in Texas.

Key Players

●     Acciona

●     All Earth Renewables

●     Canadian Solar

●     Complete Solar

●     Complete Solar

●     First Solar

●     Jinko Solar

●     SHARP Corporation

●     Silfab Solar Inc.

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