US Solar Inverter Market Seen Soaring 11.8% Growth to Reach USD 3.38 Billion by 2030, Projects Univdatos Market Insights
- Vikas Kumar
- November 15, 2023
- ENERGY & POWER, NEWS
- US Solar Inverter, US Solar Inverter Market, US Solar Inverter Market analysis, US Solar Inverter Market forecast, US Solar Inverter Market growth, US Solar Inverter Market trends
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Key Highlights of the Report:
1. Increasing prevalence of US Solar Inverter: The US Solar Inverter market is driven by a growing number of investments in solar renewable energy by companies due to clean energy policies.
2. Technological advancements: Advancements in solar panels have revolutionized the USA Solar energy industry. This has resulted in the development of more efficient solar to energy conversion panels which can minimise loss of power in solar panels.
3. Rising demand for cleaner energy: There is a growing demand for renewable energy and clean energy. Consumers are demanding environment-friendly products, thus demand for solar inverters is increasing in the country.
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4. Increased government support and funding: The US government is showing an increased commitment to promoting renewable energy by providing funding for research and development in the field of solar energy. This government also supports the market through subsidies and favourable policies which have led to rapid advancements and innovations.
5. Growing adoption of US Solar Inverter and higher ROI in solar panels: companies have started investing in US Solar Inverter as they are much more beneficial in the long run.
According to a new report by Univdatos Market Insights, US Solar Inverter Market, is expected to reach USD 3.38 Billion in 2030 by growing at a CAGR of 11.8%. The country acquired the second most share in the Global Solar Inverter market in the world and is one of the leading countries in the Solar Inverter industry in both revenues and research funding. It is mainly owing to supportive government policies, investment, and financial grants for the development of Solar Inverter facilities in the country that are fuelling the market size. The USA has introduced new policies to fully monetize manufacturing tax credits in the United States which could bring all the country’s segments of solar PV manufacturing to cost parity with the lowest-cost manufacturers. In the United States, expansion already planned includes the manufacturing of roughly 9 GW of integrated crystalline silicon (c-Si) modules and 6 GW of thin-film panels.
The majority of states in the United States of America are heavily investing in renewable energy to meet their renewable energy targets and the solar energy market is one of the prominent sources of energy which has seen a massive boom in the last decade. For instance, In the USA, one of the leading nations for solar power, solar has experienced an average annual growth rate of 24% in the last decade alone. Thanks to strong federal policies like the Solar Investment Tax Credit, rapidly declining costs, and increasing demand across the private and public sectors for clean electricity, more than 155 gigawatts of solar capacity are installed nationwide, enough to power 27 million homes.
Government Policies Supporting the Solar Energy Industry
There has been a rise in demand for renewable energy and the United states of America is planning to diversify its energy portfolio in order to become less dependent on conventional sources of energy. The government has started addressing climate issues and have introduced many new renewable energy schemes to reduce carbon emissions. Governments across the world are coming together for initiatives such as Paris Climate Agreement and this is acting as a catalyst in the growth of the US Solar Inverter Market.
Along with national schemes, there are various types of policy that are driving Solar PV capacity growth, including auctions, feed-in tariffs, net-metering and contracts for difference.
The U.S. solar industry is subject to a variety of federal, state, and local guidelines and regulations. The federal government offers tax credits for investing in solar power, and many states have goals and policies to encourage the adoption of solar power. Important solar policies include the Build Back Better Act, Net Metering 3.0, and Section 201 tariffs.
The state’s solar carve-out program is also important. Many states are promoting solar energy development by requiring utilities to purchase SRECs produced by domestic solar PV systems as part of their obligations under the Renewable Portfolio Standard (RPS). has created a solar renewable energy certificate (SREC) market. The Department of Energy wants to reduce the cost of solar energy by 60 percent by 2030 by investing in technology beyond crystalline silicon. The industry also faces rapidly evolving new requirements and challenges from various federal regulatory agencies.
Conclusion
In conclusion, the US Solar Inverter market is poised for significant growth. The increasing demand for sustainable energy sources and the declining costs of solar energy systems are key factors driving this growth. Even in individual states such as Massachusetts, the solar energy market is shaped by net metering and a renewable portfolio standard with a solar goal, along with an accompanying SREC market. The Solar Massachusetts Renewable Target (SMART) program was established in 2018 and has driven significant solar deployment in the state, acting as a template for other states to follow.
Moreover, governments worldwide are promoting the adoption of solar energy systems to reduce carbon emissions. The U.S., for instance, has been investing in research for more efficient solar technology to make it more accessible for residential and commercial uses. Furthermore, advancements in battery technologies for solar energy storage are expected to boost the demand for solar inverters. Companies are also investing in better solar inverter systems, with several top-notch options available in the market. Therefore, the US Solar Inverter market is not only contributing to the growth of renewable energy but is also a promising sector for investment and development.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Component, and End-User
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
