Ocean View, DE -- (SBWIRE) -- 06/09/2016 -- U.S. solar panel market size is expected to witness significant growth from 2016 to 2023. Regional solar PV capacity was close to 24.1 GW by 2015. The spur in the region can be subjected to continuous realization of utility sector double-digit GW project pipeline accompanied by booming residential photovoltaic market.

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As of 2015, the U.S. is anticipated to add up more than 1 GWDC of panel installation. In addition, more than 30% of the electricity generated came for the solar panel implementations. California is expected to be a leading local region for U.S. solar panel market size.

Residential sector is anticipated to exhibit highest growth rates & experience less industry fluctuations and is likely to install more than 2 GW of solar installation over the upcoming years. Residential markets such as Hawaii, California, Massachusetts and Arizona are expected to exhibit high growth potential over the forecast period. U.S. solar panel market price is expected to reduce in line with capacity expansion over the forecast period.

It is estimated that more than 50% of the U.S. states posses over 50 MWDC of solar PV installed by 2015. The region is also anticipated to upgrade its solar panel installations over the several forth coming years. Developers in the industry are expected o have sharp focus on project build out to make most from the 30% federal investment tax credit offer on installation of these systems.

The non residential segment is anticipated to struggle owing to declining state incentive funding. This tax redemption is expected to fall at 10% for third-party-owned residential PV, utility and commercial application and 0% for directly owned residential PV sectors over the forecast period. U.S. utility solar PV market is estimated to grow at a CAGR of over 9% from 2016 to 2023 and is expected to boost more than 50% of the solar installations over the several upcoming years. As of 2014, more than 3.5 GW utility-scale solar energy projects were expected to start is operations online.

In addition, 14 GW of solar projects were estimated to be operating under contract. Commercial sector first installed 1 Giga Watt of PV system in 2011 and also 1 GW in 2014. This sector is anticipated to exhibit considerable growth over the forecast period. The U.S. solar panel industry is expected to grow by more than 30% in 2015 and utility is anticipated to account for more than 50% of estimated 8.1 Giga Watt in 2015.

The region installed more than 6,200 MW of solar PV in 2014 that depicts a straight 30% hike in the implementation of these panels compared to 2013 statistics. California was valued for more than 8.5 GW of solar installations in 2014. Furthermore, 20 states accumulated 100 MW mark for aggregate operating solar PV installations. Proliferating installation of these systems in schools, government accompanied by nonprofit installations might positively impact U.S. solar panel market trend.

Furthermore, rising electricity prices accompanied by descending solar prices is expected to fuel the industry growth. Solar installations offer better cost savings, short payback period and offer higher returns on investment. In addition, these panels are anticipated to mark is significance owing to continuous hike in electricity prices. The advent of clean power plan (CPP) is likely to boost the industry. It is expected to contribute colossal growth potential for solar panel installation expansion in the region over the several forthcoming years.

Furthermore, rising electricity prices accompanied by descending solar prices is expected to fuel the industry growth. Solar installations offer better cost savings, short payback period and offer higher returns on investment. In addition, these panels are anticipated to mark is significance owing to continuous hike in electricity prices. The advent of clean power plan (CPP) is likely to boost the industry. It is expected to contribute colossal growth potential for solar expansion in the region over the several forthcoming years.

Key industry participants occupying major U.S. solar panel market share include Comtec, Trina Solar, Yingli, Neo Solar Power (NSP), Canadial Solar, Gintech, Longi, JA Solar, Sharp Solar, Zhonghuan, Jinko Solar, Renesola, Hanwah SolarOne, SubPower, Kyocera, Solargiga, Jinglong and First Solar,among others.