$20.5bn
$X.Xbn
3,230
21
$XXX.Xm
Solar panel manufacturers have thrived despite some hurdles throughout the period. Companies saw an uptick in the need for solar panels as the country continued emphasizing renewable energy. The Inflation Reduction Act bolstered and extended production and investment tax credits, making domestic manufacturing more viable. Even so, manufacturers have been plagued by import penetration, specifically from Asian products, which flooded the US market with low-cost solar modules and cells. In 2022, the Biden Administration announced waiving tariffs on solar panel imports from Vietnam, Malaysia, Cambodia and Thailand to accelerate solar panel installations across the country in favor of renewable energy. While this didn't hinder revenue, it caused a slowdown in growth toward the end of the period. Overall, solar panel manufacturing revenue has swelled a CAGR of 10.1% to $20.5 billion in 2024, including an 11.5% jump in 2024 alone.
Industry revenue has grown at a CAGR of 10.1 % over the past five years, to reach an estimated $20.5bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
First Solar, Inc. | 4,447.3 | 1,970.7 | 44.3 |
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Industry revenue is measured across several distinct product and services lines, including Silicon modules and cells, Thin-film modules and cells and Other modules and cells . Silicon modules and cells is the largest segment of the Solar Panel Manufacturing in the US.
Silicon modules and cells continue to prevail
Operators in this industry manufacture solar panels and solar cells and supply these products to solar panel installers and downstream residential, commercial and utility customers. This industry does not include solar cells or solar panels manufactured abroad by US companies.
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NAICS 334413 - Solar Panel Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The Biden administration continued to purse government investment and subsidies to bolster solar power across the country. This commitment to investing in infrastructure and ...
Learn about an industry's products and services, markets and trends in international trade.
Falling polysilicon prices resulted in silicon-based cells and modules being the main component for solar panel manufacturing. Silicon-based products bolster greater efficien...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
New initiatives and policies like the California Solar Initiative offer rebates, allowing sunny areas to further encourage solar panel manufacturing. Key export markets like ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
The domestic market continues to face stiff competition still with more affordable imported products from Asia. Competition was exacerbated by an appreciating dollar, making ...
Learn about the performance of the top companies in the industry.
First Solar has managed to reap the benefits of both government subsidies and affordable conditions abroad. By establishing manufacturing facilities in Malaysia, First Solar ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Volatile commodity price swings, like steaming coal and natural gas, have allowed solar panel manufacturers to take advantage of surges. Even so, many consumers are unwilling...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
While profit took a backseat due to an influx of low-cost imports from Asian countries, this decline was short-lived. As waivers expired in June 2024, manufacturers are antic...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Solar Panel Manufacturing in the US industry in United States is $20.5bn in 2024.
There are 21 businesses in the Solar Panel Manufacturing in the US industry in United States, which has declined at a CAGR of 0.0 % between 2019 and 2024.
The market size of the Solar Panel Manufacturing in the US industry in United States has been growing at a CAGR of 10.1 % between 2019 and 2024.
Over the next five years, the Solar Panel Manufacturing in the US industry in United States is expected to grow.
The biggest company operating in the Solar Panel Manufacturing market in United States is First Solar, Inc.
Silicon modules and cells and Thin film modules and cells are part of the Solar Panel Manufacturing in the US industry.
The company holding the most market share in United States is First Solar, Inc..
The level of competition is high and increasing in the Solar Panel Manufacturing in the US industry in United States.