$19.5bn
$X.Xbn
6,829
514
$XXX.Xm
The Solar Power industry owns and operates solar power-generating facilities in the form of either photovoltaic (PV) panels or solar thermal power stations. Solar power companies have grown significantly, propelled by improvements in the technologies used for electricity generation and government incentives, like the renewable portfolio standard (RPS) targets. RPS legislation requires local utility companies to diversify their portfolio and generate percentages of their energy production through renewable resources. Increases in public support for green energy led to tax incentives and grants to encourage investment in solar power. This has resulted in more companies powering facilities with solar power, driving growth. Revenue has grown at an estimated CAGR of 19.3% to $19.5 billion through the end of 2023, including a 13.4% rise in 2023 alone.
Industry revenue has grown at a CAGR of 19.3 % over the past five years, to reach an estimated $19.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Consolidated Edison, Inc. | 8,657.7 | 1,743.5 | 20.1 | |
Nextera Energy Inc. | 2,939.3 | 1,049.9 | 35.7 |
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Industry revenue is measured across several distinct product and services lines, including Photovoltaic power, Concentrating solar power and Other. Photovoltaic power is the largest segment of the Solar Power in the US.
Photovoltaic (PV) power serves most markets
Operators in this industry own and operate solar-power-generating facilities in the form of either photovoltaic panels or solar thermal power stations that make use of mirrors or lenses to concentrate the sun’s energy. This industry covers utility-scale solar and does not include distributed energy.
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NAICS 221114 - Solar Power 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.
Government incentives resulted in the rapid growth of solar power companies. Federal and local policies supported solar companies, causing energy collection devices to become...
Learn about an industry's products and services, markets and trends in international trade.
Photovoltaic power drives solar power performance. Being the most popular product, PV developments and improvements will allow solar to compete with traditional energy source...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Solar power companies need open space and sunlight. This makes southern states a prime location to base operations.
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.
Solar power competes with traditional energy and other renewable energy sources. High levels of competition boil down to costs and location.
Learn about the performance of the top companies in the industry.
Large solar power providers acquire smaller companies. This is in an effort to reach a wider market and further develop new technologies.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Volatility in the price of semiconductors and electronic components increases the price of solar power. Supply chain disruptions resulting from the pandemic placed upward pre...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
High levels of capital intensity result in elevated depreciation. Solar power companies must invest in infrastructure and equipment before entering the industry and must cont...
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 Power in the US industry in United States is $19.5bn in 2024.
There are 514 businesses in the Solar Power in the US industry in United States, which has grown at a CAGR of 22.8 % between 2018 and 2023.
The market size of the Solar Power in the US industry in United States has been growing at a CAGR of 19.3 % between 2018 and 2023.
Over the next five years, the Solar Power in the US industry in United States is expected to grow.
The biggest companies operating in the Solar Power market in United States are Consolidated Edison, Inc. and Nextera Energy Inc.
Solar-fueled power generation and are part of the Solar Power in the US industry.
The company holding the most market share in United States is Consolidated Edison, Inc..
The level of competition is moderate and increasing in the Solar Power in the US industry in United States.