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    US Photovoltaic Materials Market

    ID: MRFR/CnM/15013-HCR
    111 Pages
    Chitranshi Jaiswal
    October 2025

    US Photovoltaic Materials Market Research Report By Type (Thin Film, Crystalline Materials, Others), By Material (Silicon Based, Non-Silicon Based) and By End-Use (Residential, Commercial, Utility) - Forecast to 2035.

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    US Photovoltaic Materials Market Infographic
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    US Photovoltaic Materials Market Summary

    The United States photovoltaic materials market is projected to grow significantly from 13.0 USD billion in 2024 to 28.5 USD billion by 2035.

    Key Market Trends & Highlights

    US Photovoltaic Materials Key Trends and Highlights

    • The market is expected to achieve a compound annual growth rate of 7.4 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 28.5 USD billion, indicating robust growth potential.
    • In 2024, the market is valued at 13.0 USD billion, reflecting a strong foundation for future expansion.
    • Growing adoption of photovoltaic technology due to increasing demand for renewable energy is a major market driver.

    Market Size & Forecast

    2024 Market Size 13.0 (USD Billion)
    2035 Market Size 28.5 (USD Billion)
    CAGR (2025-2035) 7.4%

    Major Players

    Enphase Energy, Trina Solar, ReneSola, Sungevity, SolarCity, JinkoSolar, Tesla, Vivint Solar, Q CELLS, Hanwha Solutions, First Solar, Canadian Solar, LG Electronics, SunPower, LONGi Green Energy

    US Photovoltaic Materials Market Trends

    The US Photovoltaic Materials Market is currently experiencing significant growth driven by an increasing focus on renewable energy and sustainability initiatives. With the government committing to a transition towards clean energy, there has been an escalation in funding and incentives for solar energy projects. This is acting as a key market driver, as both residential and commercial sectors look to solar solutions to reduce energy costs and dependence on fossil fuels. State-level policies and federal programs play a prominent role in encouraging the adoption of photovoltaic technologies.

    Opportunities are emerging for manufacturers and suppliers in the sector to innovate and enhance material efficiency and production processes.Developing new photovoltaic materials, such as more efficient perovskite solar cells, can capture market interest as stakeholders seek to improve energy conversion rates. Moreover, advancements in recycling technologies for solar panels present another avenue for growth, addressing sustainability concerns and reducing waste. In recent times, trends indicate an increasing collaboration between technology companies and research institutions to advance solar technology.

    There is also a noticeable shift towards energy storage solutions, as integrating battery systems with photovoltaic materials will support the intermittent nature of solar energy and enhance reliability.Additionally, consumer education about the benefits of solar technology is improving, contributing to a rise in installation rates across residential areas. Overall, these trends showcase a dynamic shift in the US Photovoltaic Materials Market that aligns with broader energy goals and technological advancements.

    Market Segment Insights

    Photovoltaic Materials Market Type Insights

    The US Photovoltaic Materials Market is characterized by a diverse range of types, which are essential for harnessing solar energy efficiently. Key segments within this market include Thin Film, Crystalline Materials, and Other materials. Thin Film technology is particularly noted for its lightweight and flexibility, allowing for deployment in various settings from building-integrated photovoltaics to large-scale solar farms.

    This segment often requires less material to produce compared to traditional crystalline technologies, which contributes to cost-effectiveness and a simplified manufacturing process.Crystalline Materials, on the other hand, are widely recognized for their superior efficiency and longevity, making them popular choices for residential and commercial solar installations. These materials embody the higher end of the efficiency spectrum, catering to the demand for reliable and durable energy solutions. The "Others" category encompasses emerging materials and alternative options that continue to rise in importance, driven by innovations in solar technology.

    Each of these segments plays a critical role in the evolving landscape of the US Photovoltaic Materials Market, reflecting not only technological advances but also shifting consumer preferences towards sustainable energy sources.The integration of renewable technologies into building codes and government incentives further encourages growth across all segments, making it a vibrant area for investment and development. Overall, the market segmentation highlights the distinct functions and applications of each type, offering various options for consumers and businesses looking to transition to solar energy.

    Notably, the growth of the US Photovoltaic Materials Market aligns with renewable energy goals set by various governmental initiatives aimed at increasing solar generation capacity, thereby positioning these segments as pivotal players in the future of energy production in the United States..

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Photovoltaic Materials Market Material Insights

    The US Photovoltaic Materials Market is witnessing substantial growth, particularly in the Material segment, which plays a critical role in the solar energy sector. This market focuses on two primary categories: Silicon Based and Non-Silicon Based materials. Silicon Based materials dominate due to their widespread adoption in photovoltaic technologies, driven by their efficiency and established manufacturing processes.

    They hold a significant market share due to the high-performance characteristics that make them a preferred choice for both residential and commercial solar applications.On the other hand, Non-Silicon Based materials are gaining traction, primarily due to advancements in technology and the push towards innovative energy solutions. These materials offer alternative pathways for solar cell production and create opportunities for reducing costs and enhancing efficiency. As the demand for renewable energy grows in the US, driven by government incentives and rising environmental awareness, the US Photovoltaic Materials Market is expected to evolve, with growing investments in Research and Development.

    This evolution presents opportunities for both Silicon Based and Non-Silicon Based materials, highlighting the importance of diversification within the industry to meet future energy needs.

    Photovoltaic Materials Market End-Use Insights

    The US Photovoltaic Materials Market is categorized into several end-use segments comprising Residential, Commercial, and Utility applications. The residential segment is crucial as homeowners increasingly adopt solar energy solutions to reduce electricity bills and enhance energy independence, with many local and state incentives incentivizing solar installations. Meanwhile, the commercial segment shows significant potential, driven by businesses aiming to achieve sustainability goals and lower operational costs.

    These installations validate the necessity for reliable photovoltaic materials that ensure higher efficiency and longevity.Utility-scale installations dominate the landscape, showcasing large-scale solar farms that deliver energy to extensive networks, supporting grid stability and renewable energy targets set by federal and state regulations. Overall, the increasing demand for renewable energy solutions as part of the broader push for sustainability is propelling the significance of the US Photovoltaic Materials Market, providing essential insights and data that reflect the transformative shifts in energy production and consumption across these end-use sectors.

    As the market continues to evolve, trends such as technological advancements and favorable government policies are expected to further shape the dynamics within the sector.

    Get more detailed insights about US Photovoltaic Materials Market Research Report - Forecast Report 2035

    Key Players and Competitive Insights

    The US Photovoltaic Materials Market is characterized by a dynamic landscape, driven by technological advancements, policy support, and increasing consumer adoption of solar energy solutions. This market is influenced by a variety of players ranging from established giants to innovative startups, each striving to capture a larger share of the growing demand for renewable energy. Competitive insights reveal a landscape where companies are relentless in their pursuit of efficiency, cost reduction, and sustainable practices to carve a niche in this ever-evolving market.

    As renewable energy sources gain popularity, the competition intensifies, with firms constantly innovating and adapting their strategies to meet the diverse needs of residential, commercial, and utility-scale segments.Enphase Energy has established a significant presence in the US Photovoltaic Materials Market, specializing in the development of advanced energy management technology and microinverters. The company is known for its innovative solutions that optimize energy production and enhance the efficiency of solar systems, leading to increased consumer appeal and satisfaction. Enphase Energy’s strengths lie in its commitment to technological innovation and quality, which has fostered a loyal customer base.

    Additionally, the company has built a robust distribution network, enabling it to reach a wide audience across the US. Its focus on software-control and monitoring systems has set it apart in the market, empowering users with better energy management capabilities and driving the transition towards smart energy consumption.Trina Solar holds a formidable position in the US Photovoltaic Materials Market, recognized for its comprehensive portfolio of solar products, including high-efficiency solar panels and complete photovoltaic solutions.

    The company’s strengths include a strong emphasis on research and development, which allows it to introduce cutting-edge technologies that enhance the performance and reliability of its offerings. Trina Solar has effectively expanded its market presence through strategic partnerships and collaborations, enhancing its distribution and service capabilities in the US. The company’s commitment to sustainability is evident through its manufacturing processes, positioning it favorably among environmentally-conscious consumers. Furthermore, Trina Solar has engaged in several mergers and acquisitions, bolstering its market share and enhancing innovation initiatives, which collectively contribute to its prominent stature in the US photovoltaic landscape.

    Key Companies in the US Photovoltaic Materials Market market include

    Industry Developments

    The US Photovoltaic Materials Market is witnessing significant developments, with companies like Enphase Energy, First Solar, and Canadian Solar driving innovation and market expansion. In September 2023, Trina Solar announced a new partnership with a US-based utility to enhance solar deployment efficiency. SunPower has also recently expanded its manufacturing capabilities in the Midwest, reflecting the growing demand for solar products. In terms of mergers and acquisitions, in August 2023, Tesla completed its acquisition of SolarCity, further solidifying its presence in the solar market, while LG Electronics is reportedly looking into strategic alliances to boost its solar product range.

    The market has seen substantial growth, with an estimated increase in valuation driven by favorable government policies and incentives. Over the past two years, from January 2022 to October 2023, there has been a notable surge in installations, with government initiatives like the Inflation Reduction Act acting as a catalyst for growth. JinkoSolar and Q CELLS are also expanding their R&D efforts to innovate photovoltaic technologies, catering to the rising consumer demand for renewable energy solutions.

    Market Segmentation

    Outlook

    • Residential
    • Commercial
    • Utility

    Photovoltaic Materials Market Type Outlook

    • Thin Film
    • Crystalline Materials
    • Others

    Photovoltaic Materials Market End-Use Outlook

    • Residential
    • Commercial
    • Utility

    Photovoltaic Materials Market Material Outlook

    • Silicon Based
    • Non-Silicon Based

    Report Scope

    Report Attribute/Metric Source: Details
    MARKET SIZE 2018 11.97(USD Billion)
    MARKET SIZE 2024 12.99(USD Billion)
    MARKET SIZE 2035 28.48(USD Billion)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 7.4% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Billion
    KEY COMPANIES PROFILED Enphase Energy, Trina Solar, ReneSola, Sungevity, SolarCity, JinkoSolar, Tesla, Vivint Solar, Q CELLS, Hanwha Solutions, First Solar, Canadian Solar, LG Electronics, SunPower, LONGi Green Energy
    SEGMENTS COVERED Type, Material, End-Use
    KEY MARKET OPPORTUNITIES Rising demand for renewable energy, Technological advancements in materials, Increasing government incentives, Enhanced energy storage solutions, Growth in residential solar installations
    KEY MARKET DYNAMICS Increasing renewable energy adoption, Technological advancements in materials, Government incentives and subsidies, Falling production costs, Growing environmental concerns
    COUNTRIES COVERED US

    FAQs

    What is the expected market size of the US Photovoltaic Materials Market in 2024?

    The expected market size of the US Photovoltaic Materials Market in 2024 is 12.99 billion USD.

    What is the projected growth rate for the US Photovoltaic Materials Market from 2025 to 2035?

    The US Photovoltaic Materials Market is expected to grow at a CAGR of 7.4% from 2025 to 2035.

    What will be the market value of the US Photovoltaic Materials Market by 2035?

    By 2035, the market value of the US Photovoltaic Materials Market is expected to reach 28.48 billion USD.

    What are the market values for Thin Film and Crystalline Materials in 2024?

    In 2024, Thin Film is valued at 3.25 billion USD, while Crystalline Materials is valued at 7.5 billion USD.

    How much is the Others segment of the US Photovoltaic Materials Market expected to be valued in 2024?

    The Others segment of the US Photovoltaic Materials Market is expected to be valued at 2.24 billion USD in 2024.

    Who are the major players in the US Photovoltaic Materials Market?

    Major players in the US Photovoltaic Materials Market include Enphase Energy, Trina Solar, JinkoSolar, and First Solar.

    What is the expected market size for the Thin Film segment by 2035?

    The Thin Film segment of the US Photovoltaic Materials Market is expected to be valued at 7.25 billion USD by 2035.

    What is the expected market size for the Crystalline Materials segment by 2035?

    The Crystalline Materials segment is anticipated to reach a market size of 16.5 billion USD by 2035.

    What challenges does the US Photovoltaic Materials Market currently face?

    The US Photovoltaic Materials Market faces challenges such as regulatory changes and supply chain disruptions.

    What growth drivers are influencing the US Photovoltaic Materials Market?

    Growth drivers for the US Photovoltaic Materials Market include increasing demand for renewable energy and advancements in photovoltaic technologies.

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