The United States of America is indeed the largest economy in the world. With an estimated worth of over 17 trillion USD, it would be a huge mistake to consider it small when it comes to the scope of technology adoption. In fact, the country leads the world in so many areas that one dictionary defines the word “American” as “a person who likes to spend money”. This can be attributed to the massive influx of cash that the country experienced during and after the Great Recession of 2008.
Nowadays, the United States faces a new challenge. As the climate changes and more people become sensitive to the environmental impact caused by human activity, they are looking for alternative sources of energy. Fortunately, they found it in the solar industry, as solar energy technology is improving day by day and becoming more affordable. In today’s article, we’re going to identify ten companies that stand out among the rest and deserve the top spot as companies in the solar energy industry in the United States.
Solar Energy Ranks First
If you’re looking for a clean energy source that is also reliable and sustainable, you can’t go wrong with solar. The technology is continually improving and becoming more affordable, which has made it the number one choice among people seeking an eco-friendly and technologically advanced solution. In fact, according to MarketScope, the global market for standalone solar power systems will hit 22.9 billion USD in 2021, an increase of almost 11% over 2020. The market share of solar grew from 4.9% to 6.7%, and it is expected to grow to 7.9% by 2025. This makes it the clear winner in the sector and the number one choice among those who are seeking a sustainable energy solution.
Founded in 2006, SunPower is the company behind the Suniva products. The latter are thin film solar cells that can be integrated into a range of products, from small panels to large-scale solar farms. The cells are made of cadmium telluride, a toxic element, but they are more efficiently manufactured using less of it. This not only helps reduce the environmental impact but also improves the economics of the product. These benefits, combined with the fact that SunPower employs over 500 people and is headquartered in California, which is a state known for its supportive business environment, made the company an ideal choice for those seeking to enter the sector.
Sharp Solar is a designer and manufacturer of solar power systems and solar-related products, founded in Osaka, Japan, in 1977. The company has been a standard-bearer for quality in the PV industry, earning the reputation of a “silicon superpower” for the consistent quality of its products and its backing by a corporate giant, Mitsubishi. In 2019, Sharp increased its share of the solar market from 4.9% to 6.7%, achieving a new milestone and becoming the world’s third-largest manufacturer of solar cells and modules. This was possible due to its consistent investment in new technology and production capacity, as well as the growing demand for its products at home and abroad. This makes it the ideal choice for those seeking to enter the sector.
Silex Systems is a developer and manufacturer of high-efficiency solar power systems that are popular in utility-scale and industrial applications. The company was founded in 2015 by a group of engineers who wanted to create a device that tracked the sun and adjusted accordingly, eliminating the need for regular maintenance. The result was the Sunbeam, a ground-mounted fixed-array solar tracking system that provides energy to a building’s load. The Sunbeam has won numerous awards, including the CES Innovative Technology Award. Its continuous integration and monitoring of the solar panels offers a convenient way for power companies to manage their energy resources. With offices in Irvine, California, and San Jose, California, the company is ideally placed to serve the US market. Its shares are now publicly traded, so investors can get in on the ground floor of what is sure to be a lucrative industry. Owning a piece of the future of renewable energy is something not to miss out on.
Trina Solar is another prominent company in the solar energy industry, this time based in Shanghai, China. Founded in 2000, the company is the product of a 2011 takeover, when China’s Everbright Group announced an acquisition of the American company based in Sunnyvale, California, for 4.2 billion USD. The acquisition gave the company access to the Chinese market, where it quickly established a presence and grew its customer base. It now has seven manufacturing plants in China and more than 80 offices across the country, making it one of the most prominent companies in the industry. Many notable western brands manufacture products for Trina Solar, including Solare Technologies, Powerhouse, and Power Systems. The company’s revenues were 59.6 billion USD in 2019 and it employs over 11,000 people. Its shares are now traded on the New York Stock Exchange, making them accessible to all retail investors. Those who seek to enter or invest in the sector may do so with confidence, knowing that this is a company that will continue to prosper in the long term.
Also based in Seoul, this company supplies solar cells, thin film products, and LED lighting to customers worldwide. Hanwha QVMI was founded in 1954 and is one of the most prominent companies in the sector, due in part to its early adoption of solar power as well as its emphasis on research and development. This gave it an early lead in the sector, and the company has maintained this position ever since. In 2019, Hanwha QVMI achieved revenues of 8.3 billion USD and a net income of 2.7 billion USD. It also has one of the lowest operational costs in the industry, which it can sustain due to its focus on research and development.
Founded in 2006, SolarCity is an American company that provides solar energy services, mostly focused on commercial and community-based installations. The company offers a renewable energy solution that is both environmentally conscious and cost-effective. Its customers get access to a team of experts, including project managers, accountants, and legal professionals, who work together to ensure that each installation is performed successfully and to the highest quality. The company offers a money-back guarantee if customers aren’t satisfied with the results for at least a year.
Sunnova is the American subsidiary of a company from Shanghai, China, that provides energy services to businesses and homeowners. The company buys and installs solar panels and offers power generation and storage, along with monitoring and maintenance service contracts. It is one of the more affordable choices among those seeking to install solar energy systems, with prices starting as low as 8.8 cents per kilowatt hour (kWh). In 2019, Sunnova had revenues of 4.8 billion USD and a net income of 1.4 billion USD. Many consider this company to be the future of energy, as it is innovating in almost every area of solar energy. Its shares are now openly traded on the NYSE, so interested parties can get in on the ground floor of this exciting company.
This company, previously mentioned, is another developer and manufacturer of high-efficiency solar power systems that are popular in utility-scale and industrial applications. Silex Systems is one of the more innovative companies in the industry, constantly coming up with new products and improving on existing ones. It’s also one of the more recognizable brands, due in part to its “Silex System” moniker and its frequent appearances at international trade shows. Silex’s clients include the US government, which bought their equipment and installed it at the Lyndon B. Johnson National Historical Park in Texas, to fulfill energy needs. Its shares are now publicly traded, so interested parties can get in on the ground floor of this exciting company.