It is among the largest exporters of solar modules to the US. Several of their firms have plans to expand. For example, the local Sunova Solar Technology in Vietnam exports its solar modules to the US market. It had also announced the opening a solar module manufacturing center in the US in 2024.
Buoyed by the tariff exemption from the US for two years and a boost in domestic solar module manufacturing, Thailand also emerged as one of the prime exports of solar modules to the US, a report from the NREL hinted. US remained the leading spot globally for the country for the export of solar panels.
Like Vietnam, Malaysia also enjoys special tariff discounts from the US which propelled its exports of solar modules to the country. The quarterly reports from NREL claimed that Malaysia remained one of the most sought-after countries for the US to import solar modules into the US.
Almost 40 percent of these solar panels imported into the U.S. during this period came from Vietnam. In 2012, the Obama administration implemented duties on solar equipment imported from China to counteract the competitive edge held by foreign companies.
The United States imported approximately 14 billion U.S. dollars worth of solar PV modules between January and October 2024. Almost 40 percent of these solar panels imported into the U.S. during this period came from Vietnam.
June 1, 2024 The Sinovoltaics Supply Chain Map (SSCM) - North America for Q2 2024 includes several notable changes for the US solar market since our Q1 report, emphasizing the importance of supply chain traceability. Several new solar panel manufacturers and related PV factories have been added.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.