光伏海外市场系列-美国光伏市场专题：高壁垒铸就高溢价，出海开启新篇章

Investment Rating - The report indicates a positive investment outlook for the U.S. photovoltaic (PV) market, highlighting high barriers to entry and potential for high premiums [3][50]. Core Insights - The U.S. PV market is expected to experience significant growth due to low penetration rates and increasing electricity demand driven by electrification, manufacturing return, and computational power development. The installation capacity is projected to reach 35GW, 50GW, and 60GW from 2023 to 2025, with year-on-year growth rates of 73%, 43%, and 20% respectively [3][15]. - The Biden administration's support for clean energy contrasts with the previous administration's focus on traditional energy sources. This shift is expected to enhance domestic production and trade barriers, further boosting the economic viability of PV generation [3][31]. Summary by Sections 1. U.S. Market Demand and High Premiums - The U.S. PV market is poised for high growth, with demand expected to rise due to low current penetration and supportive policies. The anticipated installation capacity growth reflects a robust market outlook [3][15]. - The report emphasizes the importance of the Inflation Reduction Act (IRA) and state-level incentives in driving demand and supporting local supply chains [3][15]. 2. Government Policy Analysis - The Biden administration's policies favor clean energy, aiming for a carbon-neutral economy, while the Trump administration focused on fossil fuels. This policy divergence is expected to create a more favorable environment for clean energy investments [3][31][37]. - The IRA is noted for accelerating domestic production and reshaping the supply chain, although challenges remain in the battery cell segment, which may continue to rely on imports [3][22][37]. 3. Supply Chain Developments - Leading companies are establishing component manufacturing facilities in the U.S. to mitigate risks associated with trade policies. Companies like LONGi Green Energy and JinkoSolar are actively expanding their U.S. operations [4][40]. - The report highlights the slow progress in upstream and auxiliary material production, indicating that while component manufacturing is advancing, other segments are lagging [4][40]. 4. Beneficiary Analysis - Companies with established brands and distribution channels in the U.S. are expected to benefit significantly, including LONGi Green Energy, JinkoSolar, JA Solar, Trina Solar, and Canadian Solar [5][50]. - Specialized battery cell manufacturers and auxiliary material companies with strong supply chain ties are also identified as potential beneficiaries of the growing market [5][50]. 5. Investment Recommendations - The report suggests a focus on companies with strong brand presence and established supply chains in the U.S. market, as well as those with advanced battery technology and cost control capabilities [50][51].