North America Rooftop Solar Market Size (2024 - 2029)

The North America rooftop solar market is poised for significant expansion, driven by favorable government policies like net metering and reduced installation costs for solar photovoltaic panels. Despite challenges such as high electricity storage costs, the market's growth is supported by the increasing demand for residential rooftop installations and a shift towards greener, distributed grid systems. The United States, with its substantial solar power capacity, is expected to lead the region in market size. However, space constraints in major cities may pose challenges, potentially impacting the market's overall growth trajectory.

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Market Size of North America Rooftop Solar Industry

North America Rooftop Solar Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.00 %
Market Concentration High

Major Players

North America Rooftop Solar Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Rooftop Solar Market Analysis

The North America rooftop solar market is expected to grow at a CAGR of more than 8% over the period of 2020-2025. The government policies that drive the rooftop solar installation market include net metering that allows the users to receive credit on its electricity bill by selling excess electricity that the user generates through its solar photovoltaic installations. Moreover, a reduction in the installation cost of solar photovoltaic panels helps the market to expand. However, the cost of electricity storage on the battery is quite high, which requires a grid battery to store electricity during the night. However, increasing space constraints in the major cities across the globe are driving the demand for offshore wind energy and other alternative renewable energy sources. This factor is expected to hinder the growth of the market studied.

  • Residential rooftop installation is one of the prominent segments under rooftop solar PV installations that are used to generate electricity for residential purposes. The sector is expected to dominate the market growth in the region during the forecast period.
  • Rising shift towards greener and cleaner distributed grid systems in the region is expected to provide an excellent opportunity for the rooftop solar players.
  • With the second-highest installed capacity of solar power in 2019 in the region, the United States is expected to dominate the market for the rooftop solar in the region.

North America Rooftop Solar Industry Segmentation

The North America rooftop solar market report include:

Location of Deployment
Residential
Commercial and Industrial
Geography
United States
Canada
Rest of North America
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North America Rooftop Solar Market Size Summary

The North America rooftop solar market is poised for substantial growth, driven by favorable government policies such as net metering, which incentivizes users by allowing them to sell excess electricity generated from solar photovoltaic installations. The reduction in installation costs for solar panels further supports market expansion, despite challenges like the high cost of electricity storage solutions. The increasing space constraints in major cities, however, may hinder the market's growth as demand for alternative renewable energy sources like offshore wind energy rises. The residential sector, in particular, is expected to lead market growth, fueled by a shift towards greener and cleaner distributed grid systems, offering significant opportunities for rooftop solar players.

The United States is anticipated to dominate the North American rooftop solar market, benefiting from its substantial installed solar power capacity and a strong shift towards clean energy sources. The country's focus on reducing environmental impact and leveraging the economic benefits of domestic solar power generation aligns with the growing demand for clean energy. Rooftop solar installations provide modern electricity services to households without access to electricity, particularly in remote locations, and enable residents and small businesses to generate their own power. The fragmented market includes key players such as Solarcity Corporation, Yingli Solar, Wuxi Suntech Power Co. Ltd., and Sunpower Corporation, among others, contributing to the competitive landscape during the forecast period.

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North America Rooftop Solar Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Rooftop Solar Installed Capacity and Forecast in GW, till 2025

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Location of Deployment

      1. 2.1.1 Residential

      2. 2.1.2 Commercial and Industrial

    2. 2.2 Geography

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Rest of North America

North America Rooftop Solar Market Size FAQs

The North America Rooftop Solar Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)

Sunpower Corporation , Tesla, Inc., Yingli Green Energy Holding Co., Ltd. and Canadian Solar Inc. are the major companies operating in the North America Rooftop Solar Market.

North America Rooftop Solar Report Snapshots

North America Rooftop Solar Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)