North America Solar Photovoltaic Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 20.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Solar Photovoltaic Market Analysis
The North America Solar Photovoltaic (PV) Market is expected to grow at a CAGR of more than 20% over the forecast period.
- Over the long term, factors such as increased environmental awareness and regulations and decreased cost per kilowatt of electricity generated from solar energy are expected to boost the market.
- On the other hand, the high cost of storage of solar energy is expected to restrain the market.
- Nevertheless, new models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which have higher efficiency and lower cost, may prove to be an opportunity in the sector.
- The United States is expected to dominate the market in the forecast period due to its relatively large electricity consumption to its neighbors. The country is also expected to invest in research and development to aid in the market's growth.
North America Solar Photovoltaic Market Trends
This section covers the major market trends shaping the North America Solar Photovoltaic Market according to our research experts:
Utility Segment to Dominate the Market
- The utility market includes the creation of electricity for a much larger consumer base, unlike residential or non-residential. It is estimated to dominate the market and grow the fastest in the forecast period.
- The electricity produced from Photovoltaic cells in the utility segment has been increasing over the years as Photovoltaic cells with better efficiency have entered the market. The increase in competition in the business has also helped decrease the price of electricity produced and increase the diversity of the cells.
- The government of the United States of America aims to cut the cost of utility solar by 60%. Thus making utility-scale solar the least expensive option for new electricity generation everywhere in the country.
- In 2021, the renewable generation in North America was 714.1 TWh, a 13% increase from the previous year, where solar generation contributed a 25% share of the total generation. As utility-scale solar energy projects would increase in the future, the region's renewable generation will also proliferate.
- In October 2022. TC Energy Corporation plans to conduct pre-construction activities for the Saddlebrook Solar Project near Aldersyde, Alberta. To build its first Canadian utility solar power project, TC Energy will invest USD 146 million. This project can generate 81 megawatts, sufficient to power 20,000 homes for an entire year. The initial phase involves installing solar panels on TC Energy's property in a local industrial park.
- Therefore, with such developments, an increase in the efficiency of photovoltaic cells, and government targets to promote clean energy in the North American region, the utility-scale segment will dominate the market in the next few years.
United States to Dominate the Market
- Private companies in the United States are expected to invest in Photovoltaic cells to increase their efficiency. New projects are being planned, and constructed solar plants in the country are expected to dominate the market in North America.
- The United States of America aims to install an average of 30 GW of solar capacity annually between now and 2025 and 60 GW annually from 2025-2030. This will lead to the rapid development of the solar Photovoltaic (PV) market in the future.
- In 2022, the Department of Energy (DOE) declared its plan to fund USD 8 million for six solar energy research projects across six states and the District of Columbia. This will support the co-location of agricultural production and solar energy generation on the same land and also aims to minimize hindrances to utility-and community-scale solar energy deployment.
- The United States increased its installed solar PV capacity from approximately 59,068 MW in 2019 to 93,713 MW in 2021. The installed capacity is expected to increase further in the forecast period owing to the spur of private investments and the completion of government targets in the sector.
- Hence, the United States is expected to dominate the market due to its massive demand for electricity and increase in installed capacity in the forecast period.
North America Solar Photovoltaic Industry Overview
The North America Solar Photovoltaic (PV) Market is fragmented. Some of the key players in this market (in particular order) are Hanwha Q Cells Co., Ltd., Canadian Solar Inc., Jinko Solar, First Solar, Inc., and Trina Solar Limited.
North America Solar Photovoltaic Market Leaders
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First Solar, Inc.
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Canadian Solar Inc.
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Hanwha Q Cells Co.,
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Jinko Solar Holding Co., Ltd
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Trina Solar Limited
*Disclaimer: Major Players sorted in no particular order
North America Solar Photovoltaic Market News
- December 2022: the construction of the largest landfill solar project of 25.6 MW in North America at Mount Olive, New Jersey, has been completed. The project was developed by CEP Renewables and CS Energy. The project is expected to light up 4,000 households with clean energy.
- November 2022: EE North America, a European Energy company, partnered with Elio Energy to develop a Solar Power Plant and Energy Storage in Arizona, USA. The construction of the 2 GW project will tentatively start in 2023.
North America Solar Photovoltaic Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Solar PV Installed Capacity and Demand Forecast, in GW, till 2027
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Application
- 5.1.1 Residential
- 5.1.2 Commercial
- 5.1.3 Utility
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5.2 Deployment
- 5.2.1 Ground Mounted
- 5.2.2 Rooftop Solar
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5.3 Technology
- 5.3.1 Crystalline Solar
- 5.3.2 Thin Film
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5.4 Geography
- 5.4.1 United States
- 5.4.2 Canada
- 5.4.3 Mexico
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Sungevity Inc
- 6.3.2 Solar Five LLC
- 6.3.3 Sun Power Corporation
- 6.3.4 Sunrun Inc.
- 6.3.5 Soligent Solar Pvt.
- 6.3.6 Hanwha Q Cells Co., Ltd.
- 6.3.7 James Petersen Industries, Inc
- 6.3.8 Canadian Solar Inc.
- 6.3.9 First Solar, Inc.
- 6.3.10 JA SOLAR Co.,Ltd.
- 6.3.11 Trina Solar Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityNorth America Solar Photovoltaic Industry Segmentation
Solar photovoltaic energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect. When radiation from the sun hits one of the faces of a photoelectric cell (many of which make up a solar panel), it produces an electric voltage differential between both faces that makes the electrons flow from one to the other, generating an electric current.
The North America Solar Photovoltaic (PV) Market is segmented by application, deployment, and geography. By application, the market is segmented into residential, commercial, and utility. By deployment, the market is segmented into ground-mounted and rooftop solar. By technology, the market is segmented into a crystalline solar and thin film. The report also covers the market size and forecasts for the solar Photovoltaic (PV) market across major countries in the region. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
| Application | Residential |
| Commercial | |
| Utility | |
| Deployment | Ground Mounted |
| Rooftop Solar | |
| Technology | Crystalline Solar |
| Thin Film | |
| Geography | United States |
| Canada | |
| Mexico |
North America Solar Photovoltaic Market Research FAQs
What is the current North America Solar Photovoltaic (PV) Market size?
The North America Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in North America Solar Photovoltaic (PV) Market?
First Solar, Inc., Canadian Solar Inc., Hanwha Q Cells Co.,, Jinko Solar Holding Co., Ltd and Trina Solar Limited are the major companies operating in the North America Solar Photovoltaic (PV) Market.
What years does this North America Solar Photovoltaic (PV) Market cover?
The report covers the North America Solar Photovoltaic (PV) Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the North America Solar Photovoltaic (PV) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Solar Photovoltaic (PV) Industry Report
Statistics for the 2024 North America Solar Photovoltaic (PV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Solar Photovoltaic (PV) analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
