North America Solar Photovoltaic (PV) Market Size (2024 - 2029)

The North America Solar Photovoltaic (PV) Market is anticipated to experience significant growth, driven by increased environmental awareness, regulatory support, and reduced costs of solar energy generation. Despite challenges such as the high cost of energy storage, advancements in solar cell technology, particularly with thin film technology, present promising opportunities. The United States is projected to lead the market due to its substantial electricity consumption and commitment to research and development, which are expected to further enhance the market's expansion.

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Market Size of North America Solar Photovoltaic (PV) Industry

North America Solar Photovoltaic (PV) Market Summary
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

North America Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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North America Solar Photovoltaic (PV) Market Size Summary

The North America Solar Photovoltaic (PV) Market is poised for significant growth, driven by increasing environmental awareness, regulatory support, and advancements in solar technology. The market is expected to expand rapidly, with the United States leading due to its substantial electricity consumption and investment in research and development. The utility-scale segment is anticipated to dominate the market, fueled by improvements in photovoltaic cell efficiency and competitive pricing. Government initiatives aim to reduce the cost of utility solar, making it a cost-effective option for new electricity generation across the country. The region's renewable energy generation is set to increase, supported by large-scale solar projects and private sector investments.

In the United States, substantial investments in photovoltaic cells and the construction of new solar plants are expected to drive market growth. The country has set ambitious targets for solar capacity installation, with plans to significantly increase annual capacity over the coming years. Government funding for solar energy research projects further supports the sector's expansion, promoting co-location of agricultural and solar energy production. The market is characterized by fragmentation, with key players such as Hanwha Q Cells, Canadian Solar, Jinko Solar, First Solar, and Trina Solar leading the charge. Recent developments, including large-scale solar projects and international partnerships, underscore the dynamic nature of the North American solar PV market.

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North America Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar PV Installed Capacity and Demand Forecast, in GW, till 2027

    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 Application

      1. 2.1.1 Residential

      2. 2.1.2 Commercial

      3. 2.1.3 Utility

    2. 2.2 Deployment

      1. 2.2.1 Ground Mounted

      2. 2.2.2 Rooftop Solar

    3. 2.3 Technology

      1. 2.3.1 Crystalline Solar

      2. 2.3.2 Thin Film

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Mexico

North America Solar Photovoltaic (PV) Market Size FAQs

The North America Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)

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.

North America Solar Photovoltaic (PV) Report Snapshots

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