North America On Grid Solar PV Market Analysis

North America On Grid Solar PV Market Analysis

Based on end use, the residential segment is projected to surpass USD 9.01 billion by 2032, owing to policy incentives, technological advancements, and growing awareness of the environmental and economic benefits of the solar energy. Various states and local governments offer additional incentives, comprising rebates, tax credits, and grants, to reduce the cost of residential solar installations will foster the product penetration. Furthermore, net metering policies allow homeowners to sell excess electricity generated back to the grid, thereby reducing their overall electricity costs, contributing to the business momentum.
 

Utility segment is set to grow at a CAGR of over 5% through 2032 on account of development of massive solar farms, adoption of hybrid projects combining solar PV with other renewable energy sources and favorable policies and market conditions. For instance, according to SEIA, in 2023, the U.S. installed over 10 GW of utility-scale solar capacity. Ongoing development of community and shared solar programs, allow multiple consumers to benefit from a single, larger solar installation, thereby driving the industry scenario.
 

The U.S. on grid solar PV market is likely to exceed USD 41.26 billion by 2032. Collaborative research projects by multiple universities and research institutions along with partnerships between academic institutions comprising the Stanford University, and Massachusetts Institute of Technology (MIT), among others will drive the solar PV technology advancement. Innovative financing programs and deployment strategies coupled with ongoing development and operation of solar projects across the country, centered at integrating solar technologies and storage solutions will augment the industry landscape. In addition, ongoing collaborations amongst trade associations comprising SEIA and CanSIA with other industry stakeholders, state and federal governments and regulatory bodies will drive the business scenario.