North America Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Rooftop) & Forecast, 2024 – 2032

North America Residential Solar PV Market Size

North America Residential Solar PV Market size was valued at USD 6.2 billion in 2023 and is anticipated to grow at a CAGR of 6.1% between 2024 and 2032. Residential solar PV (photovoltaic) pertains to the sector within the solar energy industry dedicated to supplying solar power setups for homes. These setups usually comprise solar panels mounted on roofs or other appropriate spots on residential structures. These panels capture sunlight and transform it into electrical energy, which can then be utilized to operate household appliances, lighting, and other electrically powered devices.
 

Rising awareness amongst homeowners regarding the financial and environmental benefits of solar power along with reduction in cost of solar panels and associated components will drive the product demand. Ongoing advancements in solar technology including improved efficiency and durability of solar panels, energy storage solutions, and smart home integration will augment the business scenario. For instance, in January 2024, according to the U.S. DOE, the third quarter of 2023, the average U.S. module price was down 11% quarter-over-quarter and down 23% year by year.
 

North America Residential Solar PV Market Trends

Growing environmental consciousness and concerns about climate change in conjunction with rising demand for clean electricity will contribute to the business statistics. Upsurge in requirement to reduce dependence on traditional grid electricity in line with increasing deployment of solar PV systems for power generation will enhance the business outlook. For instance, in 2023, according to the U.S. EIA, the economy installed 15.8 GW alternating current (ac) of PV in the first 9 months of 2023.
 

North America Residential Solar PV Market Analysis

Based on connectivity, the market is segmented into on-grid and off-grid. The on-grid residential solar PV segment is expected to cross USD 9 billion by 2032. Increasing energy costs and growing requirement for long-term savings along with ability to provide reliable source of power and grid stability will fuel the product demand. Furthermore, the systems support to reduce GHG emissions and contribute to environmental conservation efforts, resonating with environmentally conscious consumers, which will stimulate the business landscape.
 

Based on mounting, the market is segmented into ground mounted and rooftop. The rooftop residential solar PV market is set to expand at 8% CAGR from 2024 to 2032. Paradigm shift towards solar-powered homes that can generate their own electricity, reducing dependence on grid-supplied power in line with growing educational initiatives, outreach campaigns, and solar advocacy efforts to inform consumers about the financial, environmental, and energy independence benefits of solar energy will strengthen the business landscape. Additionally, rising technological innovations for the advancements of these systems, enhancing their efficiency, performance, and functionality will complement the industry outlook.
 

U.S. residential solar PV market is anticipated to surpass USD 9.5 billion by 2032. Rising investment to promote product installation coupled with government incentives and supportive policies and initiatives at the federal, state, and local levels will facilitate the industry scenario. For instance, in November 2023, U.S. Department of Energy (DOE) introduced an initiative to provide rooftop solar and battery storage systems to low income and single-family households in Puerto Rico. Therefore, tax credits, rebates, grants, and net metering programs provided by various government entities reduced the upfront costs of solar installations and will influence the overall industry dynamics.
 

North America Residential Solar PV Market Share

Canadian Solar, Trina Solar, JA SOLAR Technology Co., Ltd., Jinko Solar and REC Solar Holdings AS holds majority of the industry share. Partnerships, collaborations, and strategic alliances are instrumental in addressing market challenges, leveraging complementary strengths, and pursuing mutual growth opportunities. Emergence of new market players, including solar installers, manufacturers, and technology startups drive the competition and innovation in the industry, thereby driving the product demand.
 

North America Residential Solar PV Market Companies

Key market players operating across the North America residential solar PV industry include:

• Canadian Solar
• EMMVEE SOLAR
• GCL (Group) Holdings Co., Ltd.
• Gridscape
• JA SOLAR Technology Co., Ltd.
• Jinko Solar
• LG Electronics
• LONGi
• Q CELLS
• REC Solar Holdings AS
• Solaria Corporation
• SunPower Corporation
• Trina Solar
• Vikram Solar Ltd.
• Yingli Solar
   

Residential Solar PV Market Industry News

• In July 2023, Gridscape received order to deploy, develop, construct, and maintain the eight residential solar PV module projects in San Diego, U.S. These projects as a part of USD 5.5 Billion public private partnership are designed with the aim to reduce costs and cut GHG emissions and save money paid on tax. Moreover, the residential solar PV module will allow the city to solely rely on renewable generated and stored energy. The company will be able to showcase its portfolio and expand its business opportunity across the industry.
   
• In December 2022, Trina Solar introduced its second-gen Vertex S universal rooftop module, boasting a peak power output of 430W. The module is equipped with novel cells utilizing the latest 210 mm rectangular silicon wafers (G12R), is designed to be easily installed, compatible, and exceptionally energy-efficient. Henceforth, the launch of this product bolstered the company's presence throughout the region.
   

The North America residential solar PV market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:

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Market, By Connectivity

• On-Grid
• Off-Grid

Market, By Mounting

• Ground Mounted
• Rooftop

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico