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North America Residential Solar PV Market Size

Report ID: GMI8728
Published Date: Mar 2024
Report Format: PDF

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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.

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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 Report Attributes
Report Attribute	Details
Base Year:	2023
North America Residential Solar PV Market Size in 2023:	USD 6.2 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	6.1%
2032 Value Projection:	USD 9.8 Billion
Historical Data for:	2019 - 2023
No. of Pages:	75
Tables, Charts & Figures:	200
Segments covered:	Connectivity, Mounting and Country
Growth Drivers:	Increasing focus on solar PV targets Growing green and net zero initiatives Rising decentralized and off-grid solar installations
Pitfalls & Challenges:	Longer payback period

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size for residential solar PV in North America reached USD 6.2 billion in 2023 and is set to record a CAGR of 6.1% through 2032, led by rising awareness amongst homeowners regarding the financial and environmental benefits of solar power.

The on-grid residential solar PV segment held a decent market share in North America in 2023 and is projected to surpass USD 9 billion by 2032, driven by increasing energy costs and growing requirement for long-term savings along with ability to provide reliable source of power and grid stability.

U.S. market held a robust revenue share in 2023 and is poised to reach over USD 9.5 billion by 2032, driven by rising investment to promote product installation, coupled with government incentives and supportive policies.

Canadian Solar, EMMVEE SOLAR, GCL (Group) Holdings Co., Ltd., Gridscape, JA SOLAR Technology Co., Ltd., Jinko Solar, LG Electronics, LONGi, and Q CELLS are some of the major industry contenders.