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North America Residential Solar PV Market Trends

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

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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.

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.