North America Solar PV Market Size - By Connectivity (On Grid, Off Grid), By Mounting (Ground Mounted, Rooftop), By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 – 2032

North America Solar PV Market Size

North America Solar PV Market was valued at USD 29.3 billion in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032.
 

Increasing efforts by corporations, utilities, and consumers towards sustainability and carbon reduction goals along with surge in solar PV installations will drive the market outlook. Additionally, the PV systems offer a sustainable energy solution that mitigates the environmental impact, and supports to combat climate change, thereby aligning with the sustainability objectives of various stakeholders.
 

North America Solar PV Market Trends

Growing initiatives including renewable energy incentives, grants, and tax credits aimed at promoting solar PV deployment and creating green jobs in line with rising corporate renewable energy to meet sustainability commitments and reduce operational carbon footprint will boost the product demand. For instance, according to the World Resources Institute in 2024, the first half of 2023 in the U.S. accounted for 6 GW of corporate purchase of clean energy.
 

North America Solar PV Market Analysis

Based on connectivity, the on grid solar PV segment is projected to surpass USD 46 billion by 2032 on the account of growing adoption of improved, scalable, and cost-effective units for the development of large scale projects. Ongoing introduction of advanced performance systems & components will augment the business landscape. Moreover, significant decline in the cost of PV components owing to the upliftment of tax and duties have paved the way for major contractors to develop enhanced capacity projects which will enhance the product demand.
 

Based on mounting, the ground mounted solar PV segment is estimated to grow at over 5.5% CAGR through 2032, owing to shifting consumer inclination toward cost effective clean electricity generation combined with increasing research and development efforts to drop the costs for PV systems. Furthermore, minimized operating costs, higher efficiency, enhanced hybrid operation capability with other fuels, and better land use are some of the prominent features which will proliferate the product penetration.
 

Utility solar PV witnessed a market share of over 69% in 2023. Growing interest to reduce dependency on conventional fuels and establish strong supply chain of components & materials for project development will strengthen the industry landscape. In addition, ongoing innovations and product advancements comprising of higher efficiency solar cells, bifacial panels, smart inverters, and energy storage integration will propel the business scenario.
 

U.S. solar PV market revenue to cross USD 68.5 billion by 2032. Surging demand for commercially available, dependable & efficient solutions along with growing installation of rooftop solar units across establishments will positively drive the industry outlook. Rising introduction of favorable government incentives to enhance the PV capacity and encourage clean electricity generation will sway the business statistics.
 

North America Solar PV Market Share

Canadian Solar, First Solar, GCL-SI, JA SOLAR Technology Co., Ltd., Jinko Solar and LG Electronics hold majority of the industry share. Solar PV manufacturers invest in research and development activities to improve the efficiency, performance, and durability of the solar PV modules and components. Collaborations between various solar PV manufacturers and local partners will support the market expansion into new geographic regions and segments. Additionally, supply agreements ensure reliable supply chain management, mitigate supply chain risks, and support the scalability of solar PV manufacturing operations.
 

North America Solar PV Market Companies

Major Key players operating across the solar PV industry are:

• Canadian Solar
• First Solar
• GCL-SI
• JA SOLAR Technology Co., Ltd.
• Jinko Solar
• LG Electronics
• Q CELLS
• REC Solar Holdings AS
• Solaria Corporation
• SunPower Corporation
• Trina Solar
• Vikram Solar Ltd.
   

North America Solar PV Industry News

• In June 2023, Enel Spa selected build a 3 GW solar panel and cell manufacturing plant in Oklahoma. The bifacial modules have higher energy production which can produce 15-20% more power than conventional panels and has cell efficiency of 24.6%. This high volume project has allowed the company to display its capabilities and mark a strong presence across the solar PV industry.
   
• In December 2022, Bechtel Corporation awarded a contract by Sabanci Renewables, Inc. to build a solar facility in Texas. The Cutlass Solar Two is a 272 MWdc utility scale project and is the first in the U.S. for Sabanci Renewables company. The scope of the project includes EPCC services for the solar project and is set to be completed by 2024. It will strengthen the company’s market presence across the economy.
   

This North America 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
• Roof-Top

Market, By End-Use

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico