North America Solar PV Market Analysis

North America Solar PV Market Analysis

To get key market trends

  Download Free Sample

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.