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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.
What is the value of the U.S. solar PV market?
U.S. solar PV industry size to exceed USD 68.5 billion by 2032, led by the surging demand for commercially available, dependable & efficient solutions along with growing installation of rooftop solar units across establishments.
What is the size of the ground mounted solar PV market in North America?
North America ground mounted solar PV market is estimated to grow at over 5.5% CAGR up to 2032, owing to shifting consumer inclination towards cost effective clean electricity generation combined with increasing R&D efforts to drop the costs for PV systems.
Why is the demand for on grid solar PV rising in North America?
North America solar PV market from the on grid connectivity 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.
How much is the North America solar PV market worth?
The market size of North America solar PV was reached USD 29.3 billion in 2023 and is anticipated to witness 6.2% CAGR from 2024 to 2032, due to higher usage to power various electrical devices or fed into the grid for broader distribution.