The North America Solar Photovoltaic (PV) Market is segmented by Application (Residential, Commercial, and Utility), Deployment (Ground Mounted and Rooftop Solar), Technology (Crystalline Solar and Thin Film), and Geography (United States, Canada, and Mexico). The report offers the market size and forecasts installed capacity (GW) for all the above segments.

North America Solar Photovoltaic Market size was valued at USD 29.3 Billion in 2023 and is projected to reach USD 47.9 Billion by 2031, growing at a CAGR of 6.2% from 2024 to 2031.

North America Solar Photovoltaic Market: Definition/ Overview
Solar photovoltaic (PV) technology is the method of transforming sunlight into electricity with semiconductor materials. It is based on the photovoltaic phenomenon, in which solar energy stimulates electrons in materials, resulting in an electric current. Solar PV systems consist of panels, inverters and electrical components that harness and transmit solar energy for a variety of purposes.

The market is segmented by Location of Deployment (Residential and Commercial and Industrial), and Geography (United States, Canada, and Rest of North America)

The market value of solar energy systems in North America stood at roughly 26.4 billion U.S. dollars in 2023 and is forecast to reach almost 70 billion U.S. dollars in 2031. More information about the global market for solar energy systems can be found here.

North America Renewable Energy Market size was valued at USD 116.82 Billion in 2023 and is projected to reach USD 363.8 Billion by 2031, growing at a CAGR of 16.80 % from 2024 to 2031.

North America Renewable Energy Market: Definition/ Overview

Renewable energy is defined as energy generated from natural sources that are constantly renewed, such as solar, wind, geothermal and hydropower. These sources are considered sustainable since they have a low environmental impact and can recover. Renewable energy, unlike fossil fuels, does not pollute or emit greenhouse gases, making it critical for sustainable development.

The Report Covers North America Solar Tracker Market Report Size & Share and It is Segmented by Axis Type (single Axis and Dual Axis) and Geography (United States, Canada, Mexico). The Report Offers the Market Size and Forecasts for the North American Solar Tracker Market in USD for all the Above Segments.

The North America Solar PV Market is valued at USD 29.3 billion, based on a five-year historical analysis. This growth is driven by increasing government incentives for renewable energy, technological advancements in PV systems, and declining costs of solar modules, which have significantly reduced installation expenses.

Product segments include:Crystalline Solar: Mono- and polycrystalline panels dominate the market, offering high efficiency and durability.Thin Film: Thin-film panels are lightweight and flexible, but offer lower efficiency than crystalline panels. Recent developments include: November 2022:EE North America, a European Energy company, partnered with Elio Energy By to develop a Solar Power Plant and Energy Storage in Arizona, USA. The construction of the 2 GW project will tentatively start in 2023 rings to activate Wind.. Notable trends are: Growing adoption of solar energy in the residential sector drives market growth..

According to Cognitive Market Research, the global Solar Energy market size will be USD 95451.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 38180.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 28635.4 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 21953.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 4772.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1909.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
The Photovoltaic Systems Technology held the highest Solar Energy market revenue share in 2024.

Market Dynamics of Solar Energy Market

Key Drivers for Solar Energy Market

Increase in energy demand to Increase the Demand Globally

The growth of the global solar energy market is primarily driven by the increasing energy demand due to a surge in population. As the global population continues to rise, especially in developing countries, the energy demand grows proportionally. Urbanization is also accelerating, with more people moving to cities, leading to greater energy needs across residential, commercial, and industrial sectors. This rising energy demand is coupled with a growing emphasis on sustainable solutions due to environmental concerns. Solar energy, as a renewable and eco-friendly source, is well-suited to meet this demand without contributing to greenhouse gas emissions or depleting natural resources. Between 1990 and 2019, the world’s total energy supply (TES) increased by 68.2%, exceeding 600 EJ for the first time. This growth was largely driven by Asia, which accounted for 83.6% of the global increase during this period. China’s TES alone grew 4.5 times, making up over a fifth of the world’s TES by 2019. In 2022, solar PV generation saw a record increase of 270 TWh (up 26%), reaching nearly 1,300 TWh. https://unstats.un.org/unsd/energystats/pubs/documents/2022pb-web.pdf https://www.iea.org/energy-system/renewables/solar-pv

Countries Aiming to Achieve Green Energy Targets to Propel Market Growth

A global energy transition is urgently required to limit the increase in average global surface temperature to below 2°C. Consequently, the installation of renewable energy sources is expected to grow significantly in the coming years, driving market expansion. The shift from fossil fuels to low-carbon solutions will be crucial, as energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases. Government initiatives and new energy targets aimed at promoting sustainable energy have positively influenced market growth. For example, Alberta has set a target for 30% of its electricity to be generated from renewable sources by 2030, with interim goals of 15% by 2022, 20% by 2025, and 26% by 2028. Canada’s current installed capacity includes 21.9 GW of wind energy, solar energy, and energy storage. In 2023, the industry added 2.3 GW of new capacity, including over 1.7 GW of new utility-scale wind, nearly 360 MW of new utility-scale solar, 86 MW of new on-site solar, and 140 MW / 190 MWh of energy storage. https://renewablesassociation.ca/by-the-numbers/ https://cleanenergycanada.org/wp-content/uploads/2023/01/RenewableCost_Report_CleaEnergyCanada_Feb2023.pdf

Restraint Factor for the Solar Energy Market

High Investment and Lack of Infrastructure to Limit the Sales

The overall cost of solar PV systems is higher than that of traditional solar panels, which may limit their adoption in residential buildings with comparatively lower energy needs. For instance, installing 15 ground-mounted solar panels with a capacity of 300 watts each would cost approximately USD 14,625, with an additional USD 500 per panel for the mounting structure. This higher initial cost can lead to reduced utilization of solar p...

The market is Segmented by Technology (Parabolic Trough, Linear Fresnel, Power Tower, and Dish/Stirling) and Geography (United States, Canada, and Rest of North America).

This statistic shows the market share of photovoltaic (PV) inverter shipments in North America in 2018, broken down by company. Headquartered in Valencia, Spain, Power Electronics accounted for 31 percent of the PV inverter shipments in North America in 2018.

North America Concentrated Solar Power Market size was valued at USD 3.23 Billion in 2024 and is projected to reach USD 10.24 Billion by 2032, growing at a CAGR of 15.5% from 2025-2032.

GCC Electric Vehicle Market: Definition/ Overview

Concentrated Solar Power (CSP) is a method that employs mirrors or lenses to focus sunlight on a small area, transforming it into heat that is then utilized to generate power via steam turbines or thermal engines. It is typically used in large-scale power plants, providing a consistent energy source with the ability to store thermal energy for ongoing power generation even after sunset.

CSP is appropriate for areas with plenty of sunlight and high energy demand. CSP’s future prospects are good, as developments in efficiency, thermal storage, and grid integration drive its wider use. CSP is predicted to play an important role in the global transition to clean, renewable energy, particularly in sun-drenched areas with strong regulatory backing.

The market size of the North America Solar Photovoltaic Mounting System Market is categorized based on Application (Type 1, Type 2, Type 3, Type 4) and Product (Type 1, Type 2, Type 3, Type 4) and geographical region of North America which includes United States of America, Canada and Mexico.

The market size of the North America Off Grid Solar Pv Panels Market is categorized based on Application (Type 1, Type 2, Type 3, Type 4) and Product (Type 1, Type 2, Type 3, Type 4) and geographical region of North America which includes United States of America, Canada and Mexico.

The North American Distributed Power Generation Market is Segmented by Technology (Solar PV, Wind, Combined Heat and Power (CHP), and Other Technologies) and Geography (United States, Canada, and Rest of North America). The report offers the installed capacity and forecasts for the market in gigawatts (GW) for the above segments.

The building integrated photovoltaics market in North America reached a value of roughly 2.9 billion U.S. dollars in 2022. This figure is expected to increase with a compound annual growth rate (CAGR) of 16.7 percent in the next years, amounting to over 12 billion U.S. dollars by 2032.

Building integrated photovoltaics are materials that perform traditional functions in buildings and generate electricity from the sun. They can replace traditional construction materials such as roofs, facades, and skylights. This multifunctionality offers great potential for the implementation of solar PV in buildings.

The report covers North America Renewable Energy Market Outlook and is segmented by type (Hydro, Solar, Wind, Bioenergy, and Others) and Geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in installed capacity (Gigawatts) for all the above segments.

California has by far the greatest installed capacity of solar photovoltaic (PV) power of any U.S. state. As of June of 2024, the Golden State had a cumulative solar power capacity of over 48 gigawatts. Texas followed with a capacity of roughly 32 gigawatts. Both U.S. states also had the largest solar PV capacity additions in 2023. Solar power across the U.S. Solar power accounts for around 3.9 percent of the total electricity generated in the United States. Since the turn of the century, the solar PV capacity installed in the North American country has experienced an exponential growth, surpassing 130 gigawatts as of 2023 – this is enough to power the equivalent of 36 million average homes in the country. Even though the U.S. energy mix is still dominated by fossil fuels, renewable sources are forecast to grow in the upcoming years. Employment in the U.S. solar market The solar sector is an incubator for job growth across the United States. Over the last decade, employment figures in the U.S. solar market have increased nearly threefold. More than 270,000 people work in the solar industry, with the state of California concentrating the largest solar workforce in the country.

The North American solar panel coating market is expected to grow at a CAGR of over 18.59% from 2025 to 2030, fueled by the rising demand for renewable energy solutions and the nee

North America Space Solar Panel And Array Market size is USD 104.48 million in 2024 and will expand at a compound annual growth rate (CAGR) of 20.5% from 2024 to 2031.