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 North America Solar Photovoltaic (PV) Market size was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, exhibiting a CAGR of 20.00">> 20.00 % during the forecasts periods. Recent developments include: December 2022: the construction of the largest landfill solar project of 25.6 MW in North America at Mount Olive, New Jersey, has been completed. The project was developed by CEP Renewables and CS Energy. The project is expected to light up 4,000 households with clean energy., November 2022: EE North America, a European Energy company, partnered with Elio Energy to develop a Solar Power Plant and Energy Storage in Arizona, USA. The construction of the 2 GW project will tentatively start in 2023.. Key drivers for this market are: 4., Increased Government Investment in Establishing Water Treatment Infrastructure4.; Increase in Power Generation Using Steam. Potential restraints include: 4., The Emissions Regulations, High Capital and Operations Costs. Notable trends are: Utility Segment to Dominate the Market.

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 **** billion U.S. dollars in 2023 and is forecast to reach almost ** billion U.S. dollars in 2031. More information about the global market for solar energy systems can be found here.

The North America Solar Photovoltaic (PV) report features an extensive regional analysis, identifying market penetration levels across major geographic areas. It highlights regional growth trends and opportunities, allowing businesses to tailor their market entry strategies and maximize growth in specific regions.

North America Solar Photovoltaic Glass Market is driven by the rising adoption of solar energy systems, advancements in solar panel technology, and supportive government policies.

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..

The building integrated photovoltaics market in North America reached a value of roughly *** billion U.S. dollars in 2022. This figure is expected to increase with a compound annual growth rate (CAGR) of **** percent in the next years, amounting to over ** 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 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 size of the North America Rooftop Solar Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.00">> 8.00% during the forecast period. Key drivers for this market are: 4., Increasing Amount of Waste Generation, Growing Concern for Waste Management to Meet the Needs for Sustainable Urban Living4.; Increasing Focus on Non-fossil Fuel Sources of Energy. Potential restraints include: 4., Expensive Nature of Incinerators. Notable trends are: Residential Sector to Dominate the Market.

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Solar Photovoltaic (PV) Market Size 2025-2029

The solar photovoltaic (pv) market size is valued to increase USD 58.47 billion, at a CAGR of 8.9% from 2024 to 2029. Increasing government support for solar power technology will drive the solar photovoltaic (pv) market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 37% growth during the forecast period.
By Deployment - Ground-mounted segment was valued at USD 47.36 billion in 2023
By End-user - Commercial segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 103.14 million
Market Future Opportunities: USD 58465.50 million
CAGR from 2024 to 2029 : 8.9%

Market Summary

In the global energy market, Solar Photovoltaic (PV) technology has emerged as a significant player, driven by increasing corporate commitments to decarbonization and expanding government incentives. The Solar PV market's value surpassed USD100 billion in 2020, reflecting a robust demand for clean, renewable energy solutions. This trend is expected to persist, fueled by advancements in solar cell efficiency and the ongoing decline in module prices.
However, competition from alternative energy sources, such as wind and hydropower, presents challenges. Solar PV's adaptability to various applications, from utility-scale power plants to rooftop installations, underpins its versatility and broad market appeal. As technology continues to evolve, Solar PV's role in the global energy landscape will only grow more prominent.

What will be the Size of the Solar Photovoltaic (PV) Market during the forecast period?

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How is the Solar Photovoltaic (PV) Market Segmented ?

The solar photovoltaic (pv) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Deployment

  Ground-mounted
  Rooftop


End-user

  Commercial
  Residential
  Utility


Technology

  Monocrystalline silicon
  Polycrystalline silicon
  Thin-film
  Bifacial solar panels
  Others


Geography

  North America

    US


  Europe

    France
    Germany
    Italy
    Spain


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Deployment Insights

The ground-mounted segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with ground-mounted systems leading the charge in absorbing sunlight and converting it into electricity. This process, known as photovoltaic energy conversion, involves transferring the generated charge to power electronics inverters for grid integration. The demand for utility-scale solar PV systems has surged in recent years, driven by the growing global population and increasing electricity needs. Technological advancements, economies of scale, and industry competition have driven down installation costs, making solar energy a cost-effective alternative. Solar resource assessment, including solar irradiance modeling and energy yield optimization, plays a crucial role in maximizing system performance.

Thin film photovoltaics and silicon wafer production are two key areas of innovation, with bifacial solar panels and perovskite solar cells promising higher efficiency. Solar panel installation and maintenance, including string inverter technology and microinverter technology, are essential for optimizing system performance and lifespan. Solar energy harvesting is further enhanced by solar tracker systems, which increase capacity factor metrics. Renewable energy integration and electrical grid stability are ongoing challenges, addressed through energy storage systems and photovoltaic system design. Solar panel degradation is a critical concern, with anti-reflective coatings and capacity factor metrics essential for mitigating its impact. According to industry reports, solar PV systems are expected to generate over 1,000 TWh of electricity annually by 2025.

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The Ground-mounted segment was valued at USD 47.36 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 37% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

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The market in the Asia Pacific (APAC) region is poised for substantial expansion during the forecast period. In 2024, China, Japan, India, Australia, and South Korea emerged as the leading countries in the APAC

The North American solar photovoltaic (PV) market is experiencing robust growth, driven by increasing environmental concerns, supportive government policies (including tax credits and subsidies), decreasing solar panel costs, and a rising demand for renewable energy sources. The market's Compound Annual Growth Rate (CAGR) exceeding 20% signifies substantial expansion throughout the forecast period (2025-2033). Residential installations are a significant market segment, fueled by homeowner incentives and decreasing installation costs, alongside a steady rise in commercial and utility-scale projects catering to larger energy demands. Technological advancements, such as the development of higher-efficiency crystalline solar panels and more durable thin-film technologies, are further accelerating market growth. The United States represents the largest share of the market, followed by Canada and Mexico. However, the market faces challenges including land availability for large-scale projects, permitting complexities, and grid infrastructure limitations. Despite these constraints, the long-term outlook remains positive, with a projected substantial increase in market size by 2033, driven by continued technological innovation and increasing policy support. This market growth is segmented across various deployment methods, with rooftop solar installations dominating the residential sector, while ground-mounted systems prevail in commercial and utility applications. The crystalline silicon technology currently holds the largest market share, but thin-film solar technology is witnessing steady improvement and adoption, offering potential for future growth. Key players like SunPower Corporation, Sunrun Inc., and Canadian Solar Inc. are actively shaping the market landscape through innovation, strategic partnerships, and expanded distribution networks. Geographical differences in solar irradiance, policy frameworks, and economic conditions influence growth rates across the United States, Canada, and Mexico, with the US exhibiting the highest adoption rate. The sustained commitment to renewable energy targets and the declining cost of solar energy will continue to drive this significant expansion over the coming years. Recent developments include: December 2022: the construction of the largest landfill solar project of 25.6 MW in North America at Mount Olive, New Jersey, has been completed. The project was developed by CEP Renewables and CS Energy. The project is expected to light up 4,000 households with clean energy., November 2022: EE North America, a European Energy company, partnered with Elio Energy to develop a Solar Power Plant and Energy Storage in Arizona, USA. The construction of the 2 GW project will tentatively start in 2023.. Notable trends are: Utility Segment to Dominate the Market.

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).

North America's solar photovoltaic glass market size was USD 3249.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 27.2% from 2024 to 2031. North America has emerged as a prominent participant, and its sales revenue is estimated to reach USD 18642.1 Million by 2031. This expansion is mainly attributed to the region's technological advancements.

North America Single Axis Solar Tracker market is segmented by Geography (United States, Canada, and Mexico). The report offers the market size and forecasts in revenue (USD Billion) for all the above segments.

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.

The North America Residential Solar PV report features an extensive regional analysis, identifying market penetration levels across major geographic areas. It highlights regional growth trends and opportunities, allowing businesses to tailor their market entry strategies and maximize growth in specific regions.

North America Solar Cells Market size was USD 34379.28 million in 2024 and will expand at a compound annual growth rate (CAGR) of 14.2% from 2024 to 2031.

North America Photovoltaic Market is projected to grow around USAD 3.6 billion by 2031, at a CAGR of 13.2% during the forecast period.