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.

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.

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 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.

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. Solar photovoltaic (PV) technology involves converting sunlight directly into electricity using solar cells. These cells are made from semiconductor materials, typically silicon, which absorb photons from sunlight and release electrons, creating an electric current through the photovoltaic effect. Solar PV systems consist of multiple solar cells connected to form modules or panels, which can be used individually or combined into larger arrays to generate more power. This technology is widely used for residential, commercial, and utility-scale power generation, offering a clean and renewable energy source that reduces reliance on fossil fuels and helps mitigate climate change. 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.

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..

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 size of the North America Power Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of % during the forecast period. The power industry in North America is experiencing a profound transformation, influenced by advancements in technology, changes in regulations, and evolving energy requirements. This sector, which includes the generation, transmission, and distribution of electricity, is essential to the economic framework of the region, catering to both residential and industrial consumers. Recent developments indicate a marked shift towards cleaner and more sustainable energy options, particularly renewables, while still maintaining a significant dependence on natural gas. This transition is driven by a mix of environmental regulations, technological progress, and an increasing focus on minimizing greenhouse gas emissions. The North American power industry is shaped by several key factors, including the growing incorporation of renewable energy sources such as wind and solar, which are altering the energy landscape and prompting necessary upgrades to grid infrastructure to enhance reliability and adaptability. Innovations in energy storage and smart grid technologies are also critical, improving the efficiency and stability of power distribution systems. Furthermore, regulatory frameworks and incentives designed to encourage energy efficiency and lower carbon emissions are expediting the adoption of cleaner technologies. As the region continues to progress through its energy transition, the North American power industry is set for expansion, characterized by a combination of upgraded infrastructure, cutting-edge technologies, and a robust commitment to sustainability. This transformation mirrors broader global movements towards cleaner and more resilient energy systems. Recent developments include: In August 2022, The U.S. Department of Energy's Water Power Technologies Office has given GE Research, the technological development division of General Electric Company, a 30-month, USD 4.3 million projects to increase the operating capacity and flexibility of hydropower assets., In October 2022, Belltown Power U.S. sold a 6 GW portfolio of solar, coupled, and stand-alone battery storage development projects to ENGIE North America (ENGIE). 33 projects totaling approximately 2.7 GW of solar energy, 0.7 GW of paired storage, and 2.6 GW of standalone battery storage are included in the transaction. Acquisition of 33 early to late-stage projects will accelerate renewables development across multiple states in North America., In November 2022, EE North America joined up with Elio Energy to build a 2GW solar power pipeline and energy storage assets in Arizona and neighboring states in the United States. The company intends to build 10GW of renewable energy capacity in the country by 2026 in order to assist state and local governments across the United States in meeting their net-zero emissions targets.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Environmental Concerns. Potential restraints include: 4., Fossil Fuel Subsidies. Notable trends are: Conventional Thermal is Likely Dominate the Market.

The global solar panel market, valued at $116.82 billion in 2025, is projected to experience robust growth, driven by increasing government incentives for renewable energy adoption, declining solar panel prices, and rising energy demands across residential, commercial, and power utility sectors. The compound annual growth rate (CAGR) of 7.82% from 2025 to 2033 indicates a significant expansion, with the market expected to exceed $200 billion by 2033. Key growth drivers include advancements in solar panel technology, leading to higher efficiency and durability in crystalline and thin-film panels. Further propelling market expansion is the growing awareness of climate change and the urgent need to transition towards sustainable energy sources. Regional variations are expected, with APAC (particularly China) and North America leading the market, fueled by supportive policies and robust infrastructure development. Europe and other regions will also witness substantial growth, although at potentially slightly slower rates due to varying adoption levels and regulatory frameworks. Competition among leading players like LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., and Trina Solar Co. Ltd., is intense, driving innovation and price competitiveness. The market faces some challenges, including intermittent power generation, land availability constraints, and the need for efficient energy storage solutions. However, ongoing technological advancements and favorable government policies are expected to mitigate these challenges, paving the way for continued market expansion. The market segmentation reveals significant opportunities. The crystalline panel segment currently dominates due to its established technology and cost-effectiveness. However, the thin-film panel segment is experiencing growth, driven by advancements improving efficiency and flexibility. Among end-users, the utility-scale solar power sector is a major driver, accounting for a significant portion of the market. However, residential and commercial installations are also growing rapidly, representing important segments with substantial future potential. Strategic collaborations, mergers and acquisitions, and continuous innovation in manufacturing processes are shaping the competitive landscape. Companies are focusing on enhancing product efficiency, reducing production costs, and expanding their geographical reach to capture market share. This intense competition ensures the market remains dynamic and innovative, offering further opportunities for growth and technological advancement.

The Report Covers the Residential Solar Energy Market Size & Share and is Segmented by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Report Offers the Market Size and Forecasts in Terms of Installed Capacity for all the Above Segments.

The North America Flexible Solar Panel market size will be USD 192.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. North America has emerged as a prominent participant, and its sales revenue is estimated to reach USD 316.3 Million by 2031. This growth is mainly attributed to the increasing adoption of renewable energy sources, and supportive government policies.

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).

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. Over the past year, North America has seen growth in its rooftop solar market due to declining cost and advancing technology, but it is actually the benefits that result from renewable energy that are increasingly drawing attention to consumers. Residential property and commercial property owners, along with concerns over climate change, see a need for sustainable sources of energy in order to keep their energy bills affordable. The economic incentives offered by governments in terms of tax credits and rebates also add a lot of value to the usage of solar power, which otherwise would be an expensive proposition for most house owners. More efficient solar panels and energy storage systems are making rooftop solar systems better in performance and attractiveness, and smart home technologies let people monitor and optimize their energy consumption as well, even maximizing benefits from solar power. Additionally, by expanding community solar programs, people without roofs to place them on can finally benefit from solar energy. Despite regulatory complexity and over-the-roof high installation costs, the outlook for North America's rooftop solar market remains positive. As states and provinces move toward aggressive renewable energy targets and investment in grid modernization, the rooftop solar market will be well-positioned to continue its growth in addition to providing significant benefits to the region's move toward cleaner, more sustainable, and greener energy. 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.

The report covers North American Power Market Analysis and it is segmented by Generation (Conventional Thermal, Hydro, Nuclear, and Non-Hydro Renewable), Transmission and Distribution, and Geography (United States, Canada, and Rest of North America). The market size and forecasts are provided in terms of revenue (USD Billion) for all the above segments.

The global solar industry installation services market is experiencing robust growth, driven by increasing demand for renewable energy sources and supportive government policies aimed at reducing carbon emissions. The market size in 2025 is estimated at $150 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 12% from 2025 to 2033. This significant expansion is fueled by several key trends, including the decreasing cost of solar panels, technological advancements leading to higher efficiency and longer lifespans, and rising energy prices making solar a more economically attractive option. Residential solar installations continue to be a major segment, but commercial solar is gaining significant momentum as businesses seek to reduce their environmental footprint and operational costs. The market is segmented by type (residential and commercial) and application (domestic and commercial), reflecting the diverse needs of residential homeowners and commercial entities. Geographic distribution shows strong growth across North America and Europe, with significant potential for expansion in Asia-Pacific and other emerging markets. However, challenges remain, including intermittency of solar power and the need for efficient energy storage solutions to overcome reliance on grid power. Furthermore, regulatory hurdles and permitting processes in certain regions pose barriers to market expansion. Despite these challenges, the long-term outlook remains positive, with the market poised for sustained growth driven by ongoing technological innovation, favorable policy support, and increasing consumer awareness of environmental sustainability. The market's growth is further propelled by innovations in solar panel technology, leading to improved efficiency and durability. This, coupled with decreasing installation costs and increasing awareness of the environmental benefits of solar energy, is driving adoption across diverse sectors. The competitive landscape is dynamic, with a mix of established players and emerging companies offering a variety of services. The involvement of various stakeholders including installers, manufacturers, financiers and government agencies is crucial to fostering the sector’s sustainable expansion and ensuring seamless integration of solar energy into existing energy infrastructure. Regional variations exist in market penetration, shaped by factors such as government regulations, energy policies, and economic conditions. Specific regions like the US, China, and Europe are leading the market, while emerging economies present vast untapped potential for future growth.

Investment into renewable energy technologies has grown significantly in the United States over the last decades. In 2023, investments reached 92.9 billion U.S. dollars, in comparison to 29.1 billion U.S. dollars in 2013. The United States’ renewable market has benefitted from green stimulus programs and uncertainties in renewable tax credits. The United States has also focused heavily on small-scale solar as well as utility-scale renewable technologies. Global renewable investments Investments in clean energy totaled 495 billion U.S. dollars in 2022. China, Europe, and the United States are the largest investors in clean energy worldwide. Solar and wind technologies are the most heavily invested in worldwide. Due to the decrease in the cost of wind and solar technologies, it has been possible to purchase equipment for lower prices.

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Solar Panels Market Size 2025-2029

The solar panels market size is forecast to increase by USD 60.1 billion at a CAGR of 8.2% between 2024 and 2029.

The renewable energy market is witnessing significant growth due to increasing investments in this sector. One of the key technologies driving this trend is solar power, with advancements in photovoltaic (PV) systems and PV panels using polysilicon and thin-film technology. However, the intermittent nature of solar power poses a challenge, which is being addressed through energy storage solutions. Floating solar panels are also gaining popularity as they offer space efficiency and reduced land usage. Coal, a traditional energy source, is facing increasing competition from renewable energy. Thermal energy, another renewable energy source, is also growing in popularity. Overall, the market is expected to continue its growth trajectory, driven by technological advancements and the need for sustainable energy solutions.

What will be the Size of the Market During the Forecast Period?

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The market, also known as the photovoltaic (PV) panels industry, is experiencing significant growth as the global shift towards renewable energy sources continues. Solar energy, derived from the Earth's sunlight, is a clean and sustainable alternative to traditional energy sources like oil and coal. The market's expansion is driven by increasing environmental concerns, stringent emission standards, and government incentives, including tax breaks and rebates. Silver and polysilicon are essential components in the production of solar panels. The market's size is substantial, with numerous solar powerhouses investing heavily in research and development to improve efficiency and reduce costs. The use of PV panels for generating electrical energy from solar power has gained immense popularity due to their environmental benefits and potential for long-term savings.
The Renewable Energy Directive and other similar initiatives worldwide are further fueling the market's growth. As the world's energy needs continue to rise, the market is poised to play a crucial role in meeting these needs while reducing the environmental impact of energy production. The industry's future looks bright, with investments pouring in from various sectors and a strong commitment from governments and corporations to a cleaner, more sustainable energy future.

How is this Industry segmented and which is the largest segment?

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

End-user

  Power utilities
  Commercial
  Residential


Type

  Crystalline panel
  Thin-film panel


Connectivity

  On-grid
  Off-grid


Technology

  Solar PV
  Concentrated solar power (CSP)


Geography

  APAC

    China
    India
    Japan
    South Korea


  Europe

    Germany
    UK
    France
    Italy


  North America

    Canada
    US


  Middle East and Africa



  South America

By End-user Insights

The power utilities segment is estimated to witness significant growth during the forecast period. The industry experienced significant growth in the utility segment in 2024, driven by the increasing installation of large-scale solar power plants to produce renewable energy and decrease carbon emissions. According to the International Energy Agency (IEA), utility-scale solar energy generation has seen substantial expansion. In 2024, global renewable capacity additions are projected to reach new records, with solar photovoltaics (PV) contributing around 80% to the growth in renewable electricity capacity. Major contributors to the utility segment in 2024 include China, the US, Germany, Japan, and India. For instance, China installed 277 GW of solar power capacity in 2024, as reported by the National Energy Administration (NEA).

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The power utilities segment was valued at USD 49.20 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% 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. The industry is experiencing significant growth due to increasing environmental concerns, escalating energy demands, and supportive government regulations. Solar PV, including Polycrystalline and Monocrystalline panels, is a key contributor to this market. China, India, and Japan are major players, with China leading in annual installed capacity. APAC has witnessed notable growth in the solar systems market, with China surpassing the US in solar

According to Cognitive Market Research, the global Renewable Energy Source market size will be USD 915245.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 17.20% 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 366098.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 15.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 274573.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 210506.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 19.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 45762.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.6% 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 18304.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.9% from 2024 to 2031.
The Solar Energy category is the fastest growing segment of the Renewable Energy Source industry

Market Dynamics of Renewable Energy Source Market

Key Drivers for Renewable Energy Source Market

Increasing awareness of climate change to Boost Market Growth

Increasing awareness of climate change is significantly driving the renewable energy source market as individuals and organizations recognize the urgent need to transition away from fossil fuels. Public concern over environmental issues has led to heightened demand for sustainable energy solutions that can mitigate climate impacts. This awareness has influenced governments to implement supportive policies and incentives to promote renewable technologies, encouraging investments in clean energy projects. Additionally, corporations are increasingly adopting sustainability goals, driving further investment in renewable energy sources. As consumers demand greener products and practices, the market is shifting towards cleaner energy alternatives, reinforcing the commitment to combat climate change and ensuring a more sustainable future. For instance, ArcelorMittal announced that its Brazilian division, ArcelorMittal Brazil, has partnered with Casa dos Ventos, a Brazilian renewable energy firm, to create a joint venture for the Babilonia wind power project, which has a capacity of 554 MW. This initiative is projected to require an investment of USD 800 million and will be situated in Bahia’s central region in northeastern Brazil. ArcelorMittal is expected to retain a 55% stake in the joint venture, with Casa dos Ventos owning the remaining share.

Declining costs of renewable technologies to Drive Market Growth

The declining costs of renewable technologies are a significant driver of the renewable energy source market, making clean energy solutions more accessible and appealing. Advances in manufacturing processes, economies of scale, and increased competition have led to substantial reductions in the prices of solar panels, wind turbines, and energy storage systems. As these technologies become more affordable, both businesses and consumers are more inclined to invest in renewable energy solutions, resulting in higher adoption rates. Lower costs also enhance the financial viability of renewable projects, attracting investments from various sectors. This trend not only supports the global transition towards sustainable energy but also encourages innovation and development within the industry, fostering further advancements in renewable technologies.

Restraint Factor for the Renewable Energy Source Market

High Initial Costs will Limit Market Growth

High initial costs are a significant restraint on the renewable energy source market, often deterring investment and adoption. Many renewable technologies, such as solar panels, wind turbines, and energy storage systems, require substantial upfront capital for installation and infrastructure development. This financial barrier can be particularly challenging for small businesses and low-income households, limiting their access to renewable energy solutions. While long-term savings on energy bills can offset these costs, the lack of immediate affordability may discourage potential users. Additionally, financing options ma...