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 renewable energy market is primarily supporting the global industry growth, in which nearly 3058.36 Gigawatt of renewable energy was installed in 2024. Aided by the adoption of solar power as a part of renewable portfolio targets (RPS) and Federal investment tax credit (ITC), the global renewable energy installations is projected to grow at a CAGR of nearly 7.60% in the forecast period of 2025-2034 to reach 6362.26 Gigawatt by 2034.

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.

According to Cognitive Market Research, the global Solar Energy market size was 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 Soloar Energy Market

Key Drivers of Soloar 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.

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.

Key Restraint of Soloar 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 power generation systems. Additionally, inadequate infrastructure further restricts investments in the market.

Trends in Soloar Energy Market

Rapid Adoption of Floating Solar (Floatovoltaics): With limited land availability and rising energy demand, floating solar farms are gaining traction—especially in countries like China, India, and Japan. These systems are installed on lakes, reservoirs, and irrigation ponds, reducing land use while benefiting from natural cooling that boosts efficiency. They also help diminish water evaporation and algae growth, offering both energy and environmental advantages. As deployment costs decline and performance improves, floating solar is emerging as a fast-growing segment of utility-scale solar energy.

Integration of Solar + Storage and Energy-as-a-Service Models: The solar sector is shifting toward integrated solutions that pair photovoltaic systems with battery storage and smart energy management services. This enables consumers and businesses to optimize energy use, store excess production, and gain grid independence. Energy-as-a-Service (EaaS) models—where solar-plus-storage setups are offered on a subscription basis—are becoming popular in commercial and industrial markets. These models reduce upfront costs and simplify system adoption, accelerating distributed solar...

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 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 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.

North America Solar Energy market size was USD 38180.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031. North America has emerged as a prominent participant, and its sales revenue is estimated to reach USD 57255.6 Million by 2031. This growth is mainly attributed to the region's Supportive Government Policies and Incentives.

In North America Solar Energy Market , was valued at approximately USD 10.11 billion in 2022 and is projected to reach USD 12.45 billion by 2029,

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. 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.

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..

Explore the booming North American Clean Energy Industry, driven by solar, wind, and bioenergy growth. Discover market size, CAGR > 7.20%, key drivers, and future trends up to 2033. Key drivers for this market are: 4., Increasing Integration Of Renewable Energy Generation4.; Aging Power Grids And Investments In Transmission And Distribution Infrastructure. Potential restraints include: 4., Increasing Raw Material Prices And Investment In Distributed Renewable Energy Generation Affect The Growth. Notable trends are: Solar Energy is Expected to have Significant Growth in the Market.

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Renewable Energy Market Size 2025-2029

The renewable energy market size is valued to increase USD 2266.2 billion, at a CAGR of 9.6% from 2024 to 2029. Rise in global energy demand will drive the renewable energy market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 76% growth during the forecast period.
By End-user - Residential segment was valued at USD 1934.50 billion in 2023
By Type - Hydropower segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 108.95 billion
Market Future Opportunities: USD 2266.20 billion
CAGR : 9.6%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and utilization of electricity from renewable sources, such as solar, wind, hydro, and biomass. This dynamic market is driven by the rising global energy demand and the increasing popularity of clean energy technologies as a competitive alternative to traditional energy sources. According to recent reports, renewable energy sources accounted for approximately 27% of global electricity generation in 2020, with solar and wind energy leading the charge. However, the market faces challenges, including the intermittency of renewable energy sources and the high upfront costs of implementation.
Despite these hurdles, opportunities abound, particularly in the areas of energy storage solutions and grid integration. As the market continues to evolve, stakeholders can expect ongoing innovation and advancements in core technologies and applications, service types, and regulatory frameworks, with regional dynamics adding another layer of complexity.

What will be the Size of the Renewable Energy Market during the forecast period?

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How is the Renewable Energy Market Segmented and what are the key trends of market segmentation?

The renewable energy 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

  Residential
  Industrial
  Commercial


Type

  Hydropower
  Wind
  Solar
  Others


Deployment

  On-grid
  Off-grid


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    KSA
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By End-user Insights

The residential segment is estimated to witness significant growth during the forecast period.

In the rapidly evolving energy landscape, the market is experiencing significant growth as businesses and residential sectors shift towards sustainable energy sources. Renewable energy production from biomass, wind, hydroelectric power, and solar photovoltaic systems has seen a notable increase, reducing carbon emissions by approximately 15% in 2020 compared to 2015 levels. Furthermore, the market is expected to expand further, with renewable energy investment projected to reach 30% of total energy investment by 2025. Energy audit methodologies, renewable energy certificates, and smart grids integration are crucial components driving the market's growth. Offshore wind farms, wave energy converters, and tidal energy conversion are gaining traction as promising new technologies, while grid stability analysis and energy storage systems ensure a reliable power supply.

The renewable energy sector is also witnessing advancements in onshore wind turbines, geothermal energy extraction, and concentrated solar power, among others. Moreover, the integration of demand-side management, battery energy storage, microgrids development, and pumped hydro storage into the energy infrastructure is essential for optimizing power system performance and ensuring grid modernization projects' success. The market's continuous evolution is essential in addressing the increasing energy demand while minimizing greenhouse gas emissions and promoting sustainable energy sources. In conclusion, the market is experiencing substantial growth, with a projected expansion in investment and production. The integration of various technologies and policies is crucial in ensuring a reliable, efficient, and sustainable energy future.

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The Residential segment was valued at USD 1934.50 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

APAC is estimated to contribute 76% 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.

See How Renewable Energy Market Demand is Rising

The size of the U.S. Solar 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 16.48% during the forecast period. Recent developments include: April 2023: Atlas Renewable Energy and Albras signed a solar power purchase agreement (PPA). Atlas will deliver solar-generated power to Albras for the next 21 years under the contract terms. The 902 MW Vista Alegre Photovoltaic Project will supply solar energy. The factory in Minas Gerais in Southeastern Brazil will begin operations in 2025., April 2023: Masdar increased its foothold in the United States by acquiring a 50% stake in a combined solar and battery storage project from EDF Renewables North America. The Big Beau project in California comprises a 128MW solar facility plus a 40MW battery energy storage system. It is one of eight projects with a total capacity of 1.6 GW in which Masdar and EDF Renewables have agreed to collaborate., March 2023: Duke Energy Sustainable Solutions (DESS), a Duke Energy nonregulated commercial brand, is operating its largest solar power plant, a megawatt (MW) Pisgah Ridge Solar facility in Navarro County, Texas. Over the next 15 years, Charles River Laboratories International Inc. has a virtual power purchase agreement (VPPA) for 102 MW of the project.. Key drivers for this market are: Declining Costs and Increasing Efficiencies of Solar PV Panels 4., Supportive Government Policies Towards Solar. Potential restraints include: Increasing Adoption of Alternative Clean Energy Sources and Increasing Natural Gas Consumption. Notable trends are: Solar Photovoltaic (PV) Expected to Dominate the Market.

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Canada Solar Energy Market Size 2025-2029

The Canada solar energy market size is forecast to increase by USD 2.25 billion at a CAGR of 23.9% between 2024 and 2029.

The Canadian solar energy market is experiencing significant growth, driven primarily by increasing government support for solar power technology. This trend is reflected in various initiatives, including subsidies, tax incentives, and regulations that promote renewable energy adoption. Another key driver is the growing adoption of the pay-as-you-go (PAYG) model, which makes solar energy more accessible to a wider consumer base by allowing them to pay for the system in installments. However, the market faces challenges, such as intense competition from alternative energy sources like wind and hydroelectric power. Additionally, the intermittency of solar power and the high upfront costs of installation remain significant obstacles to market expansion.
Companies looking to capitalize on opportunities in this market should focus on innovations that address these challenges, such as energy storage solutions and financing models that reduce the financial burden on consumers. By staying abreast of government policies and consumer trends, businesses can effectively navigate the competitive landscape and position themselves for long-term success in the Canadian solar energy market.

What will be the size of the Canada Solar Energy Market during the forecast period?

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The market continues to evolve, with research and development in solar cell materials driving technological advancements and expanding applications across various sectors. Energy storage capacity, including thermal energy storage, plays a crucial role in optimizing system performance and ensuring grid stability. Solar energy policy and feed-in tariff schemes support energy security benefits and economic feasibility studies, leading to a 10% annual growth expectation in the industry. Building-integrated photovoltaics and peak demand reduction contribute to energy independence goals and climate change mitigation efforts. Solar energy infrastructure development, such as energy transmission lines, is essential for maximizing solar energy yield.
Power purchase agreements and renewable portfolio standards further incentivize the adoption of sustainable energy solutions. Environmental impact assessments and system performance optimization are critical considerations in the industry, with solar panel lifespan and greenhouse gas emissions under constant scrutiny. The ongoing integration of solar energy into the grid and the reduction of reliance on traditional energy sources will continue to shape the market landscape. For instance, a recent study revealed a 30% increase in solar installations in a major Canadian province, underscoring the market's continuous dynamism.

How is this Canada Solar Energy Market segmented?

The Canada solar energy market market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029,for the following segments.

Application

  Grid-connected
  Off-grid


End-user

  Utility
  Rooftop


Technology

  Photovoltaic systems
  Concentrated solar power systems


Geography

  North America

    Canada

By Application Insights

The grid-connected segment is estimated to witness significant growth during the forecast period.

The Canadian solar energy market is experiencing significant growth, with the grid-connected segment leading the application landscape in 2024. Grid-connected solar PV systems directly supply solar energy to buildings without energy storage, feeding excess energy back to the grid and importing energy during shortfalls. Renewable energy sources, electric mobility, and grid digitalization are driving this segment's expansion. Canada is prioritizing solar PV systems for power generation, enhancing energy security, promoting economic growth, and supporting environmental sustainability. For instance, the City of Toronto's Green Standard initiative mandates new buildings to incorporate solar panels, leading to a surge in rooftop solar installations.

Furthermore, the country's solar resource assessment and mapping have identified abundant solar potential, particularly in regions like Alberta and Saskatchewan. Inverter technology and solar tracker systems are crucial components of grid-connected solar systems, ensuring optimal performance ratio metrics and power system stability. The market is expected to grow substantially during the forecast period, with utility-scale solar projects and ground-mounted solar farms contributing significantly to the expansion. Energy storage solutions, such as batteries, are also gaining traction to enhance the efficiency of sol

The Residential Solar Energy Market Report is Segmented by Technology (Monocrystalline PERC, N-Type TOPCon/HJT, and More), Installation Type (Rooftop-Mounted PV and Building-Integrated Solar Roof Tiles), Grid Type (On-Grid, Off-Grid, and Hybrid), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

According to Cognitive Market Research, the global Renewable energy market size was USD 1124514.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.00% 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 449805.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 337354.38 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 258638.36 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 56225.73 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% 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 22490.29 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
The Solar PV segment is the dominant category in the renewable energy market, driven by its widespread adoption and decreasing cost

Market Dynamics of Renewable energy Market

Key Drivers for Renewable energy Market

Rising Global Awareness About Climate Change to Boost Market Growth

As climate change concerns intensify worldwide, there is a significant push for sustainable energy sources. The environmental impact of fossil fuels, including carbon emissions, has led governments, businesses, and individuals to prioritize the transition to renewable energy. This shift is further supported by scientific studies linking climate change to extreme weather patterns, which has made the public more conscious of the urgent need for eco-friendly energy solutions. Governments are increasingly setting ambitious renewable energy targets, which are contributing to the accelerated adoption of clean energy technologies globally. For instance, In February 2023, Green World Renewable Energy LLC launched innovative solar panel and combiner box at ISNA, solar storage exhibition. This solar energy product provides a reliable and efficient solution for harnessing the power of the sun. This system is designed to meet the growing demand for renewable energy sources and provides a clean, cost-effective, and sustainable alternative to traditional energy sources

Technological Advancements Reducing Costs to Drive Market Growth

The renewable energy market has witnessed significant technological advancements, particularly in solar and wind energy production, which have driven down production and installation costs. Innovations such as more efficient photovoltaic panels, larger and more efficient wind turbines, and energy storage systems have made renewable energy more affordable and accessible. As these technologies continue to evolve, economies of scale are improving, further reducing the cost of renewable energy generation. The decreasing costs, combined with increased efficiency, have encouraged both private and public sector investments, contributing to the market's growth.

Restraint Factor for the Renewable energy Market

High Initial Capital Investment, will Limit Market Growth

Despite the long-term savings and environmental benefits, one of the key barriers to the widespread adoption of renewable energy is the high upfront capital investment required for infrastructure development. The installation of solar panels, wind turbines, and other renewable energy systems demands substantial financial resources, which can be a deterrent for smaller businesses or individuals. Although costs have decreased over the years, the financial commitment for setting up renewable energy facilities, including grid integration, can still be prohibitive. This makes it challenging for emerging economies or less affluent communities to transition to renewable energy solutions.

Impact of Covid-19 on the Renewable energy Market

Covid-19 pandemic had a significant impact on the renewable energy market, causing delays in project timelines and disruptions in supply chains. Global lockdowns led to the temporary closure of manufacturing plants, resulting in shortages of essential components like solar panels and wind turbine parts. Construction activities were also hindered ...

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).

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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