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North America solar panels market is set to reach a significant value by 2032, at a 22.00% CAGR between years 2023-2032. Over the past few decades, solar panels have transformed market dynamics throughout North America as a result of technological advances coupled with economic incentives and increased awareness on renewable energy.
The area has also seen an increased adoption of solar energy utilization, where the panels have turned out to be integral in building a renewable power base. Among the key factors driving the market dynamics, increasing focus on clean energy and commitment towards carbon reduction play an important role. Various levels of government in North America have put policies and incentives to increase the adoption of solar energy development, allowing a conducive environment for the futuristic growth of market value from addition.
The reduction in costs of solar technology, notably the PV cells used with solar panels have been a critical driving factor behind the popularity growth rate for using this form of alternative energy. Furthermore, the development of new technologies in this field has greatly reduced overall solar panel cost due to economies of scale and improved manufacturing efficiency. This cost has made solar energy attractive, both the residential as well as commercial consumers have invested in various types of installations.
North America also hastens the acceptance of solar panels through various governmental incentives and subsidies. Federal tax credits, state- level incentives and rebates are financial mechanisms that came to the aid of individual investors or those who invest in solar energy systems. Such incentives not only help to bring the cost of solar installations down but also supplements in promoting growth within the industry.
Besides, there are several states that have adopted policies of renewable energy targets which also provides a regulatory framework for solar projects and drives market demand. Net metering policies, which allow consumers to sell back their excess electricity generated from solar panels into the grid have been among leading forces in increasing adoption of renewables.
This motivates people and companies to install solar panels not only for personal needs, but also in order to contribute their energy quotas as part of the general network. Alternatively, a way of increasing solar panel installation economic viability would be in its capacity not only to eliminate power cost but also generate revenue off possible energy surplus.
North America Solar Panel Market Highlights:
North America Solar Panel Market Overview:
North America Solar Panel Market Size was valued at USD 312.8 Billion in 2022. The Solar Panel market industry is projected to grow USD 100.92 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.55% during the forecast period (2023 - 2032). The growing public support for renewable energy sources is one of the major market drivers driving the Solar Panel market in North America. Industries are adopting Solar panels due to the decentralization of power generation.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Solar Panel Market Trends
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Growing adoption of solar energy in the residential sector drives market growth.
The North American Solar Panel market CAGR is expanding due to the rising adoption of solar energy in the residential sector. As awareness of environmental sustainability grows and technological advancements make solar panels more cost-effective, homeowners increasingly turn to solar power to meet their energy needs. Government incentives, such as tax credits and rebates, encourage the installation of solar panels in residential properties. The declining cost of solar panels and the availability of financing options also contribute to the surge in residential solar installations. Smart home technologies, including solar-powered appliances and energy storage solutions, are integrating more with residential solar installations, enhancing energy efficiency and management. This trend is reshaping the energy landscape in North America, with solar panels becoming a mainstream choice for homeowners looking to contribute to a sustainable future while enjoying long-term cost savings.
Furthermore, the growth of the North America solar panel market is influenced by the integration of solar power into commercial and industrial applications. Businesses across various sectors are recognizing the economic and environmental benefits of harnessing solar energy to meet their power needs. Solar panels are installed on commercial buildings, warehouses, and industrial facilities to generate clean and renewable electricity. Combining environmental responsibility, cost savings, and corporate sustainability goals fuels this trend. Additionally, advancements in solar Technology, such as increased efficiency and durability of solar panels, make them more appealing to commercial and industrial entities. As a result, large-scale solar installations are becoming a common sight on rooftops and open spaces associated with commercial and industrial establishments, contributing to a greener and more sustainable energy landscape in North America. Thus driving the Solar Panel market revenue.
North America Solar Panel Market Segment Insights:
North America Solar Panel Market Application Insights
The North America Solar Panels market segmentation, based on application, includes Residential, Commercial, and Utility. The residential segment dominated the market. With a growing emphasis on sustainable energy solutions, residential applications for solar panels have witnessed significant traction. Homeowners are increasingly adopting solar panels to harness clean energy, reduce carbon footprints, and lower utility costs. This trend aligns with the region's commitment to renewable energy and environmentally conscious practices, driving the expansion of solar Technology in residential settings.
North America Solar Panel Market Deployment Insights
The North America Solar Panel market segmentation, based on deployment, includes Ground Mounted and Rooftop Solar. The ground-mounted category generated the most income. They offer practical solutions for large-scale energy generation, catering to utility-scale projects. Their popularity stems from increased efficiency, ease of maintenance, and optimal sunlight exposure. As a key deployment option, ground-mounted solar installations contribute significantly to North America's solar energy landscape, addressing the region's growing demand for sustainable and renewable power sources.
Figure 1: North America Solar Panels Market, by Deployment, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar Panel Technology Insights
The North America Solar Panel market segmentation, based on Technology, includes Crystalline Solar and Thin Film. The crystalline solar category generated the most income. It is known for high efficiency; Technology utilizes crystalline silicon cells to convert sunlight into electricity. With its widespread adoption, Crystalline Solar plays a pivotal role in shaping the solar energy landscape in North America, contributing to the region's renewable energy goals and sustainable future.
Solar Panel Country Insights
The rapid expansion of energy storage technologies has resulted in a boom in demand for Solar panels in North America in recent years. In the United States, robust government support, declining solar panel costs, and increasing environmental awareness drive market expansion. The country's ambitious renewable energy targets further boost solar adoption. Canada, too, experiences a growing solar market fueled by favorable government policies, technological advancements, and a focus on reducing carbon emissions. With its abundant sunlight, Mexico witnesses a rising demand for solar energy solutions, supported by initiatives promoting clean energy sources. The North American solar panel market reflects a collaborative effort among these countries to harness sustainable energy, with innovations in Technology and policy driving the region's transition towards a more renewable and environmentally friendly energy landscape.
Figure 2: North America Solar Panel Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
North America Solar Panel Market Key Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Solar Panel market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Solar Panel industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Major players in the North America Solar Panel market are attempting to increase market demand by investing in research and development operations, including First Solar, Inc., Canadian Solar Inc., Hanwha Q Cells Co., Jinko Solar Holding Co., Ltd, and Trina Solar Limited.
Key Companies in the North America Solar Panel market include
- First Solar, Inc.
- Canadian Solar Inc.
- Hanwha Q Cells Co.,
- Jinko Solar Holding Co., Ltd
- Trina Solar Limited
Solar Panel Industry Developments
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.
North America Solar Panel Market Segmentation:
Solar Panel Application Outlook
- Residential
- Commercial
- Utility
Solar Panel Deployment Outlook
- Ground Mounted
- Rooftop Solar
Solar Panel Technology Outlook
- Crystalline Solar
- Thin Film
Solar Panel Regional Outlook
- North America
- US
- Canada
- Mexico
- Rest of North America
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