Key Insights
The North American Solar Photovoltaic (PV) market is poised for substantial expansion, driven by supportive government incentives, declining module costs, and heightened environmental awareness. The market is projected to reach $323.5 billion by 2025 and is expected to grow at a Compound Annual Growth Rate (CAGR) of approximately 8.1% from 2025 to 2033. This growth trajectory is underpinned by multiple factors, including increasing adoption in the residential sector as homeowners seek to lower energy expenses and reduce their carbon footprint. Simultaneously, the commercial and utility-scale segments are experiencing robust development as organizations prioritize renewable energy to meet sustainability objectives and decrease reliance on fossil fuels. Technological innovations, particularly in crystalline silicon PV, are enhancing efficiency and driving down manufacturing costs, thereby accelerating market penetration. Ground-mounted solar installations, benefiting from economies of scale, dominate market share, complemented by the expanding deployment of rooftop solar systems across residential and commercial properties.
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North America Solar Photovoltaic (PV) Market Market Size (In Billion)
While the market outlook is highly positive, certain challenges persist. The inherent intermittency of solar power necessitates advancements in energy storage solutions. Furthermore, complex permitting procedures and grid integration issues can pose obstacles to project deployment. Nevertheless, ongoing innovation in energy storage and efforts to streamline regulatory frameworks are expected to address these challenges. Key industry leaders, including First Solar, SunPower, and Canadian Solar, are strategically investing in R&D, expanding manufacturing capabilities, and pioneering new business models to leverage market opportunities. The competitive environment features both established players and emerging companies, fostering innovation and cost reduction. The United States and Canada are currently leading regional growth, with Mexico and other North American regions also exhibiting significant potential. The sustained demand for renewable energy, coupled with favorable policy landscapes, will solidify North America's position as a pivotal global center for solar PV development in the coming years.
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North America Solar Photovoltaic (PV) Market Company Market Share
North America Solar Photovoltaic (PV) Market: A Comprehensive Report (2019-2033)
This comprehensive report provides an in-depth analysis of the North America solar photovoltaic (PV) market, offering valuable insights for investors, industry stakeholders, and strategic decision-makers. Covering the period from 2019 to 2033, with a focus on 2025, this report meticulously examines market structure, competitive dynamics, industry trends, and future growth prospects. The study encompasses key segments including deployment (ground-mounted, rooftop solar), technology (crystalline solar, thin film), and application (residential, commercial, utility). Expect detailed analysis of leading companies such as First Solar Inc, James Petersen Industries Inc, JA SOLAR Co Ltd, Sungevity Inc, Soligent Solar Pvt, Hanwha Q Cells Co Ltd, Canadian Solar Inc, Sunrun Inc, Solar Five LLC, Trina Solar Ltd, and Sun Power Corporation, though the list is not exhaustive.
North America Solar Photovoltaic (PV) Market Structure & Competitive Dynamics
The North American solar PV market exhibits a moderately consolidated structure, with a few major players commanding significant market share. However, a vibrant ecosystem of smaller companies and emerging technologies fosters intense competition. Regulatory frameworks, such as the Investment Tax Credit (ITC) and various state-level incentives, significantly influence market dynamics. Product substitutes, primarily traditional fossil fuel-based energy sources, face increasing pressure due to rising environmental concerns and decreasing PV system costs. End-user trends show a strong shift towards renewable energy adoption across residential, commercial, and utility sectors. Mergers and acquisitions (M&A) activity is robust, with deal values exceeding xx Million in recent years, consolidating market power and driving innovation.
- Market Concentration: The top 5 players hold approximately xx% of the market share (2025 Estimate).
- M&A Activity: Significant M&A activity observed in the past five years, with an average deal value of approximately xx Million.
- Innovation Ecosystem: A dynamic environment with startups focused on improving efficiency, reducing costs, and developing innovative PV technologies.
- Regulatory Landscape: Favorable regulatory policies in several states drive market growth, while federal policies influence long-term trends.
North America Solar Photovoltaic (PV) Market Industry Trends & Insights
The North American solar PV market is experiencing robust growth, driven by several key factors. Decreasing system costs, increasing environmental awareness, and supportive government policies are major catalysts. Technological advancements, such as improved efficiency in crystalline solar technology and the emergence of advanced thin-film solutions, further enhance market attractiveness. Consumer preferences are shifting towards cleaner energy sources, fueling residential and commercial solar adoption. The market's CAGR is projected to be xx% from 2025 to 2033, with market penetration exceeding xx% by 2033. Intense competition among established players and emerging entrants ensures continuous innovation and cost reduction. The industry is witnessing increased focus on energy storage solutions to address intermittency challenges associated with solar energy.
Dominant Markets & Segments in North America Solar Photovoltaic (PV) Market
The Southwestern United States consistently demonstrates the strongest growth within North America, driven by high solar irradiation levels and favorable government policies. California, Texas, and Arizona represent key state markets.
- Deployment: Ground-mounted systems dominate the market due to higher capacity and suitability for large-scale projects. However, rooftop solar is experiencing significant growth in residential and commercial sectors.
- Technology: Crystalline silicon technology currently holds the largest market share, offering a balance of efficiency and cost-effectiveness. Thin-film technologies are expected to gain traction in niche applications.
- Application: The utility-scale segment is the largest, driven by significant project developments. However, residential and commercial sectors are also showing strong growth.
Key Drivers for Dominant Segments:
- Economic Policies: Tax incentives, subsidies, and renewable portfolio standards drive adoption.
- Infrastructure Development: Improved grid infrastructure and streamlined permitting processes accelerate project deployment.
- Technological Advancements: Improved efficiency and reduced costs of PV modules and inverters.
North America Solar Photovoltaic (PV) Market Product Innovations
Recent product developments focus on increasing efficiency, reducing costs, and enhancing durability. New bifacial modules, advanced tracking systems, and integrated energy storage solutions are gaining traction. These innovations improve the overall performance and value proposition of solar PV systems, further expanding market adoption. The trend is towards more efficient, durable, and aesthetically pleasing solutions to cater to diverse consumer preferences.
Report Segmentation & Scope
This report segments the North American solar PV market by deployment (ground-mounted, rooftop), technology (crystalline solar, thin film), and application (residential, commercial, utility). Each segment is analyzed in detail, providing market size, growth projections, and competitive dynamics for the forecast period (2025-2033). Growth projections are based on thorough market research, industry expert interviews, and statistical modeling. The report assesses market size and share for each segment, taking into account evolving technological trends and market dynamics.
Key Drivers of North America Solar Photovoltaic (PV) Market Growth
Several factors drive the growth of the North American solar PV market. These include decreasing PV system costs due to technological advancements and economies of scale; increasing environmental awareness and consumer demand for renewable energy; supportive government policies, such as tax credits and renewable energy mandates; and advancements in energy storage technology, mitigating intermittency issues associated with solar power. Furthermore, the growing corporate sustainability initiatives and commitment to reducing carbon footprint fuels the demand for solar energy.
Challenges in the North America Solar Photovoltaic (PV) Market Sector
Despite its significant growth potential, the North American solar PV market faces challenges. These include intermittency of solar power, dependence on weather conditions, supply chain disruptions impacting raw material availability and manufacturing costs, and permitting and regulatory complexities in some regions. Land acquisition for large-scale projects and grid integration challenges can also pose significant hurdles. Furthermore, competition from established energy sources and fluctuating energy prices influence market dynamics.
Leading Players in the North America Solar Photovoltaic (PV) Market Market
- First Solar Inc
- James Petersen Industries Inc
- JA SOLAR Co Ltd
- Sungevity Inc
- Soligent Solar Pvt
- Hanwha Q Cells Co Ltd
- Canadian Solar Inc
- Sunrun Inc
- Solar Five LLC
- Trina Solar Ltd
- Sun Power Corporation
Key Developments in North America Solar Photovoltaic (PV) Market Sector
- December 2022: Completion of the 25.6 MW landfill solar project in Mount Olive, New Jersey, developed by CEP Renewables and CS Energy, demonstrating innovative project development in challenging locations.
- November 2022: Partnership between EE North America and Elio Energy to develop a 2 GW solar power plant and energy storage project in Arizona, highlighting the growing investment in large-scale projects and integration with energy storage.
Strategic North America Solar Photovoltaic (PV) Market Market Outlook
The North American solar PV market is poised for sustained growth, driven by decreasing costs, increasing demand, and supportive policies. Strategic opportunities exist in large-scale project development, integration with energy storage, and the development of innovative PV technologies. Companies focusing on efficiency improvements, cost reductions, and value-added services will be well-positioned for success. The market will likely witness further consolidation through mergers and acquisitions, and increasing focus on the development of smart grids to integrate renewable energy sources effectively.
North America Solar Photovoltaic (PV) Market Segmentation
-
1. Application
- 1.1. Residential
- 1.2. Commercial
- 1.3. Utility
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2. Deployment
- 2.1. Ground Mounted
- 2.2. Rooftop Solar
-
3. Technology
- 3.1. Crystalline Solar
- 3.2. Thin Film
-
4. Geography
- 4.1. United States
- 4.2. Canada
- 4.3. Mexico
North America Solar Photovoltaic (PV) Market Segmentation By Geography
- 1. United States
- 2. Canada
- 3. Mexico
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North America Solar Photovoltaic (PV) Market Regional Market Share
Geographic Coverage of North America Solar Photovoltaic (PV) Market
North America Solar Photovoltaic (PV) Market REPORT HIGHLIGHTS
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 8.1% from 2020-2034 |
| Segmentation |
|
Table of Contents
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 2.1. Introduction
- 3. Market Dynamics
- 3.1. Introduction
- 3.2. Market Drivers
- 3.2.1. 4.; Increased Government Investment in Establishing Water Treatment Infrastructure4.; Increase in Power Generation Using Steam
- 3.3. Market Restrains
- 3.3.1 4.; The Emissions Regulations
- 3.3.2 High Capital and Operations Costs
- 3.4. Market Trends
- 3.4.1. Utility Segment to Dominate the Market
- 4. Market Factor Analysis
- 4.1. Porters Five Forces
- 4.2. Supply/Value Chain
- 4.3. PESTEL analysis
- 4.4. Market Entropy
- 4.5. Patent/Trademark Analysis
- 5. North America Solar Photovoltaic (PV) Market Analysis, Insights and Forecast, 2020-2032
- 5.1. Market Analysis, Insights and Forecast - by Application
- 5.1.1. Residential
- 5.1.2. Commercial
- 5.1.3. Utility
- 5.2. Market Analysis, Insights and Forecast - by Deployment
- 5.2.1. Ground Mounted
- 5.2.2. Rooftop Solar
- 5.3. Market Analysis, Insights and Forecast - by Technology
- 5.3.1. Crystalline Solar
- 5.3.2. Thin Film
- 5.4. Market Analysis, Insights and Forecast - by Geography
- 5.4.1. United States
- 5.4.2. Canada
- 5.4.3. Mexico
- 5.5. Market Analysis, Insights and Forecast - by Region
- 5.5.1. United States
- 5.5.2. Canada
- 5.5.3. Mexico
- 5.1. Market Analysis, Insights and Forecast - by Application
- 6. United States North America Solar Photovoltaic (PV) Market Analysis, Insights and Forecast, 2020-2032
- 6.1. Market Analysis, Insights and Forecast - by Application
- 6.1.1. Residential
- 6.1.2. Commercial
- 6.1.3. Utility
- 6.2. Market Analysis, Insights and Forecast - by Deployment
- 6.2.1. Ground Mounted
- 6.2.2. Rooftop Solar
- 6.3. Market Analysis, Insights and Forecast - by Technology
- 6.3.1. Crystalline Solar
- 6.3.2. Thin Film
- 6.4. Market Analysis, Insights and Forecast - by Geography
- 6.4.1. United States
- 6.4.2. Canada
- 6.4.3. Mexico
- 6.1. Market Analysis, Insights and Forecast - by Application
- 7. Canada North America Solar Photovoltaic (PV) Market Analysis, Insights and Forecast, 2020-2032
- 7.1. Market Analysis, Insights and Forecast - by Application
- 7.1.1. Residential
- 7.1.2. Commercial
- 7.1.3. Utility
- 7.2. Market Analysis, Insights and Forecast - by Deployment
- 7.2.1. Ground Mounted
- 7.2.2. Rooftop Solar
- 7.3. Market Analysis, Insights and Forecast - by Technology
- 7.3.1. Crystalline Solar
- 7.3.2. Thin Film
- 7.4. Market Analysis, Insights and Forecast - by Geography
- 7.4.1. United States
- 7.4.2. Canada
- 7.4.3. Mexico
- 7.1. Market Analysis, Insights and Forecast - by Application
- 8. Mexico North America Solar Photovoltaic (PV) Market Analysis, Insights and Forecast, 2020-2032
- 8.1. Market Analysis, Insights and Forecast - by Application
- 8.1.1. Residential
- 8.1.2. Commercial
- 8.1.3. Utility
- 8.2. Market Analysis, Insights and Forecast - by Deployment
- 8.2.1. Ground Mounted
- 8.2.2. Rooftop Solar
- 8.3. Market Analysis, Insights and Forecast - by Technology
- 8.3.1. Crystalline Solar
- 8.3.2. Thin Film
- 8.4. Market Analysis, Insights and Forecast - by Geography
- 8.4.1. United States
- 8.4.2. Canada
- 8.4.3. Mexico
- 8.1. Market Analysis, Insights and Forecast - by Application
- 9. Competitive Analysis
- 9.1. Market Share Analysis 2025
- 9.2. Company Profiles
- 9.2.1 First Solar Inc
- 9.2.1.1. Overview
- 9.2.1.2. Products
- 9.2.1.3. SWOT Analysis
- 9.2.1.4. Recent Developments
- 9.2.1.5. Financials (Based on Availability)
- 9.2.2 James Petersen Industries Inc
- 9.2.2.1. Overview
- 9.2.2.2. Products
- 9.2.2.3. SWOT Analysis
- 9.2.2.4. Recent Developments
- 9.2.2.5. Financials (Based on Availability)
- 9.2.3 JA SOLAR Co Ltd
- 9.2.3.1. Overview
- 9.2.3.2. Products
- 9.2.3.3. SWOT Analysis
- 9.2.3.4. Recent Developments
- 9.2.3.5. Financials (Based on Availability)
- 9.2.4 Sungevity Inc
- 9.2.4.1. Overview
- 9.2.4.2. Products
- 9.2.4.3. SWOT Analysis
- 9.2.4.4. Recent Developments
- 9.2.4.5. Financials (Based on Availability)
- 9.2.5 Soligent Solar Pvt
- 9.2.5.1. Overview
- 9.2.5.2. Products
- 9.2.5.3. SWOT Analysis
- 9.2.5.4. Recent Developments
- 9.2.5.5. Financials (Based on Availability)
- 9.2.6 Hanwha Q Cells Co Ltd
- 9.2.6.1. Overview
- 9.2.6.2. Products
- 9.2.6.3. SWOT Analysis
- 9.2.6.4. Recent Developments
- 9.2.6.5. Financials (Based on Availability)
- 9.2.7 Canadian Solar Inc
- 9.2.7.1. Overview
- 9.2.7.2. Products
- 9.2.7.3. SWOT Analysis
- 9.2.7.4. Recent Developments
- 9.2.7.5. Financials (Based on Availability)
- 9.2.8 Sunrun Inc
- 9.2.8.1. Overview
- 9.2.8.2. Products
- 9.2.8.3. SWOT Analysis
- 9.2.8.4. Recent Developments
- 9.2.8.5. Financials (Based on Availability)
- 9.2.9 Solar Five LLC
- 9.2.9.1. Overview
- 9.2.9.2. Products
- 9.2.9.3. SWOT Analysis
- 9.2.9.4. Recent Developments
- 9.2.9.5. Financials (Based on Availability)
- 9.2.10 Trina Solar Ltd*List Not Exhaustive
- 9.2.10.1. Overview
- 9.2.10.2. Products
- 9.2.10.3. SWOT Analysis
- 9.2.10.4. Recent Developments
- 9.2.10.5. Financials (Based on Availability)
- 9.2.11 Sun Power Corporation
- 9.2.11.1. Overview
- 9.2.11.2. Products
- 9.2.11.3. SWOT Analysis
- 9.2.11.4. Recent Developments
- 9.2.11.5. Financials (Based on Availability)
- 9.2.1 First Solar Inc
List of Figures
- Figure 1: North America Solar Photovoltaic (PV) Market Revenue Breakdown (billion, %) by Product 2025 & 2033
- Figure 2: North America Solar Photovoltaic (PV) Market Share (%) by Company 2025
List of Tables
- Table 1: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Application 2020 & 2033
- Table 2: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Deployment 2020 & 2033
- Table 3: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Technology 2020 & 2033
- Table 4: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Geography 2020 & 2033
- Table 5: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Region 2020 & 2033
- Table 6: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Application 2020 & 2033
- Table 7: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Deployment 2020 & 2033
- Table 8: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Technology 2020 & 2033
- Table 9: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Geography 2020 & 2033
- Table 10: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Country 2020 & 2033
- Table 11: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Application 2020 & 2033
- Table 12: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Deployment 2020 & 2033
- Table 13: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Technology 2020 & 2033
- Table 14: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Geography 2020 & 2033
- Table 15: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Country 2020 & 2033
- Table 16: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Application 2020 & 2033
- Table 17: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Deployment 2020 & 2033
- Table 18: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Technology 2020 & 2033
- Table 19: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Geography 2020 & 2033
- Table 20: North America Solar Photovoltaic (PV) Market Revenue billion Forecast, by Country 2020 & 2033
Frequently Asked Questions
1. What is the projected Compound Annual Growth Rate (CAGR) of the North America Solar Photovoltaic (PV) Market?
The projected CAGR is approximately 8.1%.
2. Which companies are prominent players in the North America Solar Photovoltaic (PV) Market?
Key companies in the market include First Solar Inc, James Petersen Industries Inc, JA SOLAR Co Ltd, Sungevity Inc, Soligent Solar Pvt, Hanwha Q Cells Co Ltd, Canadian Solar Inc, Sunrun Inc, Solar Five LLC, Trina Solar Ltd*List Not Exhaustive, Sun Power Corporation.
3. What are the main segments of the North America Solar Photovoltaic (PV) Market?
The market segments include Application, Deployment, Technology, Geography.
4. Can you provide details about the market size?
The market size is estimated to be USD 323.5 billion as of 2022.
5. What are some drivers contributing to market growth?
4.; Increased Government Investment in Establishing Water Treatment Infrastructure4.; Increase in Power Generation Using Steam.
6. What are the notable trends driving market growth?
Utility Segment to Dominate the Market.
7. Are there any restraints impacting market growth?
4.; The Emissions Regulations. High Capital and Operations Costs.
8. Can you provide examples of recent developments in the market?
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.
9. What pricing options are available for accessing the report?
Pricing options include single-user, multi-user, and enterprise licenses priced at USD 4750, USD 5250, and USD 8750 respectively.
10. Is the market size provided in terms of value or volume?
The market size is provided in terms of value, measured in billion.
11. Are there any specific market keywords associated with the report?
Yes, the market keyword associated with the report is "North America Solar Photovoltaic (PV) Market," which aids in identifying and referencing the specific market segment covered.
12. How do I determine which pricing option suits my needs best?
The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.
13. Are there any additional resources or data provided in the North America Solar Photovoltaic (PV) Market report?
While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.
14. How can I stay updated on further developments or reports in the North America Solar Photovoltaic (PV) Market?
To stay informed about further developments, trends, and reports in the North America Solar Photovoltaic (PV) Market, consider subscribing to industry newsletters, following relevant companies and organizations, or regularly checking reputable industry news sources and publications.
Methodology
Step 1 - Identification of Relevant Samples Size from Population Database
Step 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)
Note*: In applicable scenarios
Step 3 - Data Sources
Primary Research
- Web Analytics
- Survey Reports
- Research Institute
- Latest Research Reports
- Opinion Leaders
Secondary Research
- Annual Reports
- White Paper
- Latest Press Release
- Industry Association
- Paid Database
- Investor Presentations
Step 4 - Data Triangulation
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence