North America Solar Photovoltaic (PV) Market Size (2024 - 2029)

North America Solar Photovoltaic Market Analysis

The North America Solar Photovoltaic (PV) Market is expected to grow at a CAGR of more than 20% over the forecast period.

• Over the long term, factors such as increased environmental awareness and regulations and decreased cost per kilowatt of electricity generated from solar energy are expected to boost the market.
• On the other hand, the high cost of storage of solar energy is expected to restrain the market.
• Nevertheless, new models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which have higher efficiency and lower cost, may prove to be an opportunity in the sector.
• The United States is expected to dominate the market in the forecast period due to its relatively large electricity consumption to its neighbors. The country is also expected to invest in research and development to aid in the market's growth.

North America Solar Photovoltaic Industry Segmentation

Solar photovoltaic energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect. When radiation from the sun hits one of the faces of a photoelectric cell (many of which make up a solar panel), it produces an electric voltage differential between both faces that makes the electrons flow from one to the other, generating an electric current.

The North America Solar Photovoltaic (PV) Market is segmented by application, deployment, and geography. By application, the market is segmented into residential, commercial, and utility. By deployment, the market is segmented into ground-mounted and rooftop solar. By technology, the market is segmented into a crystalline solar and thin film. The report also covers the market size and forecasts for the solar Photovoltaic (PV) market across major countries in the region. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).