North America Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

North America Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The North America Solar Photovoltaic (PV) market is expected to grow at a CAGR of more than 20% over the period of 2020-2025. Factors such as an increase in environmental awareness and regulations and decreasing cost per kilowatt of electricity generated from solar energy are expected to provide a boost to the market. However, the high cost of storage of solar energy is expected to restrain the market.

Key Highlights

• The utility segment is the largest segment, in 2019, and is expected to continue to dominate the market. An increase in demand for electricity from the utility grid in the region is expected to further aid the growth of the market in the region.
• New models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which has 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 consumption of electricity to its neighbours. The country is also expected to invest in the research and development that is expected to aid in the growth of the market.

Key Market TrendsUtility Segment to Dominate the Market

• The utility market includes the creation of electricity for a much larger consumer base, unlike residential or non-residential. It is estimated to not only dominate the market but also grow the fastest in the forecast period.
• The electricity produced from photovoltaic cells in the utility segment has been increasing over the years as photovoltaic cells with better efficiency have entered the market. The increase in competition in the business has also helped decrease the price of electricity produced and increase the diversity of the cells.
• The utility segment in the region has increased to 45756 megawatts, in 2018 from 37363 megawatts, in 2017. The increasing trend is likely to continue in the forecast period, due to the various factors such as increasing electricity consumption in the region.
• In 2020, the 80-MW Sarnia Solar Project is Canada’s largest operational photovoltaic plant with 1.3 million solar modules. The facility utilizes First Solar’s proven thin-film photovoltaic (PV) technology, which has the lowest environmental footprint and the fastest energy payback of current PV technologies.
• Therefore, with the increase in efficiency of photovoltaic cells and an increase in the profits made from the electricity generated in the utilities, it is expected to dominate the application market during the forecast period.

United States to Dominate the Market

• Private companies in the United States are expected to invest in the photovoltaic cells to increase their efficiency. New projects are being planned and constructed of solar plants in the country, which is expected to dominate the market in North America.
• In 2020, Solar Star is the United States of America’s largest solar farm which can produce 579 megawatts of energy, enough to power about 255,000 homes. The solar farm is maintained and operated by SunPower Services. Many new projects are coming up in the country, which is expected to increase the market share of solar energy in renewable energy.
• A 200 Mega-Watt Holstein Solar Farm is, in 2019, under construction in the state of Texas, and was acquired by Duke Energy Renewables, a subsidiary of Duke Energy. The solar farm is expected to start producing electricity in late 2020. More solar projects are underway all over the country and are expected to provide growth in the industry.
• The United States had increased its installed solar capacity from approximately 53,184 MW in 2018 to 62,298 MW in 2019. The installed capacity is expected to icrease further in the forecast period owing to the private investments in the sector.
• Hence, the United States is expected to dominate the market due to its massive demand of electricity and increase in the installed capacity in the forecast period.

Competitive Landscape

The North America solar photovoltaic (PV) market is fragmented. Some of the key players in this market are Hanwha Q Cells Co., Ltd., Canadian Solar Inc., Jinko Solar, First Solar, Inc., and Trina Solar Limited.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Sungevity Inc
Solar Five LLC
Sun Power Corporation
Sunrun Inc.
Soligent Solar Pvt.
Hanwha Q Cells Co., Ltd.
James Petersen Industries, Inc
Canadian Solar Inc.
First Solar, Inc.
JA SOLAR Co.,Ltd.
Trina Solar Ltd

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