North America Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Rooftop) & Forecast, 2024 - 2032

North America Residential Solar PV Market Size - By Connectivity (On-Grid, Off-Grid), By Mounting (Ground Mounted, Rooftop) & Forecast, 2024 - 2032

North America Residential Solar PV Market size is projected to expand at 6.1% CAGR from 2024 to 2032, owing to the increasing awareness about environmental sustainability and the adoption of renewable energy sources. The rollout of government incentives, such as tax credits and rebates is encouraging the residential solar PV installations. The declining solar panel costs and advancements in technology is also increasing the affordability and efficiency of solar PV systems.

As per the data from the Solar Energy Industries Association, in 2023, the solar sector generated around USD 51 billion of private investment in the American economy. Increasing investments in solar energy sector are positively influencing the regional industry growth. The volatility in electricity prices and the desire for energy independence are driving homeowners to invest in solar PV solutions. The launch of supportive regulatory frameworks and net metering policies are also driving the product deployment.

The North America residential solar PV industry is bifurcated into connectivity, mounting, and country.

In terms of connectivity, the market size from the off-grid segment will showcase substantial growth from 2024 to 2032, due to the rising desire for energy independence and resilience against grid outages. Several remote and rural areas without access to utility grids rely on off-grid solar PV systems for electricity generation. Significant advancements in battery storage technology and declining costs are also making off-grid solar solutions more affordable and reliable, adding to the segment growth.

North America residential solar PV industry from the ground-mounted mounting segment is estimated to expand at notable rate through 2032. This is owing to the limited roof space or unsuitable roof conditions for solar panel installation. Ground-mounted systems offer flexibility in location and orientation, maximizing sunlight exposure and energy production. Additionally, falling installation costs and increasing efficiency of ground-mounted systems make them a viable option for homeowners seeking to harness solar energy for their residences.

Based on country, the Mexico residential solar PV market size is projected to witness robust growth between 2024 and 2032, on account of the increasing electricity prices. Several government incentives are promoting renewable energy adoption across the country in addition to rising environmental awareness. The declining solar panel costs and favorable solar conditions in many regions of Mexico are increasing the product deployment. The growing desire for energy independence and the availability of financing options for solar installations will further boost the regional industry growth.