North America Solar PV Market Size - By Connectivity (On Grid, Off Grid), By Mounting (Ground Mounted, Rooftop), By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 - 2032

North America Solar PV Market Size - By Connectivity (On Grid, Off Grid), By Mounting (Ground Mounted, Rooftop), By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 - 2032

North America solar PV market size is set to register 6.2% CAGR during 2024-2032, driven by favorable government policies and incentives that promote renewable energy adoption. Federal and state tax credits, subsidies, and Renewable Portfolio Standards (RPS) have greatly reduced financial barriers for both residential and commercial solar installations. Federal Investment Tax Credit (ITC) programs offer significant savings, making solar energy systems more accessible and attractive to consumers and businesses.

Technological advancements and low costs of solar PV components are also fueling the market growth. For instance, in January 2024, Maxeon Solar Technologies launched the Commercial Partner Program to support U.S. solar installers with exclusive access to innovative products and robust sales support. Continuous innovations in photovoltaic cell technology, such as the development of high-quality monocrystalline and bifacial solar panels, have improved the performance and energy efficiency of solar systems. The cost of solar, inverter and balancing parts of the system has reduced significantly over the past decade as solar power has become more competitive with conventional power sources.

The overall industry is divided into connectivity, mounting, end-use and country.

Based on connectivity, the North America solar PV market from the off- grid segment is poised to generate substantial revenue between 2024 and 2032, owing to their capability to provide reliable, renewable energy solutions in remote and underserved regions. Off-grid connectivity has grown important for rural communities, remote industries, and emergency relief in providing a sustainable alternative to generators and other energy sources. As natural disasters and energy shortages increase, the need for sustainable and autonomous systems to ensure continuous energy supply will also rise.

With respect to end-use, the utility segment in the North America solar PV industry is set to grow over the forecast period due to its ability to generate large-scale, cost-effective renewable energy. Utilities are investing heavily in solar PV installations to diversify their energy portfolios, reduce carbon emissions and meet government mandates for renewable energy production. Large-scale projects are also benefitting from economies of scale, making solar energy more affordable and competitive with traditional fossil fuels.

Canada solar PV industry share will expand significantly through 2032, attributed to the commitment to reducing greenhouse gas emissions. Provincial policies, such as Ontario's Green Energy Act and Alberta's Renewable Electricity Program are providing strong support through feed-in tariffs, net metering, and marketing programs to encourage solar PV adoption. The vast landscape of the nation also offers great potential for solar energy, especially in areas with high cooling, such as British Columbia and Alberta. Investments in R&D activities, as well as collaboration between government and the private sector, are driving innovation in solar technology and contributing to the regional market growth.