North America On Grid Solar PV Market Size & Share 2024 - 2032
Market Size by Application (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast.
Report ID: GMI9813
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Published Date: June 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
North America On Grid Solar PV Market Size
North America On Grid Solar PV Market was valued at USD 26.81 billion in 2023 and is anticipated to grow at a CAGR of 6.1% from 2024 to 2032. On-grid solar photovoltaic (PV) systems, also known as grid-tied or grid-connected solar systems, are solar power systems that are connected to the public electricity grid. These are directly connected to the local utility grid, allowing the system to supply electricity to the grid and draw power from it when needed.
North America On Grid Solar PV Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Introduction of community solar programs for individuals who cannot install solar panels on their own properties due to shading, roof issues, or other constraints will stimulate the market landscape. Advancements in energy storage solutions, comprising home batteries, will enhance the practicality of residential solar by enabling energy use during non-sunny periods, thereby fueling the product adoption. In addition, increasing concerns over climate change along with a desire to reduce carbon footprints will motivate homeowners to invest in renewable energy sources like solar PV, leading to enhanced solar adoption.
Reducing cost of solar technology driven by improvements in manufacturing processes, economies of scale, and increased competition is set to drive the product adoption. Presence of variety of financing options, including loans, leases, and PPAs, make it easier for homeowners without significant upfront investments, which will augment the product demand. Moreover, integration of solar PV systems with smart home technologies will allow homeowners to optimize energy usage and further increase savings, contributing to the product penetration in the forecasted timeline.
North America On Grid Solar PV Market Trends
Broader shift towards renewable energy, advances in solar technology, integration of energy storage solutions and growing commitments to reduce greenhouse gas emissions and transition to renewable energy sources will complement the business landscape. Ongoing power purchase agreements (PPAs) with solar project developers and introduction of grants, incentives, and rebates will complement the market growth. In addition, many states in the U.S. have implemented Renewable Portfolio Standards (RPS), to source a certain percentage of their energy from renewable sources, which will influence the business statistics.
North America On Grid Solar PV Market Analysis
Based on end use, the residential segment is projected to surpass USD 9.01 billion by 2032, owing to policy incentives, technological advancements, and growing awareness of the environmental and economic benefits of the solar energy. Various states and local governments offer additional incentives, comprising rebates, tax credits, and grants, to reduce the cost of residential solar installations will foster the product penetration. Furthermore, net metering policies allow homeowners to sell excess electricity generated back to the grid, thereby reducing their overall electricity costs, contributing to the business momentum.
Utility segment is set to grow at a CAGR of over 5% through 2032 on account of development of massive solar farms, adoption of hybrid projects combining solar PV with other renewable energy sources and favorable policies and market conditions. For instance, according to SEIA, in 2023, the U.S. installed over 10 GW of utility-scale solar capacity. Ongoing development of community and shared solar programs, allow multiple consumers to benefit from a single, larger solar installation, thereby driving the industry scenario.
The U.S. on grid solar PV market is likely to exceed USD 41.26 billion by 2032. Collaborative research projects by multiple universities and research institutions along with partnerships between academic institutions comprising the Stanford University, and Massachusetts Institute of Technology (MIT), among others will drive the solar PV technology advancement. Innovative financing programs and deployment strategies coupled with ongoing development and operation of solar projects across the country, centered at integrating solar technologies and storage solutions will augment the industry landscape. In addition, ongoing collaborations amongst trade associations comprising SEIA and CanSIA with other industry stakeholders, state and federal governments and regulatory bodies will drive the business scenario.
North America On Grid Solar PV Market Share
The Solar PV industry in North America is witnessing significant collaborations across various segments, including research and development, manufacturing, and project deployment. These collaborations are crucial for driving innovation, reducing costs, and increasing the adoption of solar PV technology across North America. They leverage the strengths of various stakeholders, including technological expertise, financial resources, and regulatory support, to accelerate the growth of the solar industry.
North America On Grid Solar PV Market Companies
Eminent players operating in the North America on grid solar PV industry are:
North America On Grid Solar PV Industry News:
This North America on grid solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “(USD Million & MW)” from 2021 to 2032, for the following segments:
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Market, By End Use
The above information has been provided for the following countries:
Research methodology, data sources & validation process
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Our 6-step research process
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
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✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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GMI archive
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