North America Residential Solar PV Market Size & Share 2024 - 2032
Market Size by Connectivity (On-Grid, Off-Grid), by Mounting (Ground Mounted, Rooftop) & Forecast.
Report ID: GMI8728
|
Published Date: March 2024
|
Report Format: PDF
Download Free PDF
Authors:
Ankit Gupta, Srishti Agarwal
North America Residential Solar PV Market Size
North America Residential Solar PV Market size was valued at USD 6.2 billion in 2023 and is anticipated to grow at a CAGR of 6.1% between 2024 and 2032. Residential solar PV (photovoltaic) pertains to the sector within the solar energy industry dedicated to supplying solar power setups for homes. These setups usually comprise solar panels mounted on roofs or other appropriate spots on residential structures. These panels capture sunlight and transform it into electrical energy, which can then be utilized to operate household appliances, lighting, and other electrically powered devices.
North America Residential Solar PV Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Rising awareness amongst homeowners regarding the financial and environmental benefits of solar power along with reduction in cost of solar panels and associated components will drive the product demand. Ongoing advancements in solar technology including improved efficiency and durability of solar panels, energy storage solutions, and smart home integration will augment the business scenario. For instance, in January 2024, according to the U.S. DOE, the third quarter of 2023, the average U.S. module price was down 11% quarter-over-quarter and down 23% year by year.
North America Residential Solar PV Market Trends
Growing environmental consciousness and concerns about climate change in conjunction with rising demand for clean electricity will contribute to the business statistics. Upsurge in requirement to reduce dependence on traditional grid electricity in line with increasing deployment of solar PV systems for power generation will enhance the business outlook. For instance, in 2023, according to the U.S. EIA, the economy installed 15.8 GW alternating current (ac) of PV in the first 9 months of 2023.
North America Residential Solar PV Market Analysis
Based on connectivity, the market is segmented into on-grid and off-grid. The on-grid residential solar PV segment is expected to cross USD 9 billion by 2032. Increasing energy costs and growing requirement for long-term savings along with ability to provide reliable source of power and grid stability will fuel the product demand. Furthermore, the systems support to reduce GHG emissions and contribute to environmental conservation efforts, resonating with environmentally conscious consumers, which will stimulate the business landscape.
Based on mounting, the market is segmented into ground mounted and rooftop. The rooftop residential solar PV market is set to expand at 8% CAGR from 2024 to 2032. Paradigm shift towards solar-powered homes that can generate their own electricity, reducing dependence on grid-supplied power in line with growing educational initiatives, outreach campaigns, and solar advocacy efforts to inform consumers about the financial, environmental, and energy independence benefits of solar energy will strengthen the business landscape. Additionally, rising technological innovations for the advancements of these systems, enhancing their efficiency, performance, and functionality will complement the industry outlook.
U.S. residential solar PV market is anticipated to surpass USD 9.5 billion by 2032. Rising investment to promote product installation coupled with government incentives and supportive policies and initiatives at the federal, state, and local levels will facilitate the industry scenario. For instance, in November 2023, U.S. Department of Energy (DOE) introduced an initiative to provide rooftop solar and battery storage systems to low income and single-family households in Puerto Rico. Therefore, tax credits, rebates, grants, and net metering programs provided by various government entities reduced the upfront costs of solar installations and will influence the overall industry dynamics.
North America Residential Solar PV Market Share
Canadian Solar, Trina Solar, JA SOLAR Technology Co., Ltd., Jinko Solar and REC Solar Holdings AS holds majority of the industry share. Partnerships, collaborations, and strategic alliances are instrumental in addressing market challenges, leveraging complementary strengths, and pursuing mutual growth opportunities. Emergence of new market players, including solar installers, manufacturers, and technology startups drive the competition and innovation in the industry, thereby driving the product demand.
North America Residential Solar PV Market Companies
Key market players operating across the North America residential solar PV industry include:
Residential Solar PV Market Industry News
The North America residential solar PV market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Connectivity
Market, By Mounting
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →