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North America Solar PV Market Size

Report ID: GMI8845
Published Date: Apr 2024
Report Format: PDF

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North America Solar PV Market Size

North America Solar PV Market was valued at USD 29.3 billion in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032.

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Increasing efforts by corporations, utilities, and consumers towards sustainability and carbon reduction goals along with surge in solar PV installations will drive the market outlook. Additionally, the PV systems offer a sustainable energy solution that mitigates the environmental impact, and supports to combat climate change, thereby aligning with the sustainability objectives of various stakeholders.

North America Solar PV Market Report Attributes
Report Attribute	Details
Base Year:	2023
North America Solar PV Market Size in 2023:	USD 29.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.2%
2032 Value Projection:	USD 47.9 Billion
Historical Data for:	2019 to 2023
No. of Pages:	200
Tables, Charts & Figures:	250
Segments covered:	Connectivity, Mounting, End-Use and Region
Growth Drivers:	Increasing solar PV targets Enhanced deployment for rooftop and large-scale solar PV systems Rising decentralized and off grid solar installations
Pitfalls & Challenges:	Longer payback period

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Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of North America solar PV was reached USD 29.3 billion in 2023 and is anticipated to witness 6.2% CAGR from 2024 to 2032, due to higher usage to power various electrical devices or fed into the grid for broader distribution.

North America solar PV market from the on grid connectivity segment is projected to surpass USD 46 billion by 2032, on the account of growing adoption of improved, scalable, and cost-effective units for the development of large scale projects.

North America ground mounted solar PV market is estimated to grow at over 5.5% CAGR up to 2032, owing to shifting consumer inclination towards cost effective clean electricity generation combined with increasing R&D efforts to drop the costs for PV systems.

U.S. solar PV industry size to exceed USD 68.5 billion by 2032, led by the surging demand for commercially available, dependable & efficient solutions along with growing installation of rooftop solar units across establishments.