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North America Solar PV Market Trends

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

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North America Solar PV Market Trends

Growing initiatives including renewable energy incentives, grants, and tax credits aimed at promoting solar PV deployment and creating green jobs in line with rising corporate renewable energy to meet sustainability commitments and reduce operational carbon footprint will boost the product demand. For instance, according to the World Resources Institute in 2024, the first half of 2023 in the U.S. accounted for 6 GW of corporate purchase of clean energy.

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.