North America Solar PV Panels Market (2024-2030) | Outlook, Share, Industry, Value, Revenue, Companies, Trends, Size, Forecast, Growth & Analysis

North America Solar PV Panels Market Highlights

Report Name	North America Solar PV Panels Market
Forecast period	2024-2030
Forecast size	$20 billion by 2031
CAGR	8%
Growing Sector	Solar Power generation

Topics Covered in the North America Solar PV Panels Market Report

North America Solar PV Panels Market report thoroughly covers the market By Countries, By Technology, By Grid Type, and By Application. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

North America Solar PV Panels Market Size & Analysis

North America Solar PV Panels Market has been experiencing substantial growth, driven by the increasing demand for renewable energy solutions across both residential and commercial sectors. This growth is further supported by the shift towards sustainable energy practices and government incentives promoting clean energy adoption. The North America Solar PV Panels Market size is expected to reach USD 20 billion by 2031, expanding at a robust compound annual growth rate (CAGR) of 8% from 2025 to 2031. Technological advancements in solar panel efficiency and the growing adoption of solar energy as a primary power source contribute significantly to this growth. As more industries and households transition to solar power, the market is poised for continued expansion.

North America Solar PV Panels Market Synopsis

North America Solar PV Panels market is witnessing significant expansion due to the increasing adoption of renewable energy sources and government incentives. The market is driven by the growing need for sustainable energy solutions and the rising demand for solar energy systems in residential, commercial, and industrial sectors. As technological advancements in solar PV panel efficiency continue, the market size is expected to grow substantially. The integration of energy storage systems is further supporting the growth of this market, making solar energy a more viable and reliable option. Additionally, the push for carbon neutrality and sustainable energy policies is likely to fuel the market growth in the coming years. The increased focus on energy independence is contributing to the market's expansion as well. With the industry's rapid innovation and strong regulatory backing, the North America Solar PV Panels market share is anticipated to see further improvement.

According to 6Wresearch, the North America Solar PV Panels Market Size is expected to reach at a significant CAGR of 8% during the forecast period 2025-2031. North America Solar PV Panels market is primarily driven by several key factors. Government incentives, including tax credits and subsidies, have significantly contributed to the expansion of the market. Additionally, the growing demand for renewable energy solutions as part of the transition to cleaner energy sources is pushing the market size upwards. The increasing awareness about climate change and the need for reducing carbon footprints have led to an uptick in solar PV panel adoption. The decrease in the cost of solar technology, coupled with advancements in energy storage systems, is a crucial factor boosting the North America Solar PV Panels market growth.

The integration of solar energy into smart grids is further driving demand, as it increases energy reliability. Also, the residential sector's growing interest in off-grid solar systems is contributing to market share. Another important driver is the energy independence sentiment among consumers and industries, leading to higher installations of solar PV systems. The demand for low-maintenance and high-efficiency panels also supports the market’s trajectory.

However, apart from this, the market faces several challenges that can hinder its growth. One of the primary issues is the high initial cost of installation, which often deters potential consumers despite long-term savings. Additionally, competition from alternative renewable energy sources such as wind and hydropower is posing a threat to the market size. The lack of widespread infrastructure for energy storage systems also limits the full utilization of solar power, affecting the market growth. Another challenge is the intermittent nature of solar energy, which depends on weather conditions and time of day, posing reliability concerns. The supply chain constraints and delays in obtaining key materials like silicon for solar panel manufacturing add to the market’s struggles. Localized incentives and differing state regulations create an uneven market environment, impacting market share.

Furthermore, the industry faces regulatory hurdles that vary by region, making it challenging for companies to maintain consistent standards. Moreover, technological obsolescence due to rapid innovations can pressure manufacturers, making them constantly update their offerings. The uncertainty surrounding the long-term policies and subsidies for solar energy also presents a potential market risk.

North America Solar PV Panels Market Trends

The market is evolving with emerging trends that shape its future outlook. A major trend is the increasing integration of solar power with energy storage systems, making solar energy more reliable and efficient. The demand for market growth is being further propelled by the rise in decentralized energy systems, particularly in remote areas. Additionally, the shift toward North America Solar PV Panels market share expansion in the commercial sector is evident, as businesses aim to reduce their energy costs and carbon footprints. Another growing trend is the adoption of bifacial solar panels, which offer higher efficiency by capturing sunlight from both sides of the panel. The use of artificial intelligence and IoT in solar energy systems is becoming increasingly popular for monitoring and optimizing performance.

The industry is also moving toward the development of flexible solar panels that can be integrated into unconventional surfaces, such as windows or clothing. Another significant trend is the focus on sustainable manufacturing practices, with companies working on producing solar panels with recyclable materials. Moreover, the growing interest in solar farms and large-scale utility projects is boosting market growth.

Investment Opportunities in the North America Solar PV Panels Market

North America Solar PV Panels market presents several promising investment opportunities. The growing demand for energy storage solutions is a significant area for investment, as it complements solar energy systems and boosts efficiency. The expanding residential and commercial sectors in need of renewable energy systems offer a lucrative market for solar PV panel manufacturers.

Furthermore, the increasing trend of solar panel leasing and power purchase agreements (PPAs) creates opportunities for investors to capitalize on new financing models. The rise of electric vehicles and their integration with solar charging stations presents an exciting opportunity in the market. Investing in technological advancements, such as the development of high-efficiency solar panels, is another area with strong potential. The expansion of solar farms and utility-scale projects is creating a need for large quantities of solar panels, offering manufacturers a steady market for large-scale production.

There are also opportunities in regions that have lower solar adoption but are seeing increasing policy support for solar energy. Local partnerships with government bodies and businesses looking to adopt solar solutions are likely to yield fruitful returns. Additionally, solar panel recycling initiatives offer a growing niche market that is attracting sustainable investments. The development of smarter grid infrastructure and energy management systems also creates a dynamic investment landscape.

Leading Players in the North America Solar PV Panels Market

Several key companies are contributing to the market with their innovative solutions and market strategies. First Solar is a leading player known for its advanced thin-film solar technology, which offers high efficiency at a lower cost. SunPower Corporation has a strong presence, offering high-performance solar panels with a focus on residential and commercial markets. LG Electronics is another key company, recognized for its high-quality and durable solar panels, which cater to both residential and commercial customers. Canadian Solar is also a major player, with its efficient panels gaining traction in both the residential and utility-scale solar markets.

Additionally, SolarEdge Technologies, a company known for its optimization technology, plays a significant role in enhancing solar panel efficiency and performance. JinkoSolar is another player, offering a wide range of solar products with a focus on large-scale projects. These companies are driving innovation in the North America Solar PV Panels industry, offering solutions that align with the region’s push for clean and sustainable energy.

Government Regulations

The market operates within a regulatory environment that encourages the growth of solar energy. The Investment Tax Credit (ITC) is one of the most significant policies, providing tax incentives for solar panel installations, thus driving demand. Additionally, the Clean Energy Standard is a policy that mandates utilities to meet a certain percentage of their energy needs through renewable sources, benefiting the North America Solar PV Panels market growth. The Energy Policy Act encourages investments in renewable energy, offering grants and incentives for companies involved in solar energy. Local zoning and permitting regulations are also evolving to accommodate the growing solar energy demand, providing more flexibility for installation projects. The International Code Council (ICC) standards ensure that solar energy systems meet safety and performance criteria.

Moreover, states like California have stringent renewable energy targets that mandate increased solar energy production, further benefiting the market share. These regulations create a favorable landscape for solar PV technology adoption, fostering innovation and ensuring compliance with environmental goals.

Future Insights of the North America Solar PV Panels Market

The market is poised for significant advancements in the coming years. With increasing demand for cleaner energy solutions, solar energy systems are expected to become more integrated into residential, commercial, and industrial infrastructures. The future of the market growth lies in innovations such as solar panel recycling, bifacial panels, and more efficient energy storage solutions. Technological advancements in AI and smart grids will also shape the industry, improving energy distribution and efficiency.

Furthermore, the rising adoption of electric vehicles and the integration of solar charging stations will play a pivotal role in driving demand for solar panels. With governments continuing to prioritize sustainability, further incentives and tax policies are likely to support the expansion of the North America Solar PV Panels market share. Additionally, large-scale solar projects and the move toward energy independence will open up new avenues for growth. The shift toward energy-efficient buildings and renewable energy solutions will continue to drive the market forward in the long term.

Market Segmentation Analysis 

The report offers a comprehensive study of the subsequent market segments and their leading categories. 

United States to Dominate the Market- By Countries

United States is experiencing significant growth in the Solar PV Panels Market, driven by government incentives and a shift toward renewable energy. The demand for solar panels in both residential and commercial sectors is steadily increasing. The growing emphasis on clean energy and sustainability has accelerated solar adoption across various states.

Crystalline Silicon to Dominate the Market-By Technology

According to Kapil, Senior Research Analyst, 6Wresearch, Crystalline Silicon technology is seeing rapid growth in the North American Solar PV Panels Market. Its high efficiency and reliability make it the preferred choice for large-scale installations. As the cost of production decreases, crystalline silicon is becoming more affordable, contributing to its expansion in the market.

On Grid to Dominate the Market-By Grid Type

On Grid segment is witnessing substantial growth in North America due to the integration with existing utility infrastructure. Increasing energy demands and the desire for reliable power supply are pushing the adoption of on-grid solar systems. These systems are becoming more cost-effective, making them an attractive option for residential and commercial applications.

Residential to Dominate the Market-By Application

Residential application of Solar PV panels is one of the fastest-growing sectors in North America. Homeowners are increasingly installing solar panels to reduce energy costs and minimize their environmental impact. Government rebates and tax incentives further encourage residential adoption of solar power systems.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2021 to 2024.
• Base Year: 2024
• Forecast Data until 2031.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• North America Solar PV Panels Market Outlook
• Market Size of North America Solar PV Panels Market, 2021
• Forecast of North America Solar PV Panels Market, 2031
• Historical Data and Forecast of North America Solar PV Panels Revenues & Volume for the Period 2021 - 2031
• North America Solar PV Panels Market Trend Evolution
• North America Solar PV Panels Market Drivers and Challenges
• North America Solar PV Panels Price Trends
• North America Solar PV Panels Porter's Five Forces
• North America Solar PV Panels Industry Life Cycle
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Technology for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Thin Film for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Crystalline Silicon for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Others for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Technology for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Thin Film for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Crystalline Silicon for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Others for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Technology for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Thin Film for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Crystalline Silicon for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Others for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Grid Type for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By On Grid for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Off Grid for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Grid Type for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By On Grid for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Off Grid for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Grid Type for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By On Grid for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Off Grid for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Application for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Residential for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Commercial for the Period 2021 - 2031
• Historical Data and Forecast of North America Solar PV Panels Market Revenues & Volume By Industrial for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Application for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Residential for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Commercial for the Period 2021 - 2031
• Historical Data and Forecast of United States Solar PV Panels Market Revenues & Volume By Industrial for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Application for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Residential for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Commercial for the Period 2021 - 2031
• Historical Data and Forecast of Canada Solar PV Panels Market Revenues & Volume By Industrial for the Period 2021 - 2031
• North America Solar PV Panels Market - Key Performance Indicators
• North America Solar PV Panels Market - Import Export Trade Statistics
• North America Solar PV Panels Market - Opportunity Assessment By Countries
• North America Solar PV Panels Market - Opportunity Assessment By Technology
• North America Solar PV Panels Market - Opportunity Assessment By Grid Type
• North America Solar PV Panels Market - Opportunity Assessment By Application
• North America Solar PV Panels Market - Top Companies Market Share
• North America Solar PV Panels Market - Top Companies Profiles
• North America Solar PV Panels Market - Comparison of Players in Technical and Operating Parameters
• North America Solar PV Panels Market - Strategic Recommendations

Market Covered

The market report has been segmented and sub segmented into the following categories: 

By Countries

• United States
  
• Canada

By Technology

• Thin Film
  
• Crystalline Silicon
  
• Others

By Grid Type

• On Grid
  
• Off Grid

By Application

• Residential
  
• Commercial
  
• Industrial