North America Photovoltaic Market Growth and Analysis by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

North America Photovoltaic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Residential Applications, Commercial, Utility Applications); Type (Organic Components, Inorganic Components); Component (Cells, Optics, Trackers)

Report Date : May 2020
Report Code : TIPRE00010885

Category : Energy and Power
Status : Published

Available Report Formats :
No. of Pages : 80

Page Updated: Dec 2020

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The photovoltaic market in North America was valued at US$ 25.02 Billion in 2019 and is projected to reach US$ 120.74 Billion by 2027; it is expected to grow at a CAGR of 21.7% from 2020 to 2027.

Favorable government initiatives to increase investment in renewable energy sources further propel the photovoltaic market in this region. These initiatives focus on reducing the dependency of fossil fuels and help controlling environmental pollution. This, in turn favors the demand for solar energy sources and is the key factor that fuels the demand for photovoltaic market. Additionally, the reduction of carbon footprint and generation of low-cost energy are expected to propel the demand for photovoltaic system and are expected to drive the growth of the photovoltaic market during the forecast period.

Solar energy, tapped from the sun, is considered to be vast and inexhaustible resource that can effectively meet a significant portion of energy needs. The solar power is considered to be carbon-free and generates small or negligible amount of pollutants during the manufacturing process, thereby safeguarding the quality of the environment. The rise in the supply of renewable energy would enable an adequate replacement to carbon-intensive energy sources and considerable reduction in global warming emissions. This is expected to positively influence the growth of the solar photovoltaic market in the North American region. Moreover, the expanding usage of such kind of energy in commercial, industrial, and residential applications is promoting the growth of solar energy sector. For instance, in the US, ~2 million households have already installed solar panels on their rooftops to meet their domestic demands. Thus, with the rise in emphasize toward adoption of renewable energies is expected to drive the photovoltaic market in the North American region.

The North American photovoltaic market is expected to grow at a good CAGR during the forecast period. Rising adoption of renewable energies is boosting the photovoltaic market across North America.

Mexico Market Revenue and Forecast to 2027 (US$ Mn)

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

North American Photovoltaic Market – Segmentation

North American Photovoltaic Market by Type

Organic Components
Inorganic Components

North American Photovoltaic Market By Component

Cells
Optics
Trackers

North American Photovoltaic Market by Application

Residential Applications
Commercial Applications
Utility Applications

North American Photovoltaic Market by Country

US
Canada
Mexico

North American Photovoltaic Market - Companies Mentioned

Mitsubishi Electric Corporation
Panasonic Corporation
Kaneka Corporation
Kyocera Corporation
Sharp Corporation
JA Solar Co. Ltd.
Renesola Co. Ltd.
Trina Solar
Jink Solar
Shunfeng International Clean Energy Co., Ltd.

North America Photovoltaic Report Scope

Report Attribute	Details
Market size in 2019	US$ 25.02 Billion
Market Size by 2027	US$ 120.74 Billion
Global CAGR (2020 - 2027)	21.7%
Historical Data	2017-2018
Forecast period	2020-2027
Segments Covered	By Application Residential Applications Commercial Utility Applications By Type Organic Components Inorganic Components By Component Cells Optics Trackers
Regions and Countries Covered	North America US Canada Mexico
Market leaders and key company profiles	Mitsubishi Electric Corporation Panasonic Corporation Kaneka Corporation Kyocera Corporation Sharp Corporation JA Solar Co. Ltd. Renesola Co. Ltd. Trina Solar Jink Solar

Research Manager

Nivedita Upadhyay

Manager,
Market Research & Consulting

Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

What are the North America Photovoltaic Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Global, Regional, Country
Industry and Competitive Landscape
Excel Dataset

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