North America Photovoltaic Market Growth and Analysis by 2027

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)

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