North America PV (Photovoltaics) Market by Applications, by Type, by End-User, by Deployment & by Technology 2032
North America PV (Photovoltaics) Market was valued at USD 15.4 Billion in 2022 and is projected to reach USD 24.6 Billion by 2030, growing at a CAGR of 6.8% from 2024 to 2030.
The North American photovoltaic (PV) market has experienced remarkable growth, driven by technological advancements and a collective shift towards sustainable energy solutions. Industries across the continent are increasingly integrating solar energy into their operations, recognizing its potential to reduce operational costs and carbon footprints.
Industrial Applications of Photovoltaic Systems
Industries are leveraging PV systems in various innovative ways:
- Manufacturing Plants: Large-scale factories are installing rooftop solar panels to power production lines, leading to significant energy savings.
- Data Centers: With their substantial energy demands, data centers are adopting solar energy to ensure a reliable and green power supply.
- Warehouses and Distribution Centers: Expansive rooftops of these facilities are ideal for solar installations, helping to offset energy costs.
- Retail Chains: Businesses are deploying PV systems across multiple locations to promote sustainability and reduce utility expenses.
Key Requirements for Industrial Adoption
For successful integration of PV systems, industries must consider:
- Initial Investment: While costs have decreased, the upfront capital for installation remains a consideration. Financial incentives and tax credits are available to mitigate these expenses.
- Energy Storage Solutions: To address the intermittency of solar power, investing in advanced battery storage systems is essential for consistent energy supply.
- Grid Integration: Ensuring compatibility with existing power grids requires careful planning and may involve infrastructure upgrades.
- Regulatory Compliance: Navigating federal, state, and local regulations is crucial for the seamless deployment of PV projects.
Market Growth and Future Outlook
The North American solar PV market was valued at approximately USD 29.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2032. This growth is attributed to favorable government policies, technological advancements, and increasing demand for clean energy solutions.
In the United States, the Federal Investment Tax Credit (ITC) offers a 30% tax credit for solar installations, significantly reducing the financial burden for industries. Similarly, Canada provides various incentives at both federal and provincial levels to encourage renewable energy adoption.
Technological innovations, such as the development of high-efficiency monocrystalline and bifacial solar panels, have enhanced the performance and affordability of PV systems. These advancements make solar energy a viable option for industries aiming to achieve sustainability goals and reduce operational costs.
As industries continue to prioritize environmental responsibility and energy efficiency, the adoption of photovoltaic systems is expected to accelerate, solidifying the role of solar energy in North America's industrial landscape.
North America PV (Photovoltaics) Market
Get an In-Depth Research Analysis of the North America PV (Photovoltaics) Market Size And Forecast [2025-2032]
Who are the largest North America manufacturers in the PV (Photovoltaics) industry?
- Jinko Solar
- Trina Solar
- Canadian Solar
- Hanwha
- JA Solar
- First Solar
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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What are the factors driving the growth of the North America PV (Photovoltaics) Market?
Growing demand for below applications around the world has had a direct impact on the growth of the North America PV (Photovoltaics) Market
- Residential
- Commercial
- Ground Station
What are the types of PV (Photovoltaics) available in the Market?
Based on Types the Market is categorized into Below types that held the largest PV (Photovoltaics) market share In 2023.
- Single Crystal Silicon
- Polycrystalline Silicon
Which regions are leading the North America PV (Photovoltaics) Market?
- North America (United States, North America and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia, etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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Detailed TOC of North America PV (Photovoltaics) Market Research Report, 2024-2032
1. Introduction of the North America PV (Photovoltaics) Market
- Overview of the Market
- Scope of Report
- Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
- Data Mining
- Validation
- Primary Interviews
- List of Data Sources
4. North America PV (Photovoltaics) Market Outlook
- Overview
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Porters Five Force Model
- Value Chain Analysis
5. North America PV (Photovoltaics) Market, By Type
6. North America PV (Photovoltaics) Market, By Application
7. North America PV (Photovoltaics) Market, By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
8. North America PV (Photovoltaics) Market Competitive Landscape
- Overview
- Company Market Ranking
- Key Development Strategies
9. Company Profiles
10. Appendix
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