North America Photovoltaic Market – Growth & Forecast (2024 – 2032)

Photovoltaic(PV) can generate electricity from sunlight, and it is a relatively new and exciting technology that offers many new opportunities in generating green electricity. It is also referred to as solar electric; photovoltaic offers the ability to generate electricity in a clean, quiet and renewable way. It makes use of the abundant energy from the sun to generate electricity without the production of harmful carbon dioxide (CO2) emissions. The photovoltaic technology can make use of the sun’s energy in many different applications. PV technology has its origins in space technology, designed to power space satellites. The International Space Station has the largest solar power system ever taken into space which measures 73 meters tip-to-tip and provides enough electricity for 15 homes.

North America Photovoltaic Market Segments Size & Growth:

North America Photovoltaic Market size is projected to reach approximately $XX billion by the end of 2024 with a CAGR of close to XX% from $XX billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include increasing demand for solar systems in residential applications, the decline in the cost of the photovoltaic, and supportive government policies and initiatives. However, the high cost of installation, storage, and power conversion devices, and an inadequate number of certified installers are thereby hampering the market growth.

The drop in the photovoltaic cost is one of the major factors driving the market. In 2017, photovoltaic module prices reduced by 75%, as compared to that in 2009. The fall of cost can be mainly attributed to the improvement in material efficiency, production optimisation, and economies of scale. Photovoltaic modules can be installed at the utility, commercial, and residential scales. Volatility in crude oil price, the environmental concern of hydropower, and risk of nuclear radiation accidents in nuclear power plants provide a great opportunity for solar power to meet the increasing demand of energy soon. This would, in turn, have a positive impact on the growth of North America Photovoltaic market.

North America Photovoltaic Market Segments Share:

North America Photovoltaic Market is categorised into a type which comprises organic PV, and inorganic PV. By the component, the market is segmented into cells, optics, and trackers. By application, the market is segmented into residential applications, non-residential, and utility applications. Among them, the utility segment accounted for the largest market size in 2017 at 59% because of growing usage of photovoltaics in power plants, military applications, and other utility applications such as space & defence, industrial projects, and so on. By Geography, USA, and Canada are projected to dominate the market with largest share and Mexico has been the fastest growing region during the forecast period because of growth in the technological advancements, government regulations, and emerging markets. Also, the increasing focus of players on the development of new products is likely to accelerate the growth of North America in the next few years.

North America Photovoltaic Market Trends:

• SunPower company will be going to supply 291 MW of its high-efficiency solar panels to the projects awarded to the company in the second round of France’s CRE tender process.
• Trina Solar has inaugurated the operation of its photovoltaic modules in a 455MW DC

the solar power plant in Andhra Pradesh.

• Canadian Solar signs an agreement with maximum infinity solar LP to provide operations and maintenance services to eight PV plants which totals a value over 105 MW.

North America Photovoltaic Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major market players, such as

• Kaneka Corporation
• Kyocera Corporation
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Canadian Solar Inc.

Along with these companies, there were many other companies considered/cited in the report while analysing the North America Photovoltaic market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.