North America Solar Energy Market Forecast to 2030 - Regional Analysis

List of Tables

The North America solar energy market is expected to grow from US$ 30,681.70 million in 2022 to US$ 73,365.40 million by 2030. It is estimated to grow at a CAGR of 11.5% from 2022 to 2030.

Growing Greenhouse Gas Emission and Energy Uncertainties Fuels North America Solar Energy Market

The evolution of the energy system following the Paris Agreement, launched in 2015 and entered into force in 2016, has fueled the application of renewable energy sources to reduce carbon emissions. A key contributor of GHG (greenhouse gas) emissions that lead to climate change is power generation using fossil fuels. The utilization of solar energy is increasing due to rising concern towards more sustainable and green energy alternatives, growing climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe. Governments of various nations are realizing the significance of switching to renewable sources to meet the future low to zero carbon emission targets. For instance, the US government aims to reduce net GHG emissions by 50-52% compared to 2005 levels by 2030 and attain net zero emissions by 2050. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. Thus, the growing concerns regarding greenhouse gas emissions and energy uncertainties are fueling the growth of the solar energy market.

North America Solar Energy Market Overview

The renewable energy industry in North America is mainly driven by supportive legislation, including the Inflation Reduction Act in the US, to allow CSIQ to capture greater value from solar and storage assets. Countries such as the US, Canada, and Mexico are heavily focusing on renewable energy sources to increase their power generation and installed capacity. Further, one of the major trends driving the solar energy market in the region is the power generation race, which is also boosting the power generation capacity across North America.

A few of the top projects that have been contributing to the growth of the solar energy market across North America are mentioned below:

7V Solar Ranch Solar Power Plant, with a capacity of 300 MW and a project value of US$ 282 million, is in Texas, US. The construction of this project started during the second quarter of 2022 and is expected to be completed by the end of the fourth quarter of 2023. The main objective of this project is to generate and provide power to the residential sector in the Texas region.

Fayette County Solar Farm in Texas, US, has an overall capacity of 240 MW and a project value of ~US$ 280 million. The project was started in the second quarter of 2022 and is expected to be completed by the end of the fourth quarter of 2023.

In 2022, a 120 MW solar power plant was constructed in Idaho, US. The project is known as Twin Falls Solar Power Plant and has a project value of ~US$ 250 million. This project was expected to be completed by the end of 2022; however, the construction was completed in January 2023 by Duke Energy Sustainable Solutions.

Another major project, valued at US$ 27.25 million, is located at the Central de Abasto, Mexico City's massive Central Market. The project is planned in two different phases, wherein the first phase includes the installation of two Distributed Generation (DG) solar systems on the roof of storage units, which is set to start operating in 2023. The project's second phase includes 18 MW of PV installations expected to produce ~25 GWh of clean energy for the market. The second phase is expected to be completed by the end of 2023.

Furthermore, countries in North America have set their respective goals to contribute to the global aim of reducing the carbon emissions from their respective power generation operations, which is bolstering the deployment of solar energy plants.

North America Solar Energy Market Revenue and Forecast to 2030 (US$ Million)

North America Solar Energy Market Segmentation

The North America solar energy market is segmented into technology, application, end user, and country.

Based on technology, the North America solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held a larger share of the North America solar energy market in 2022. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.

Based on application, the North America solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held the largest share of the North America solar energy market in 2022.

Based on end user, the North America solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held the largest share of the North America solar energy market in 2022.

Based on country, the North America solar energy market is segmented int o the US, Canada, and Mexico. The US dominated the North America solar energy market in 2022.

Abengoa SA, Acciona SA, ADT Solar LLC, Canadian Solar Inc, First Solar Inc, Heliogen Inc, JinkoSolar Holding Co Ltd, Kelvin Energy Inc, NextEra Energy Inc, and Trina Solar Co Ltd are some of the leading companies operating in the North America solar energy market.

Product Code: BMIRE00029428

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. North America Solar Energy Market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Solar Energy Suppliers

5. North America Solar Energy Market - Key Industry Dynamics

5.1 North America Solar Energy Market - Key Industry Dynamics
5.2 Market Drivers
- 5.2.1 Growing Concerns Regarding Greenhouse Gas Emission and Energy Uncertainties
- 5.2.2 Rising Government Initiatives for Solar Power
- 5.2.3 Growing Demand for Energy
- 5.2.4 Growing Photovoltaic Applications in Residential, Commercial, and Industrial Sectors
5.3 Market Restraints
- 5.3.1 Irregular Power Supply and Expensive Storage Facilities
- 5.3.2 High Initial Expenditure for Installation
5.4 Market Opportunities
- 5.4.1 Application of Solar Power in Aerospace, Space, and Defense Industries
5.5 Future Trends
- 5.5.1 Growing Focus on Deploying Concentrated Solar Power Technology
5.6 Impact of Drivers and Restraints:

6. North America Solar Energy Market - North America Market Analysis

6.1 North America Solar Energy Market Revenue (US$ Million), 2022 - 2030
6.2 North America Solar Energy Market Forecast and Analysis

7. North America Solar Energy Market Analysis - Technology

7.1 Photovoltaic Systems
- 7.1.1 Overview
- 7.1.2 Photovoltaic Systems: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.1.3 Monocrystalline
  - 7.1.3.1 Overview
  - 7.1.3.2 Monocrystalline: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.1.4 Polycrystalline
  - 7.1.4.1 Overview
  - 7.1.4.2 Polycrystalline: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.1.5 Others
  - 7.1.5.1 Overview
  - 7.1.5.2 Others: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Concentrated Solar Power Systems
- 7.2.1 Overview
- 7.2.2 Concentrated Solar Power Systems: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.2.3 Linear Concentrator
  - 7.2.3.1 Overview
  - 7.2.3.2 Linear Concentrator: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.2.4 Dish/Engine
  - 7.2.4.1 Overview
  - 7.2.4.2 Dish/Engine: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
- 7.2.5 Power Tower Systems
  - 7.2.5.1 Overview
  - 7.2.5.2 Power Tower Systems: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)

8. North America Solar Energy Market Analysis - Application

8.1 Electricity Generation
- 8.1.1 Overview
- 8.1.2 Electricity Generation: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Heating
- 8.2.1 Overview
- 8.2.2 Heating: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Others
- 8.3.1 Overview
- 8.3.2 Others: North America Solar Energy Market Revenue, and Forecast to 2030 (US$ Million)

9. North America Solar Energy Market Analysis - End User

9.1 Residential
- 9.1.1 Overview
- 9.1.2 Residential: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.2 Commercial & Industrial
- 9.2.1 Overview
- 9.2.2 Commercial & Industrial: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Utility Scale
- 9.3.1 Overview
- 9.3.2 Utility Scale: North America Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)

10. North America Solar Energy Market - Country Analysis

10.1 North America Solar Energy Market Overview
- 10.1.1 North America Solar Energy Market Revenue and Forecasts and Analysis - By Country
  - 10.1.1.1 North America Solar Energy Market Revenue and Forecasts and Analysis - By Country
  - 10.1.1.2 US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.2.1 US: North America Solar Energy Market Breakdown by Technology
    - 10.1.1.2.1.1 US: North America Solar Energy Market Breakdown by Photovoltaic Systems
    - 10.1.1.2.1.2 US: North America Solar Energy Market Breakdown by Concentrated Solar Power Systems
    - 10.1.1.2.2 US: North America Solar Energy Market Breakdown by Application
    - 10.1.1.2.3 US: North America Solar Energy Market Breakdown by End User
  - 10.1.1.3 Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.3.1 Canada: North America Solar Energy Market Breakdown by Technology
    - 10.1.1.3.1.1 Canada: North America Solar Energy Market Breakdown by Photovoltaic Systems
    - 10.1.1.3.2 Canada: North America Solar Energy Market Breakdown by Application
    - 10.1.1.3.3 Canada: North America Solar Energy Market Breakdown by End User
  - 10.1.1.4 Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
    - 10.1.1.4.1 Mexico: North America Solar Energy Market Breakdown by Technology
    - 10.1.1.4.1.1 Mexico: North America Solar Energy Market Breakdown by Photovoltaic Systems
    - 10.1.1.4.2 Mexico: North America Solar Energy Market Breakdown by Application
    - 10.1.1.4.3 Mexico: North America Solar Energy Market Breakdown by End User

11. Industry Landscape

11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition

12. Company Profiles

12.1 ADT Solar LLC
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Heliogen Inc
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Acciona SA
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Abengoa SA
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Trina Solar Co Ltd
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 First Solar Inc
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 NextEra Energy Inc
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 JinkoSolar Holding Co Ltd
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Canadian Solar Inc
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 Kelvin Energy Inc
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners
13.2 Word Index