north america photovoltaic Market

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

The photovoltaic market in North America constitutes developed economies such as the US, Canada, and Mexico. Factor such as increasing energy demand due to growing population is propelling the need for sustainable energy resources. The governments in these countries are constantly focusing on implementing regulations that focus on limiting the dependency and use of fossil fuels for energy generation and help control environmental pollution. This factor positively influences the demand for renewable energy sources such as solar energy, which in turn propels the demand for photovoltaic market in North America.

The US is constantly focusing on using renewable energy sources for generating electricity and power. Currently, non-renewable energy sources are associated with a multitude of environmental impacts, which include global climate change, freshwater consumption, acid rain, hazardous air pollution, and radioactive waste. Therefore, the demand for renewable energy sources has increasedin developed countries. Renewable energy sources have the potential to meet the growing demand for energy requirements with much smaller environmental footprint. Therefore, the government in the US is constantly focusing on the installation of solar energy plants to fulfill the demands of power and energy in various industries. The US homesa few major solar farms in the world.

Based on application, the photovoltaic market is segmented into residential, commercial, and utilities. In 2018, utilities segment held a largest share in the North American photovoltaic market. Utility-scale solar generates reliable and clean electricity. Solar power plants can be developed in a way that balances environmental protection with increased energy demands and climate goals. By adhering to federal policies in order to accelerate the growth of utility-scale solar, we can successfully reduce the expenses associated with energy consumption. Developing utility-scale solar power is one of the fastest ways to reduce carbon emissions. A utility-scale solar power plant can utilize several solar technologies such as photovoltaic solar energy (PV) or concentrating solar power (CSP).

Overall size of theNorth American photovoltaic market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the North American photovoltaic market. It also provides an overview and forecast for the photovoltaic market based on all the segmentation provided with respect to the North Americanregions. Also, primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants who take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the photovoltaic market. Mitsubishi Electric Corporation, Panasonic Corporation, Kaneka Corporation, Kyocera Corporation, Sharp Corporation, JA Solar Co. Ltd., Renesola Co. Ltd., Trina Solar, Jink Solar, and Shunfeng International Clean Energy Co., Ltd., are among the key players present in the North American photovoltaic market.