North America Solar Energy Market Forecast to 2030
North America Solar Energy Market Forecast to 2030 – Regional Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), and End User (Residential, Commercial & Industrial, and Utility Scale)
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Description
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.
Summary Info
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According to The Research Team’ research, the North America solar energy market was valued at US$ 30,681.70 million in 2022 and is expected to reach US$ 73,365.40 million by 2030, registering a CAGR of 11.5% from 2022 to 2030. Growing greenhouse gas emission and energy uncertainties and growing focus on deploying concentrated solar power technology are among the critical factors attributed to the North America solar energy market expansion.
Governments and organizations of major countries such as the US focus on investing in advanced technologies to enhance the operational efficiency of solar plants. Concentrated solar power (CSP) technologies leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. The deployment of CSP systems is increasing globally due to the growing need for energy in different sectors and government concerns about environmental pollution. Further, the rise in the development of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in CSP plants. Thus, the growing focus on deploying concentrated solar power technology in various equipment is expected to fuel the solar energy market growth in the coming years.
On the contrary, irregular power supply and expensive storage facilities hamper the North America solar energy market.
Based on technology, the North America solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held 96.2% share of North America solar energy market in 2022, amassing US$ 29,521.45 million. It is projected to garner US$ 71,594.44 million by 2030 to expand at 11.7% CAGR during 2022–2030. The photovoltaic systems segment is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems segment 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 66.1% share of North America solar energy market in 2022, amassing US$ 20,277.04 million. It is projected to garner US$ 50,320.73 million by 2030 to expand at 12.0% CAGR during 2022–2030.
Based on end user, the North America solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held 67.8% share of North America solar energy market in 2022, amassing US$ 20,788.30 million. It is projected to garner US$ 49,301.55 million by 2030 to expand at 11.4% CAGR during 2022–2030.
Based on country, the North America solar energy market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.0% share of North America solar energy market in 2022. It was assessed at US$ 25,783.40 million in 2022 and is likely to hit US$ 63,248.31 million by 2030, exhibiting a CAGR of 11.9% during 2022–2030.
Key players operating in the North America solar energy market are 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, among others.
o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America Solar Energy Market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America Solar Energy Market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
TABLE OF CONTENTS
1. Introduction
1.1 The Research Team 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 Research Team
13.2 Word Index
LIST OF TABLES
Table 1. North America Solar Energy Market Segmentation
Table 2. List of Vendors in the Value Chain
Table 3. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Table 4. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million) – Technology
Table 5. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million) – Photovoltaic
Table 6. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million) – Concentrated Solar Power
Table 7. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million) – Application
Table 8. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million) – End User
Table 9. North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Country
Table 10. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Technology
Table 11. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Photovoltaic Systems
Table 12. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Concentrated Solar Power Systems
Table 13. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 14. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By End User
Table 15. Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Technology
Table 16. Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Photovoltaic Systems
Table 17. Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 18. Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By End User
Table 19. Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Technology
Table 20. Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Photovoltaic Systems
Table 21. Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By Application
Table 22. Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn) – By End User
Table 23. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Solar Energy Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: North America Solar Energy Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. North America Solar Energy Market Revenue (US$ Million), 2022 – 2030
Figure 6. North America Solar Energy Market Share (%) – Technology, 2022 and 2030
Figure 7. Photovoltaic Systems: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Monocrystalline: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Polycrystalline: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 10. Others: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Concentrated Solar Power Systems: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Linear Concentrator: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Dish/Engine: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 14. Power Tower Systems: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 15. North America Solar Energy Market Share (%) – Application, 2022 and 2030
Figure 16. Electricity Generation: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 17. Heating: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 18. Others: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 19. North America Solar Energy Market Share (%) – End User, 2022 and 2030
Figure 20. Residential: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 21. Commercial & Industrial: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 22. Utility Scale: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Million)
Figure 23. North America Solar Energy Market, By Key Country – Revenue (2022) (US$ Million)
Figure 24. North America Solar Energy Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 25. US: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 26. Canada: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
Figure 27. Mexico: North America Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
The List of Companies – North America Solar Energy Market
o Abengoa SA
o Acciona SA
o ADT Solar LLC
o Canadian Solar Inc
o First Solar Inc
o Heliogen Inc
o JinkoSolar Holding Co Ltd
o Kelvin Energy Inc
o NextEra Energy Inc
o Trina Solar Co Ltd
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