North America Solar Photovoltaic Market - Forecast(2025 - 2031)

North America Solar Photovoltaic Market Overview:

The North America Solar Photovoltaic Market size is estimated to reach $155.3 billion by 2031, growing at a CAGR of 20.8% during the forecast period 2025-2031. The North America Solar Photovoltaic market is driven by a rising demand for renewable energy, government incentives, and significant reductions in solar panel prices, making solar power more affordable and accessible. Additionally, advancements in solar technology, growing environmental concerns, the need for energy independence, and an increasing focus on sustainability are further propelling market growth, as both consumers and businesses seek cleaner, more cost-effective energy solution, further fuelling the market's expansion.

A prominent trend in the North America’s Solar Photovoltaic market is the growth of Building-Integrated Photovoltaics (BIPV), which incorporates solar power directly into the structure of buildings. This shift is driving the increased use of solar energy in public, industrial, and infrastructure projects. For example, in October 2024, Trinasolar Evergreen, a BIPV division of Trina Solar, introduced four new products featuring TOPCon cells, which can generate up to 209 W per square meter with an efficiency of 19.4%. Additionally, there is a rising trend in integrating solar power into Internet of Things (IoT) devices. Solar-powered IoT devices are becoming more efficient, offering a sustainable energy solution for consumer electronics and other connected gadgets. In September 2024, Perovskia Solar, an Empa spin-off, unveiled advanced perovskite solar cells designed to power IoT devices effectively, even in low-light conditions.

Market Snapshot: 

North America Solar Photovoltaic Market - Report Coverage:

The “North America Solar Photovoltaic Market Report - Forecast (2025-2031)” by IndustryARC, covers an in-depth analysis of the following segments in the North America Solar Photovoltaic Market.

Key Takeaways:

•  United States leads the market

United States continues to lead the North America Solar Photovoltaic market driven by significant advancements in production, technological improvements and government policies. As per October 2024 data from the US Department of Energy, the country saw substantial growth in solar photovoltaic (PV) production. In the first half of 2024, the U.S. produced 4.2 GW of PV modules, marking a 75% year-over-year increase. This growth was nearly evenly split between thin-film and crystalline silicon (c-Si) module technology, underscoring the diversification in solar technology deployment across the country.One of the key catalysts for this growth is the Inflation Reduction Act (IRA), which has spurred extensive investment in solar manufacturing. Since the IRA's passage, more than 95 GW of manufacturing capacity has been added across the solar supply chain. Additionally, the U.S. module prices have seen a steady decline, with Q2 2024 showing a 6% quarter-over-quarter decrease and a 16% year-over-year reduction, reaching $0.31/Wdc. Overall, the United States' significant production increases, combined with strong policy support, has solidified its leadership position in the North American solar cell market.

•  Crystalline Silicon Cells is the largest segment

The Crystalline Silicon Cells (c-Si) segment remains the largest and most dominant segment in the solar cell market. As highlighted in a November 2024 article by Arbon Credits, in North America, U.S. imports of crystalline-silicon solar cells experienced a dramatic increase in the third quarter of 2024, rising more than fourfold compared to the same period in 2023. This surge is indicative of the growing demand for crystalline-silicon cells, as their high efficiency and reliability continue to make them the preferred choice for solar installations worldwide. Additionally, the February 2025 partnership between ES Foundry and Bila Solar further underscores the growing prominence of crystalline-silicon technology in the U.S. market. ES Foundry, a leading American company, has entered into a multi-year agreement with Bila Solar to supply 300 megawatts (MW) of high-performance, U.S.-made crystalline solar cells.Thus ,by reducing reliance on imported solar cells, the partnership also aligns with the broader objectives of improving the sustainability and resilience of the North America’s solar supply chain.

•  Utility as end-user is the largest segment 

The Utility segment is the largest end-user category in the solar cell market. According to the Solar Market Insight Report Q3 2024 by the Solar Energy Industries Association, in the U.S., utility-scale solar had a strong quarter, experiencing a 59% year-over-year growth, with 7.6 GWdc of solar capacity installed. This growth demonstrates the increasing preference for large-scale solar installations, which provide affordable and sustainable energy to utilities and grid operators. Additionally, utility-scale system pricing has seen a slight decrease, with fixed-tilt systems dropping by 2%, and single-axis tracking systems decreasing by 1% year-over-year, making these projects more economically viable. Additionally, in September 2024, Silfab Solar launched its new N-type bifacial modules specifically designed for large-scale PV projects. These modules, known as Silfab Utility NTC 620-640 XL, offer nearly 23% efficiency, improved shade tolerance, and exceptional low-light performance. The modules also come with made-to-order cables and connectors and have superior durability, including an industry-leading hail rating. Thus, these new products aligns with the growing demand for utility-scale solar solutions, providing higher performance and reliability for large installations.

•   Government Incentives for Local Manufacturing

Government incentives for local manufacturing play a significant role in driving the growth of the solar PV market, as help reduce production costs, encourage investment in renewable energy, and boost domestic manufacturing capabilities. By providing financial support, such as grants, tax credits, or loan guarantees, the government makes it more viable for companies to establish and expand solar manufacturing facilities within the region. This not only ensures a more reliable and secure supply of solar components but also reduces dependence on foreign imports, which can be subject to price volatility and supply chain disruptions. For instance, in January 2025, the U.S. Department of Energy (DOE) provided a conditional loan guarantee of $1.45 billion to Hanwha Qcells. This financial support is intended to aid the development of Hanwha's vertically integrated manufacturing facility in Cartersville, Georgia, which will produce solar cells and modules. This move not only helps increase domestic production of solar components but also underscores the growing role of favorable financing in facilitating large-scale solar infrastructure projects. This type of government-backed support plays a key role in lowering the financial barriers to solar energy adoption and boosting industry growth.

Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships, and collaborations are key strategies adopted by players in the North America Solar Photovoltaic Market. The top 10 companies in this industry are listed below:
1.    First Solar, Inc.
2.    Hanwha Q Cells Co., Ltd.
3.    Silicon Solar
4.    Canadian Solar Inc.
5.    Trina Solar Ltd.
6.    SEG Solar
7.    JinkoSolar US
8.    LONGi Solar North America
9.    Mission Solar Energy LLC
10.    Heliene, Inc.

Scope of the Report: 

For more Energy and Power Market reports, please click here