Report : 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)
At 11.5% CAGR, the North America Solar Energy Market is speculated to be worth US$ 73,365.40 million by 2030, says Business Market Insights
According to Business Market Insights’ 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.
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