According to a report by Market Research Future, the North America Solar Panels Market is experiencing robust growth, with its value projected to increase from USD 25 billion in 2024 to USD 82.12 billion by 2035, at a CAGR of 11.42%. This growth is being driven by a combination of supportive government policies, declining costs, and increasing consumer demand for clean energy. The market is being led by the United States, which has seen a surge in solar installations across residential, commercial, and utility-scale segments. The Inflation Reduction Act (IRA) has been a major catalyst, providing long-term tax incentives for solar and storage.
The primary driver for the North America solar panels market is the strong policy support at both the federal and state levels. The extension of the Investment Tax Credit (ITC) under the IRA has provided long-term market certainty, driving investments in large-scale projects. State-level renewable portfolio standards (RPS) and net metering policies are also crucial for driving adoption. The declining cost of solar panels, combined with rising electricity prices from traditional sources, makes solar increasingly attractive. Rising consumer awareness of the environmental and economic benefits of solar is also a powerful driver. The growth of corporate PPAs for renewable energy is a key trend in the utility-scale segment.
The market is being shaped by a shift towards higher-efficiency technologies, like monocrystalline panels, and the increasing integration of energy storage with solar installations. While monocrystalline panels currently dominate the market, bifacial panels are an emerging segment. The growth of community solar projects and solar leasing models is making solar more accessible to homeowners. The market is seeing a strong push for domestic manufacturing of solar panels and components, driven by the IRA’s incentives. The off-grid segment is also growing, driven by demand for energy independence and remote power applications.
The market is segmented by application, with the residential segment holding the largest share. However, the utility-scale segment is the fastest-growing. By technology, monocrystalline panels are the largest, but polycrystalline panels are a fast-growing segment. The on-grid end-use segment is dominant, but off-grid is the fastest-growing. Regionally, the U.S. is the largest market, with Canada also seeing significant growth. Key players include First Solar, SunPower, and Tesla. The future of the North America solar panels market is one of sustained growth, as it is a key pillar of the region’s energy transition.
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