North America Solar PV Panels Market Size, Share, and COVID-19 Impact Analysis, By Technology (Thin Film, Crystalline Silicon, and Others), By Application (Residential, Commercial, and Industrial), and North America Solar PV Panels Market Insights, Industry Trend, Forecasts to 2035.

North America Solar PV Panels Market Insights Forecasts to 2035

• The North America Solar PV Panels Market Size Was Estimated at USD 29.28 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of Around 7.8 % from 2025 to 2035
• The North America Solar PV Panels Market Size is Expected to Reach USD 66.86 Billion by 2035

According to a research report published by Spherical Insights & Consulting, the North America solar PV panels market is anticipated to reach USD 66.86 billion by 2035, growing at a CAGR of 7.8% from 2025 to 2035. The market for solar PV panels in North America offers opportunities due to growing environmental consciousness, favorable government regulations, greater investments in renewable energy, technology breakthroughs, and the growing need for affordable and sustainable energy solutions.  

Market Overview

The geographical industry that includes the manufacture, distribution, installation, and management of solar PV panels which use sunlight to generate electricity, is known as the North America solar PV panels Market. The solar PV panels market covers a range of technologies, including thin-film, polycrystalline, and monocrystalline solar panels, and it serves utility-scale, commercial, and residential applications in nations like the US, Canada, and Mexico. In boosting energy independence, minimizing greenhouse gas emissions, and lessening reliance on fossil fuels, it is essential. Government policies, tax breaks, and incentives to install solar panels, along with the growing demand for clean electricity derived from renewable sources, are expected to boost the solar PV panels market. Growing demand for clean, renewable electricity, along with government policies that provide tax breaks and incentives for solar panel installation, are major factors driving the solar PV panels market.    

Report Coverage

This research report categorizes the market for North America solar PV panels market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America solar PV panels market. Recent market developments and competitive strategies such as expansion, product launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America solar PV panels market.   

Driving Factors

Net metering programs for grid-connected systems and the availability of energy storage solutions for off-grid systems are driving the residential sector's adoption of solar PV panels market. Rapid growth and change in the market for solar photovoltaic panels are being driven by the increasing demand for renewable energy, advancements in technology, and policies that encourage these trends. The rising demand for renewable energy sources and rising power demands in sectors like corporate offices, hospitals, and data centers are the main drivers of the solar PV panels market.    

Restraining Factors

The market for solar photovoltaic panels in North America is restricted by reasons like high upfront installation costs, insufficient energy storage capacity, intermittent solar power, unclear regulations, and difficulties with grid integration and infrastructure development.   

Market Segmentation

The North America solar PV panels market share is classified into technology and application

• The thin film segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.   

The North America solar PV panels market is segmented by technology into thin film, crystalline silicon, and others. Among these, the thin film segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The thin-film market is a result of thin-film solar PV panels' improved durability and small form factor. Additionally, these panels are lightweight and flexible. Due to their low installation costs, thin-film solar PV panels are mostly utilized in commercial and utility-scale applications.   

• The industrial segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period.     

The North America solar PV panels market is segmented by application into residential, commercial, and industrial. Among these, the industrial segment held a largest share in 2024 and is expected to grow at a significant CAGR during the forecast period. The need to lower energy prices and reduce greenhouse gas emissions has led to an increasing use of solar energy solutions in large-scale industrial activities, which is responsible for the industrial segment. Supported by advantageous regulatory rules and rising investments in renewable energy infrastructure throughout the region, the industrial sector's need for dependable and sustainable power sources has greatly increased its market.   

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America solar PV panels market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Hanwha
• Trina Solar
• JA Solar
• First Solar Inc
• LONGi Solar
• SunPower Corp
• Canadian Solar Inc
• JinkoSolar Holding Co Ltd DR
• GCL Technology Holdings Ltd
• Others

Recent Developments

• In May 2024, A leader in innovative and sustainable solar energy solutions in France, Domuneo announced the launch of its own range of photovoltaic panels using heterojunction technology. This deliberate action demonstrates Domuneo's ongoing commitment to quality and excellence in the realm of renewable energy.

Key Target Audience 

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the North America solar PV panels market based on the below-mentioned segments:

North America Solar PV Panels Market, By Technology

• Thin Film
• Crystalline Silicon
• Others

North America Solar PV Panels Market, By Application

• Residential
• Commercial
• Industrial