North America Photovoltaic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Application (Residential Applications, Commercial, Utility Applications); Type (Organic Components, Inorganic Components); Component (Cells, Optics, Trackers)
The photovoltaic market in North America was valued at US$ 25.02 Billion in 2019 and is projected to reach US$ 120.74 Billion by 2027; it is expected to grow at a CAGR of 21.7% from 2020 to 2027.
Favorable government initiatives to increase investment in renewable energy sources further propel the photovoltaic market in this region. These initiatives focus on reducing the dependency of fossil fuels and help controlling environmental pollution. This, in turn favors the demand for solar energy sources and is the key factor that fuels the demand for photovoltaic market. Additionally, the reduction of carbon footprint and generation of low-cost energy are expected to propel the demand for photovoltaic system and are expected to drive the growth of the photovoltaic market during the forecast period.
Solar energy, tapped from the sun, is considered to be vast and inexhaustible resource that can effectively meet a significant portion of energy needs. The solar power is considered to be carbon-free and generates small or negligible amount of pollutants during the manufacturing process, thereby safeguarding the quality of the environment. The rise in the supply of renewable energy would enable an adequate replacement to carbon-intensive energy sources and considerable reduction in global warming emissions. This is expected to positively influence the growth of the solar photovoltaic market in the North American region. Moreover, the expanding usage of such kind of energy in commercial, industrial, and residential applications is promoting the growth of solar energy sector. For instance, in the US, ~2 million households have already installed solar panels on their rooftops to meet their domestic demands. Thus, with the rise in emphasize toward adoption of renewable energies is expected to drive the photovoltaic market in the North American region.
The North American photovoltaic market is expected to grow at a good CAGR during the forecast period. Rising adoption of renewable energies is boosting the photovoltaic market across North America.
Mexico Market Revenue and Forecast to 2027 (US$ Mn)
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North American Photovoltaic Market – Segmentation
North American Photovoltaic Market by Type
- Organic Components
- Inorganic Components
North American Photovoltaic Market By Component
- Cells
- Optics
- Trackers
North American Photovoltaic Market by Application
- Residential Applications
- Commercial Applications
- Utility Applications
North American Photovoltaic Market by Country
- US
- Canada
- Mexico
North American Photovoltaic Market - Companies Mentioned
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Kaneka Corporation
- Kyocera Corporation
- Sharp Corporation
- JA Solar Co. Ltd.
- Renesola Co. Ltd.
- Trina Solar
- Jink Solar
- Shunfeng International Clean Energy Co., Ltd.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Photovoltaic Market Landscape
4.1 Market Overview
4.3 PEST Analysis
4.3.1 North America
5. North America Photovoltaic Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Emphasis towards Renewable Energy Forms
5.1.2 Favourable Governmental Strategies
5.2 Market Restraints
5.2.1 Cost Associated with Procurement and Operation
5.3 Market Opportunities
5.3.1 Rising Adoption of Photovoltaic Paints for Tapping Solar Energy
5.4 Future Trends
5.4.1 Accentuating Requirement for Grid Connected PV Systems
5.5 Impact Analysis of Drivers and Restraints
6. Photovoltaic Market – North America Analysis
6.1 Photovoltaic Market Overview
6.2 North America Photovoltaic Market – Revenue, and Forecast to 2027 (US$ Billion)
6.3 Market Positioning – Key Market Players
7. North America Photovoltaic Market Analysis – By Type
7.1 Overview
7.2 Photovoltaic Market Breakdown, by Type, 2018 & 2027
7.3 Organic Components
7.3.1 Overview
7.3.2 Organic Components: Photovoltaic Market – Revenue and Forecast to 2027 (US$ Billion)
7.4 Inorganic Components
7.4.1 Overview
7.4.2 Inorganic Components: Photovoltaic Market – Revenue and Forecast to 2027 (US$ Billion)
8. North America Photovoltaic Market Analysis – By Components
8.1 Overview
8.2 Photovoltaic Market Breakdown, by Components, 2018 & 2027
8.3 Cells
8.3.1 Overview
8.3.2 Cells: Photovoltaic Market – Market Revenue and Forecast to 2027 (US$ Billion)
8.4 Optics
8.4.1 Overview
8.4.2 Optics: Photovoltaic Market – Market Revenue and Forecast to 2027 (US$ Billion)
8.5 Trackers
8.5.1 Overview
8.5.2 Trackers: Photovoltaic Market – Market Revenue and Forecast to 2027 (US$ Billion)
9. North America Photovoltaic Market Analysis – By Application
9.1 Overview
9.2 Photovoltaic Market Breakdown, by Application, 2018 & 2027
9.3 Residential Applications
9.3.1 Overview
9.3.2 Residential: Photovoltaic Market – Applications Market Revenue and Forecast to 2027 (US$ Billion)
9.4 Commercial Applications
9.4.1 Overview
9.4.2 Commercial Applications: Photovoltaic Market – Market Revenue and Forecast to 2027 (US$ Billion)
9.5 Utility Applications
9.5.1 Overview
9.5.2 Utility Applications: Photovoltaic Market – Market Revenue and Forecast to 2027 (US$ Billion)
10. North America Photovoltaic Market – Country Analysis
10.1 North America Country Analysis
10.1.1 North America: Photovoltaic Market, by Key Country
10.1.1.1 US: Photovoltaic Market –Revenue and Forecast to 2027 (US$ Billion)
10.1.1.1.1 US: Photovoltaic Market –Revenue and Forecast by Type
10.1.1.1.2 US : Photovoltaic Market – Revenue and Forecast by Component
10.1.1.1.3 US: Photovoltaic Market – Revenue and Forecast by Application
10.1.1.2 Canada: Photovoltaic Market – Revenue and Forecast to 2027 (US$ Billion)
10.1.1.2.1 Canada: Photovoltaic Market –Revenue and Forecast by Type
10.1.1.2.2 Canada: Photovoltaic Market –Revenue and Forecast by Component
10.1.1.2.3 Canada: Photovoltaic Market –Revenue and Forecast by Application
10.1.1.3 Mexico: Photovoltaic Market –Revenue and Forecast to 2027 (US$ Billion)
10.1.1.3.1 Mexico: Photovoltaic Market –Revenue and Forecast by Type
10.1.1.3.2 Mexico: Photovoltaic Market –Revenue and Forecast by Component
10.1.1.3.3 Mexico: Photovoltaic Market –Revenue and Forecast by Application
11. Company Profiles
11.1 Mitsubishi Electric Corporation
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.2 Panasonic Corporation
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Kaneka Corporation
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Kyocera Corporation
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Sharp Corporation
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 JA Solar Co., Ltd.
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Renesola Co. Ltd
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Trina Solar
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.9 Jink Solar
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Shunfeng International Clean Energy Co., Ltd.
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
12. Appendix
12.1 About The Insight Partners
12.2 Appendix
LIST OF TABLES
Table 2. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Type (US$ Billion)
Table 3. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Component (US$ Billion)
Table 4. North America Photovoltaic Market Revenue and Forecasts to 2027 – By Application (US$ Billion)
Table 5. US: Photovoltaic Market –Revenue and Forecasts to 2027 – By Type (US$ Billion)
Table 6. US: Photovoltaic Market –Revenue and Forecasts to 2027 – By Component (US$ Billion)
Table 7. US: Photovoltaic Market –Revenue and Forecasts to 2027 – By Application (US$ Billion)
Table 8. Canada: Photovoltaic Market –Revenue and Forecasts to 2027 – By Type (US$ Billion)
Table 9. Canada: Photovoltaic Market –Revenue and Forecasts to 2027 – By Component (US$ Billion)
Table 10. Canada: Photovoltaic Market –Revenue and Forecasts to 2027 – By Application (US$ Billion)
Table 11. Mexico: Photovoltaic Market –Revenue and Forecasts to 2027 – By Type (US$ Billion)
Table 12. Mexico: Photovoltaic Market –Revenue and Forecasts to 2027 – By Component (US$ Billion)
Table 13. Mexico: Photovoltaic Market –Revenue and Forecasts to 2027 – By Application (US$ Billion)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Photovoltaic Market Segmentation
Figure 2. North America Photovoltaic Market Segmentation – By Country
Figure 3. North America Photovoltaic Market Overview
Figure 4. North America Photovoltaic Market, by Application
Figure 5. North America Photovoltaic Market, By Country
Figure 6. Photovoltaic Market Impact Analysis of Drivers and Restraints
Figure 8. North America Photovoltaic Market Breakdown, by Type, 2018 & 2027 (%)
Figure 9. Organic Components: Photovoltaic Market – Revenue and Forecast to 2027(US$ Billion)
Figure 10. Inorganic Components: Photovoltaic Market – Revenue and Forecast to 2027(US$ Billion)
Figure 11. North America Photovoltaic Market Breakdown, by Component, 2018 & 2027 (%)
Figure 12. Cells: Photovoltaic Market – Market Revenue and Forecast to 2027(US$ Billion)
Figure 13. Optics: Photovoltaic Market – Market Revenue and Forecast to 2027(US$ Billion)
Figure 14. Trackers: Photovoltaic Market – Market Revenue and Forecast to 2027(US$ Billion)
Figure 15. North America Photovoltaic Market Breakdown, By Application, 2018 & 2027 (%)
Figure 16. Residential: Photovoltaic Market – Applications Market Revenue and Forecast to 2027(US$ Billion)
Figure 17. Commercial Applications: Photovoltaic Market – Market Revenue and Forecast to 2027(US$ Billion)
Figure 18. Utility Applications: Photovoltaic Market – Market Revenue and Forecast to 2027(US$ Billion)
Figure 19. North America: Photovoltaic Market Revenue Share, by Key Country (2018 and 2027)
Figure 20. US: Photovoltaic Market – Revenue and Forecasts to 2027 (US$ Billion)
Figure 21. Canada: Photovoltaic Market –Revenue and Forecasts to 2027 (US$ Billion)
Figure 22. Mexico: Photovoltaic Market –Revenue and Forecasts to 2027 (US$ Billion)
The List of Companies - North America Photovoltaic Market
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Kaneka Corporation
- Kyocera Corporation
- Sharp Corporation
- JA Solar Co. Ltd.
- Renesola Co. Ltd.
- Trina Solar
- Jink Solar
- Shunfeng International Clean Energy Co., Ltd.
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America photovoltaic market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the North America photovoltaic market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.