Market Size of North America Solar Photovoltaic (PV) Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 20.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Solar Photovoltaic Market Analysis
The North America Solar Photovoltaic (PV) Market is expected to grow at a CAGR of more than 20% over the forecast period.
- Over the long term, factors such as increased environmental awareness and regulations and decreased cost per kilowatt of electricity generated from solar energy are expected to boost the market.
- On the other hand, the high cost of storage of solar energy is expected to restrain the market.
- Nevertheless, new models of solar cells made of a thin film technology that uses narrow coatings of cadmium telluride in solar cells, which have higher efficiency and lower cost, may prove to be an opportunity in the sector.
- The United States is expected to dominate the market in the forecast period due to its relatively large electricity consumption to its neighbors. The country is also expected to invest in research and development to aid in the market's growth.
