North America Photovoltaic Market Size & Share Analysis - Growth Trends and Forecast (2026 - 2035)
North America Photovoltaic Market: by Type (Monocrystalline, Polycrystalline, Thin Film, Concentrated PV), Application (Residential, Commercial, Industrial, Utility), Distribution Channels (Direct, Indirect, Online, Distributors), Technology (Crystalline Silicon, Thin Film, Organic PV, Concentrator PV), Organization Size (Small, Medium, Large) and By North America Historical & Forecast Period (2020-2035) Comprehensive Study 2025
Last Updated: 23-07-2025 | Format: PDF | Report ID:10647 | Author: Lena
North America Photovoltaic Market Comprehensive Study (2020–2035)
The North America Photovoltaic (PV) Market exhibits dynamic growth fueled by surging energy transition goals, robust government backing, and innovation in technology. This market encompasses key segments by type, application, technology, distribution channel, and organization size, focusing on the US, Canada, and Mexico. Rising demand for clean, resilient, distributed power generation, coupled with cost-competitive module pricing and enhanced grid integration, is driving rapid PV adoption throughout the region. Leading manufacturers and solution providers continue to introduce high-efficiency modules and smart energy management systems to capture both utility-scale and distributed generation opportunities. As policy frameworks evolve and private investment accelerates, the North America PV market is positioned for consistent, double-digit expansion between 2025–2035.
Latest Market Dynamics
Key Drivers
Expansion of supportive policies and incentives for solar installations, such as the U.S. Inflation Reduction Act and Canada's Clean Technology Investment Tax Credit, have significantly boosted solar deployment and made projects more economically viable. Companies like First Solar and Canadian Solar are directly benefiting by expanding manufacturing and project development footprints.
Falling production costs and efficiency improvements in modules, especially with next-generation monocrystalline and bifacial panels, have reduced the levelized cost of energy (LCOE). SunPower and Trina Solar have recently introduced modules surpassing 23% conversion efficiency for residential and commercial sectors.
Key Trends
The integration of photovoltaic systems with energy storage solutions is rapidly growing, driven by the demand for grid reliability and backup power during outages. Tesla has been at the forefront of this trend with its Powerwall and utility-scale battery offerings.
Floating and hybrid PV projects are gaining traction in North America, optimizing unused space and enhancing project economics. Companies like LONGi Green Energy are piloting hybrid PV solutions combining wind, solar, and storage for institutional and utility clients.
Key Opportunities
Expansion in the utility-scale PV segment due to decarbonization targets creates substantial opportunities for large EPC contractors and developers such as Nextera Energy and First Solar to secure long-term offtake agreements and expand project pipelines.
Growth in distributed and off-grid PV applications, especially in remote or underserved areas, is opening new markets for firms like SunPower and REC Group, who offer flexible, modular panel solutions for residential and small commercial setups.
Key Challenges
Supply chain disruptions, particularly for critical raw materials like polysilicon and inverters, present ongoing challenges for manufacturers and developers. Companies such as JinkoSolar and GCL System Integration are investing in vertical integration and local sourcing to mitigate these risks.
Interconnection delays and regulatory bottlenecks at state and provincial levels impact project timelines and raise soft costs. Developers including Hanwha Q CELLS are actively working with stakeholders to streamline permitting and accelerate grid access.
Key Restraints
Land use conflicts and competition for suitable sites, especially near populated centers or environmentally sensitive lands, are restraining new project development. Firms like Canadian Solar navigate these constraints by targeting brownfields and dual-use sites.
Uncertainties around trade tariffs, anti-dumping measures, and import regulations continue to impact pricing and capital investments. LG Electronics and Panasonic have adjusted North American supply chains to reduce exposure to tariffs and maintain price competitiveness.
Monocrystalline PV modules account for the largest share of the North America Photovoltaic Market by type in 2025, owing to their superior efficiency and rapidly declining costs. Polycrystalline modules still maintain a significant presence, driven by legacy projects and price-sensitive applications, while thin film and concentrated PV technologies are experiencing niche adoption in specialized applications. Continuous innovation and increased production capacity have resulted in monocrystalline’s dominance, particularly in utility-scale and high-performance commercial installations.
Utility-scale applications hold the largest portion of market share in the North America Photovoltaic Market by 2025, reflecting ongoing investments in grid-tied solar farms and large-scale power purchase agreements. Residential and commercial segments follow, with the residential sector experiencing robust growth due to ample policy support and consumer adoption of rooftop solar systems. Commercial PV is supported by energy cost savings, ESG commitments, and support for net-zero goals, while off-grid and agricultural applications are increasing in remote and rural deployments.
The North America Photovoltaic Market revenue demonstrates significant expansion from $22,500 Million in 2020 to an expected $87,400 Million by 2035. Continuous market growth is driven by ambitious renewable energy targets, declining hardware costs, technological innovation, and favorable investment climate. The pronounced increase around 2028–2030 corresponds with major project announcements and the impact of renewable energy incentives, establishing the region as a global leader in PV adoption and innovation.
Annual growth rates for the North America Photovoltaic Market are robust, averaging 11.8% CAGR between 2020 and 2025 and moderating slightly to 9.8% by 2035. The period between 2025 and 2030 reflects a spike in YOY growth, attributed to scaled project development and mass adoption of advanced PV technologies. Steady demand across all major applications, combined with innovative business models, ensures continued expansion throughout the forecast period.
The United States commands a dominant share of the North America Photovoltaic Market in 2025 due to its mature solar ecosystem, aggressive climate policy, and expansive project pipeline. Canada’s market share is bolstered by federal and provincial clean energy commitments, while Mexico continues its trajectory with strong solar resource potential and growing investment in distributed generation. Regional growth dynamics are shaped by local incentives, grid readiness, and resource availability.
Leading market share in the North American Photovoltaic sector is held by First Solar, Canadian Solar, and SunPower, which together account for almost half of all installed capacity and shipped modules in 2025. These players have cemented their presence through localized manufacturing, strategic partnerships, and strong distribution networks. The balance of the market comprises established multinationals and innovative new entrants, contributing to an increasingly competitive and dynamic industry landscape.
Utilities represent the largest segment among PV system buyers in North America for 2025, consistent with a strong pipeline of utility-scale projects and long-term power purchase agreements. The residential buyer group occupies the next largest proportion, driven by increasing household adoption and favorable net metering policies. Commercial and institutional buyers, motivated by decarbonization commitments and cost savings, also represent a meaningful share, further diversifying market demand.
Study Coverage
Metrics
Details
Years
2020-2035
Base Year
2025
Market Size
Revenue (USD Million)
Regions
US, Canada, Mexico
Segments
By Type (Monocrystalline, Polycrystalline, Thin Film, Concentrated PV, Floating PV, Hybrid PV); By Application (Residential, Commercial, Industrial, Utility, Agricultural, Off-Grid); By Technology (Crystalline Silicon, Thin Film, Organic PV, Concentrator PV, Multi-junction PV, Perovskite PV); By Distribution Channels (Direct, Indirect, Online, Distributors, Retailers, EPC Contractors); By Organization Size (Small, Medium, Large)
June 2024 – First Solar announced a new $700 Million investment in Ohio for state-of-the-art module production to meet North American supply needs.
July 2024 – SunPower launched a next-generation 25% efficiency residential solar panel with integrated smart module technology.
July 2024 – Canadian Solar secured a 500 MW utility-scale solar contract in Texas, set to commence construction in Q3 2025.
August 2024 – Tesla began large-scale deployment of its latest Powerwall system across Mexico and Southern US regions to support grid stability.
August 2024 – Trina Solar revealed plans for a new R&D center in California focused on advanced cell and module innovation for the North America market.
Frequently Asked Questions
About the Author
Lena
Senior Research Consultant
Lena is a Senior Research Consultant specializing in market research, industry analysis, and business consulting across Energy & Power. Lena brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Lena has helped organizations translate data into actionable growth strategies.
Energy & PowerMarket ResearchIndustry AnalysisStrategic Consulting
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