North American solar panel market is estimated to grow significantly at a CAGR of around 15.2% during the forecast period. The US and Canada are significantly contributing to the market growth due to various factors such as the high installation of solar panels, the significant presence of the automobile sector, and the high adoption of renewable energy. In North America, particularly in the US, there are numerous programs which are promoting the growth of the market. Solar power production incentive act 1990 is an amendment to the PURPA of 1978 and the Federal Power Act. The main purpose is to remove the size limitations placed on renewable energy facilities, such as solar and wind, in order to receive PURPA benefits. This will encourage the development of renewable energy production, thereby encouraging the installation of solar panels in the near future.
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The growth of the Canadian market is backed by significant investment in the domestic solar panel market coupled with supportive government initiatives & policies. According to IRENA, around 1,499 GWh of electricity generated from solar photovoltaic, which increased with an exponential growth rate and reached around 3,573 GWh of solar photovoltaic installations in Canada. The support from the governmental bodies has been a major factor for the exponential growth of the country in the installation of solar energy.
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North American Solar Panel Market Segmentation
By Technology
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Other Solar Panels
By End-User
- Household Sector
- Corporate Sector
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