Dublin, Sept. 04, 2020 (GLOBE NEWSWIRE) -- The "North America Photovoltaic Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Application; Type; Component" report has been added to ResearchAndMarkets.com's offering.
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.
The photovoltaic market in North America constitutes developed economies such as the US, Canada, and Mexico. Factor such as increasing energy demand due to growing population is propelling the need for sustainable energy resources. The governments in these countries are constantly focusing on implementing regulations that focus on limiting the dependency and use of fossil fuels for energy generation and help control environmental pollution. This factor positively influences the demand for renewable energy sources such as solar energy, which in turn propels the demand for photovoltaic market in North America.
The US is constantly focusing on using renewable energy sources for generating electricity and power. Currently, non-renewable energy sources are associated with a multitude of environmental impacts, which include global climate change, freshwater consumption, acid rain, hazardous air pollution, and radioactive waste. Therefore, the demand for renewable energy sources has increased in developed countries. Renewable energy sources have the potential to meet the growing demand for energy requirements with much smaller environmental footprint. Therefore, the government in the US is constantly focusing on the installation of solar energy plants to fulfill the demands of power and energy in various industries. The US homes a few major solar farms in the world.
Based on application, the photovoltaic market is segmented into residential, commercial, and utilities. In 2018, utilities segment held a largest share in the North American photovoltaic market. Utility-scale solar generates reliable and clean electricity. Solar power plants can be developed in a way that balances environmental protection with increased energy demands and climate goals. By adhering to federal policies in order to accelerate the growth of utility-scale solar, we can successfully reduce the expenses associated with energy consumption. Developing utility-scale solar power is one of the fastest ways to reduce carbon emissions. A utility-scale solar power plant can utilize several solar technologies such as photovoltaic solar energy (PV) or concentrating solar power (CSP).
Mitsubishi Electric Corporation, Panasonic Corporation, Kaneka Corporation, Kyocera Corporation, Sharp Corporation, JA Solar Co. Ltd., Renesola Co. Ltd., Trina Solar, Jink Solar, and Shunfeng International Clean Energy Co., Ltd., are among the key players present in the North American photovoltaic market.
Key Topics Covered
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
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 Favorable 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
7.2 Photovoltaic Market Breakdown, by Type, 2018 & 2027
7.3 Organic Components
7.4 Inorganic Components
8. North America Photovoltaic Market Analysis - By Components
8.2 Photovoltaic Market Breakdown, by Components, 2018 & 2027
9. North America Photovoltaic Market Analysis - By Application
9.2 Photovoltaic Market Breakdown, by Application, 2018 & 2027
9.3 Residential Applications
9.4 Commercial Applications
9.5 Utility Applications
10. North America Photovoltaic Market - Country Analysis
11. Company Profiles
11.1 Mitsubishi Electric Corporation
11.2 Panasonic Corporation
11.3 Kaneka Corporation
11.4 Kyocera Corporation
11.5 Sharp Corporation
11.6 JA Solar Co. Ltd.
11.7 Renesola Co. Ltd.
11.8 Trina Solar
11.9 Jink Solar
11.10 Shunfeng International Clean Energy Co. Ltd.
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