The North America Solar Power Equipment Market would witness market growth of 10.4% CAGR during the forecast period (2021-2027).
The solar power industry's technology is continuously improving, and this trend would continue in the future. Quantum physics and nanotechnology advancements have the potential to improve the efficiency of solar panels. The solar panel market has enormous development potential, and solar energy is predicted to become the most dominant energy source in the future. Solar energy system installations in commercial as well as residential end-use applications are on the rise, creating lucrative growth prospects in the market. Another important factor is the emphasis on CO2 emission reduction. Solar energy can boost green energy output while preserving natural gas and coal sources that are rapidly decreasing. As a result, governments all over the world are promoting renewable energy sources and encouraging the widespread deployment of solar systems, propelling the solar panel market growth.
Solar power can also be used during a drought or a heat wave. Natural gas, coal, and nuclear power use a lot of water to cool themselves. Power generation is at risk during heat waves and severe droughts, as witnessed in recent years. Solar power systems, on the other hand, do not need water to produce electricity. Solar power also produces jobs in the renewable energy sector.
In the United States, solar electricity is more economical, accessible, and widespread than it has ever been. As per the Office of Energy Efficiency & Renewable Energy, Solar power capacity in the United States has increased from 0.34 GW in 2008 to an anticipated 97.2 GW now. This is enough amount of energy to power 18 million American homes. Solar energy, in the type of solar photovoltaics and concentrating solar-thermal power, provides over 3% of all electricity in the United States. Usually, the cost of solar photovoltaic panels has decreased by about 70% since 2014. Solar energy markets are quickly growing across the country, as solar electricity is already cost-competitive with traditional energy sources in several states. Hopefully, despite government funding cuts to the EPA and DOE, this trend will continue as innovative and forward-thinking businesses embrace the changing landscape of energy generation and transition to renewables.
The US market dominated the North America Solar Power Equipment Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $33,167.7 Million by 2027. The Canada market is poised to grow at a CAGR of 12.9% during (2021 - 2027). Additionally, The Mexico market would exhibit a CAGR of 11.9% during (2021 - 2027).
Based on Equipment, the market is segmented into Solar Panels, Mounting, Racking, & Tracking System, and Storage System, and Others. Based on Application, the market is segmented into Utility, Residential, and Non-Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Solar Power Equipment Market is Estimated to reach $202.4 Billion by 2027, at a CAGR of 11.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Canadian Solar Inc., First Solar, Inc., Hanwha Q CELLS Co., Ltd., LONGi Green Energy Technology Co., Ltd., SunPower Corporation, Shunfeng International Clean Energy Co., Ltd., Jinko Solar Holding Co., Ltd., Trina Solar Co., Ltd., JA Solar Holdings Co., Ltd., and ABB Group.
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