North American Rooftop Solar Panel Market Size, Share & Trends Analysis Report by Type (Monocrystalline Solar Panel, Polycrystalline Solar Panel, Thin-Film Solar Panel, and Other Solar Panels) and by End-User (Household Sector and Corporate Sector) and Forecast, 2019-2025. The North American rooftop solar panel market is estimated to grow significantly at a CAGR of around 7.3% during the forecast period.
The North American rooftop solar panel market is estimated to grow significantly at a CAGR of around 7.3% during the forecast period. The growth of the regional market is backed by the rise in installations of rooftop solar panels within the regional countries, coupled with supportive government schemes.
In the US there are numerous programs that 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 rooftop solar panels in the near future.
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The Companies which are contributing to the growth of the North American rooftop solar panel market include First Solar, Inc., SunPower Corp., Canadian Solar, Inc., Kyocera Corp., and Wuxi Suntech Power Co., Ltd.
The US is expected to contribute significantly due to the rise in the adoption of solar panel technology so as to reduce electricity costs in Hospitals, industries, malls among various others.
There are numerous projects which are being undertaken so as to promote the use of solar panels in the country. For instance, Biocomplexity Institute collaborated with the Sandia National Laboratory, National Rural Electric Cooperative Association (NRECA), and Arizona State University in 2016 for the development of solar panel technology which was funded by the government under the US Department of Energy’s Suns hot Initiative.
Moreover, Canada has its own government regulations that are responsible for the clean and eco-friendly environment. The Canadian government has various regulations and policies that are driving the growth of the solar panel market.
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The market players are considerably contributing to the market growth by the adoption of various strategies including new product launch, merger, and acquisition, collaborations with government, funding to the start-ups and technological advancements to stay competitive in the market. For instance, in 2018, Canadian Solar, Inc.
acquired several domestic projects from Clean Guadalquivir K.K, Univergy 23 G.K, and Univergy 10 G.K. The acquisition of domestic projects will contribute in increase position of the company, hence will contribute in the overall rooftop solar panel market.
North American Rooftop Solar Panel Market Segmentation
North American Rooftop Solar Panel Market by Type
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
- Thin-Film Crystalline Solar Panel
- Amorphous Silicon (a-Si)
- Cadmium Telluride (CdTe)
- Copper Indium Gallium Selenide (CIS/CIGS)
- Other Solar Panels
North American Rooftop Solar Panel Market by End-User
- Household Sector
- Corporate Sector
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