North America Solar Energy Market Size and Outlook Report by Installed Capacity, by Demand, by Project Capacity (2019-2029)
Solar Energy Market in North America is mainly dominated by the US. Canada, Mexico and the US have set various regulatory frameworks and policies to develop their renewable energy from various sources such as solar and wind power. Feed-in Tariffs (FIT) and Renewable Portfolio Standard (RPS) systems are also adopted the US, Canada and Mexico to endorse the renewable energies.
The solar energy market in the US is on the rise due to the increasing demand for electricity. Furthermore, the falling costs of solar power modules coupled with the government initiatives to increase renewable shares in the total energy mix, are driving the solar power market in the country. In addition, environmental policies in favour of renewable energy, the expanding investor interest in the sector and the advanced technologies have also underpinned the solar energy market.
Some other key factors behind the solar power market growth are the declining cost of solar generation, the advancement in battery storage technology, and grid operators growing expertise is helping to compete with other conventional technologies.
The US states also set their capacity targets, which has further fuelled the solar market. The solar power sector becomes one of the largest and fastest-growing markets for electricity generation. The solar electricity is now economically competitive with conventional energy sources in various states of the country, including California, Hawaii, Texas and Minnesota as they aim to switch to renewable energy resources. Some states are even targeting for 100% renewable such as Hawaii set a target to have 100% renewable energy by 2045.
The US solar market is expected to face some issues as the Trump administration priorities are different from the previous governments. The US imposed 30% import tariff on crystalline silicon solar cells and modules from China in 2018, which is scheduled to decrease by 5% yearly, ultimately reaching 15% in 2021. We expect that the tariffs impacted some solar projects due to increased solar panel prices, but local manufacturers are benefiting from tariffs.
Canada and Mexico also set some goals for solar energy as both countries have the potential to generate a substantial amount of solar energy. Both countries are working to encourage the use of solar energy in residential, commercial and industrial sectors. The solar market is getting traction as the Canadian government planned to achieve the target of 6,300 MW of solar electricity by 2020, although it would account for just 1% of total electricity generated in Canada.
Scope and Coverage
Solar Energy Market in North America 2019-2029 is a high data-intensive report and encompass the following aspects of the market.
- Solar energy generation by country 2014-2029 (TWh)
- Solar power capacity by country 2014-2029 (GW)
- Solar power project capacity by plants 2019 (MW)
- Project/plant type
- Project/plant name
- Year of operating
- Status of the project
- Macroeconomics indicators by country 2014-2029
- ROTS Analysis (Risks, Opportunities, Trends and Strategies) in the North America solar energy market
- Solar power capacity by country in North America 2014-2029
- Solar demand by country in North America 2014-2029
- Macroeconomic forecasts by country in North America 2014-2029
- United States
- Rest of North America
|Publication date||August 2019|
|Report format||Excel data with supportive analysis in PDF|