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.
Scope of the Study
Market Segments Covered in the Report:
By Equipment
- Solar Panels
- Mounting, Racking, & Tracking System
- Storage System
- Others
By Application
- Utility
- Residential
- Non-Residential
By Country
- US
- Canada
- Mexico
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- 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.
- ABB Group
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.4.1 North America Solar Power Equipment Market, by Equipment
1.4.2 North America Solar Power Equipment Market, by Application
1.4.3 North America Solar Power Equipment Market, by Country
1.5 Methodology for the research
Chapter 2. Market Overview
2.1 Introduction
2.1.1 Overview
2.1.1.1 Market Composition and Scenario
2.2 Key Factors Impacting the Market
2.2.1 Market Drivers
2.2.2 Market Restraints
Chapter 3. Competition Analysis - Global
3.1 KBV Cardinal Matrix
3.2 Recent Industry Wide Strategic Developments
3.2.1 Partnerships, Collaborations and Agreements
3.2.2 Product Launches and Product Expansions
3.2.3 Acquisition and Mergers
3.2.4 Business Expansions
3.2.5 Geographical Expansions
3.3 Top Winning Strategies
3.3.1 Key Leading Strategies: Percentage Distribution (2017-2021)
3.3.2 Key Strategic Move: (Product Launches and Product Expansions: 2020, Feb – 2022, Feb) Leading Players
Chapter 4. North America Solar Power Equipment Market by Equipment
4.1 North America Solar Panels Market by Country
4.2 North America Mounting, Racking, & Tracking System Market by Country
4.3 North America Storage System Market by Country
4.4 North America Others Market by Country
Chapter 5. North America Solar Power Equipment Market by Application
5.1 North America Utility Market by Country
5.2 North America Residential Market by Country
5.3 North America Non-Residential Market by Country
Chapter 6. North America Solar Power Equipment Market by Country
6.1 US Solar Power Equipment Market
6.1.1 US Solar Power Equipment Market by Equipment
6.1.2 US Solar Power Equipment Market by Application
6.2 Canada Solar Power Equipment Market
6.2.1 Canada Solar Power Equipment Market by Equipment
6.2.2 Canada Solar Power Equipment Market by Application
6.3 Mexico Solar Power Equipment Market
6.3.1 Mexico Solar Power Equipment Market by Equipment
6.3.2 Mexico Solar Power Equipment Market by Application
6.4 Rest of North America Solar Power Equipment Market
6.4.1 Rest of North America Solar Power Equipment Market by Equipment
6.4.2 Rest of North America Solar Power Equipment Market by Application
Chapter 7. Company Profiles
7.1 Canadian Solar Inc.
7.1.1 Company Overview
7.1.2 Financial Analysis
7.1.3 Segmental and Regional Analysis
7.1.4 Research & Development Expenses
7.2 First Solar, Inc.
7.2.1 Company Overview
7.2.2 Financial Analysis
7.2.3 Segmental and Regional Analysis
7.2.4 Research & Development Expenses
7.3 Hanwha Q CELLS Co., Ltd. (Hanwha Group)
7.3.1 Company Overview
7.3.2 Recent strategies and developments:
7.3.2.1 Partnerships, Collaborations, and Agreements:
7.3.2.2 Product Launches and Product Expansions:
7.3.2.3 Acquisition and Mergers:
7.4 LONGi Green Energy Technology Co., Ltd.
7.4.1 Company Overview
7.4.2 Recent strategies and developments:
7.4.2.1 Product Launches and Product Expansions:
7.5 SunPower Corporation (Infineon Technologies AG)
7.5.1 Company Overview
7.5.2 Financial Analysis
7.5.3 Segmental Analysis
7.5.4 Research & Development Expenses
7.5.5 Recent strategies and developments:
7.5.5.1 Partnerships, Collaborations, and Agreements:
7.5.5.2 Product Launches and Product Expansions:
7.5.5.3 Acquisition and Mergers:
7.6 Shunfeng International Clean Energy Co., Ltd.
7.6.1 Company Overview
7.6.2 Financial Analysis
7.6.3 Segmental and Regional Analysis
7.6.4 Research & Development Expenses
7.7 Jinko Solar Holding Co., Ltd.
7.7.1 Company Overview
7.7.2 Financial Analysis
7.7.3 Regional Analysis
7.7.4 Research & Development Expenses
7.7.5 Recent strategies and developments:
7.7.5.1 Partnerships, Collaborations, and Agreements:
7.8 Trina Solar Co., Ltd.
7.8.1 Company Overview
7.8.2 Recent strategies and developments:
7.8.2.1 Product Launches and Product Expansions:
7.8.2.2 Acquisition and Mergers:
7.8.2.3 Business Expansions:
7.9 JA Solar Holdings Co., Ltd.
7.9.1 Company Overview
7.9.2 Recent strategies and developments:
7.9.2.1 Partnerships, Collaborations, and Agreements:
7.9.2.2 Product Launches and Product Expansions:
7.10. ABB Group
7.10.1 Company Overview
7.10.2 Financial Analysis
7.10.3 Segmental and Regional Analysis
7.10.4 Research & Development Expense
7.10.5 Recent strategies and developments:
7.10.5.1 Geographical Expansions:
TABLE 1 North America Solar Power Equipment Market, 2017 - 2020, USD Million
TABLE 2 North America Solar Power Equipment Market, 2021 - 2027, USD Million
TABLE 3 Partnerships, Collaborations and Agreements – Solar Power Equipment Market
TABLE 4 Product Launches And Product Expansions – Solar Power Equipment Market
TABLE 5 Acquisition and Mergers – Solar Power Equipment Market
TABLE 6 Business Expansions – Solar Power Equipment Market
TABLE 7 Geographical Expansions – Solar Power Equipment Market
TABLE 8 North America Solar Power Equipment Market by Equipment, 2017 - 2020, USD Million
TABLE 9 North America Solar Power Equipment Market by Equipment, 2021 - 2027, USD Million
TABLE 10 North America Solar Panels Market by Country, 2017 - 2020, USD Million
TABLE 11 North America Solar Panels Market by Country, 2021 - 2027, USD Million
TABLE 12 North America Mounting, Racking, & Tracking System Market by Country, 2017 - 2020, USD Million
TABLE 13 North America Mounting, Racking, & Tracking System Market by Country, 2021 - 2027, USD Million
TABLE 14 North America Storage System Market by Country, 2017 - 2020, USD Million
TABLE 15 North America Storage System Market by Country, 2021 - 2027, USD Million
TABLE 16 North America Others Market by Country, 2017 - 2020, USD Million
TABLE 17 North America Others Market by Country, 2021 - 2027, USD Million
TABLE 18 North America Solar Power Equipment Market by Application, 2017 - 2020, USD Million
TABLE 19 North America Solar Power Equipment Market by Application, 2021 - 2027, USD Million
TABLE 20 North America Utility Market by Country, 2017 - 2020, USD Million
TABLE 21 North America Utility Market by Country, 2021 - 2027, USD Million
TABLE 22 North America Residential Market by Country, 2017 - 2020, USD Million
TABLE 23 North America Residential Market by Country, 2021 - 2027, USD Million
TABLE 24 North America Non-Residential Market by Country, 2017 - 2020, USD Million
TABLE 25 North America Non-Residential Market by Country, 2021 - 2027, USD Million
TABLE 26 North America Solar Power Equipment Market by Country, 2017 - 2020, USD Million
TABLE 27 North America Solar Power Equipment Market by Country, 2021 - 2027, USD Million
TABLE 28 US Solar Power Equipment Market, 2017 - 2020, USD Million
TABLE 29 US Solar Power Equipment Market, 2021 - 2027, USD Million
TABLE 30 US Solar Power Equipment Market by Equipment, 2017 - 2020, USD Million
TABLE 31 US Solar Power Equipment Market by Equipment, 2021 - 2027, USD Million
TABLE 32 US Solar Power Equipment Market by Application, 2017 - 2020, USD Million
TABLE 33 US Solar Power Equipment Market by Application, 2021 - 2027, USD Million
TABLE 34 Canada Solar Power Equipment Market, 2017 - 2020, USD Million
TABLE 35 Canada Solar Power Equipment Market, 2021 - 2027, USD Million
TABLE 36 Canada Solar Power Equipment Market by Equipment, 2017 - 2020, USD Million
TABLE 37 Canada Solar Power Equipment Market by Equipment, 2021 - 2027, USD Million
TABLE 38 Canada Solar Power Equipment Market by Application, 2017 - 2020, USD Million
TABLE 39 Canada Solar Power Equipment Market by Application, 2021 - 2027, USD Million
TABLE 40 Mexico Solar Power Equipment Market, 2017 - 2020, USD Million
TABLE 41 Mexico Solar Power Equipment Market, 2021 - 2027, USD Million
TABLE 42 Mexico Solar Power Equipment Market by Equipment, 2017 - 2020, USD Million
TABLE 43 Mexico Solar Power Equipment Market by Equipment, 2021 - 2027, USD Million
TABLE 44 Mexico Solar Power Equipment Market by Application, 2017 - 2020, USD Million
TABLE 45 Mexico Solar Power Equipment Market by Application, 2021 - 2027, USD Million
TABLE 46 Rest of North America Solar Power Equipment Market, 2017 - 2020, USD Million
TABLE 47 Rest of North America Solar Power Equipment Market, 2021 - 2027, USD Million
TABLE 48 Rest of North America Solar Power Equipment Market by Equipment, 2017 - 2020, USD Million
TABLE 49 Rest of North America Solar Power Equipment Market by Equipment, 2021 - 2027, USD Million
TABLE 50 Rest of North America Solar Power Equipment Market by Application, 2017 - 2020, USD Million
TABLE 51 Rest of North America Solar Power Equipment Market by Application, 2021 - 2027, USD Million
TABLE 52 Key Information – Canadian Solar Inc.
TABLE 53 Key Information – First Solar, Inc.
TABLE 54 Key Information – Hanwha Q CELLS Co., Ltd.
TABLE 55 Key Information – LONGi Green Energy Technology Co., Ltd.
TABLE 56 Key Information – SunPower Corporation
TABLE 57 Key Information – Shunfeng International Clean Energy Co., Ltd.
TABLE 58 Key information – Jinko Solar Holding Co., Ltd.
TABLE 59 Key information – Trina Solar Co., Ltd.
TABLE 60 Key information – JA SOLAR Technology Co., Ltd.
TABLE 61 Key Information – ABB Group
List of Figures
FIG 1 Methodology for the research
FIG 2 KBV Cardinal Matrix
FIG 3 Key Leading Strategies: Percentage Distribution (2017-2021)
FIG 4 Key Strategic Move: (Product Launches and Product Expansions : 2020, Feb – 2022, Feb) Leading Players
FIG 5 Recent strategies and developments: Hanwha Q CELLS Co., Ltd.
FIG 6 Recent strategies and developments: SunPower Corporation
FIG 7 Recent strategies and developments: Trina Solar Co., Ltd.
FIG 8 Recent strategies and developments: JA Solar Holdings Co., Ltd.