North American Solar Panel Market Growth, Opportunity, Size, Share and Forecast 2019-2025

North American solar panel market is estimated to grow significantly at a CAGR of around 15.2% during the forecast period. The US and Canada are significantly contributing to the market growth due to various factors such as the high installation of solar panels, the significant presence of the automobile sector, and the high adoption of renewable energy. In North America, particularly in the US, there are numerous programs which are promoting the growth of the market.

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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 solar panels in the near future.

The growth of the Canadian market is backed by significant investment in the domestic solar panel market coupled with supportive government initiatives & policies. According to IRENA, around 1,499 GWh of electricity generated from solar photovoltaic, which increased with an exponential growth rate and reached around 3,573 GWh of solar photovoltaic installations in Canada. The support from the governmental bodies has been a major factor for the exponential growth of the country in the installation of solar energy.

The companies which are contributing to the growth of the North American solar panel market include First Solar, Inc., SunPower Corp., Canadian Solar, Inc., Kyocera Corp., and Wuxi Suntech Power Co., Ltd. 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 February 2019, SunPower Corp. acquired SolarWorld Americas facility in Hillsboro, Oregon. The company is assembling its high-quality 19% efficient performance series solar panel (P19 or P-Series) for commercial customers in the US factory.

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North American Solar Panel Market Segmentation

By Technology
o Monocrystalline Solar Panel
o Polycrystalline Solar Panel
o Thin-Film Crystalline Solar Panel
o Other Solar Panels

By End-User
o Household Sector
o Corporate Sector

Regional Analysis
o United States
o Canada

Company Profiles
o AE Solar GmbH
o aleo (SAS Group)
o Canadian Solar, Inc.
o centrotherm international AG
o IBC Solar AG
o Juwi Holding AG
o meeco AG
o Risen Energy Co., Ltd.
o SCHOTT AG
o Yingli Green Energy Holding Co., Ltd.

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