Solar Energy Market is Expected to Witness a Steady Growth by 2030

The North America solar energy market is expected to grow from US$ 30,681.70 million in 2022 to US$ 73,365.40 million by 2030. It is estimated to grow at a CAGR of 11.5% from 2022 to 2030.

Growing Greenhouse Gas Emission and Energy Uncertainties Fuels North America Solar Energy Market
The evolution of the energy system following the Paris Agreement, launched in 2015 and entered into force in 2016, has fueled the application of renewable energy sources to reduce carbon emissions. A key contributor of GHG (greenhouse gas) emissions that lead to climate change is power generation using fossil fuels. The utilization of solar energy is increasing due to rising concern towards more sustainable and green energy alternatives, growing climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe.

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The renewable industry includes power sources, primarily wind, hydroelectric, and solar. Thus, the growing concerns regarding greenhouse gas emissions and energy uncertainties are fueling the growth of the solar energy market.

MARKET INTRODUCTION

The renewable energy industry in North America is mainly driven by supportive legislation, including the Inflation Reduction Act in the US, to allow CSIQ to capture greater value from solar and storage assets. Countries such as the US, Canada, and Mexico are heavily focusing on renewable energy sources to increase their power generation and installed capacity. Further, one of the major trends driving the solar energy market in the region is the power generation race, which is also boosting the power generation capacity across North America.
A few of the top projects that have been contributing to the growth of the solar energy market across North America are mentioned below:
• 7V Solar Ranch Solar Power Plant, with a capacity of 300 MW and a project value of US$ 282 million, is in Texas, US. The construction of this project started during the second quarter of 2022 and is expected to be completed by the end of the fourth quarter of 2023. The main objective of this project is to generate and provide power to the residential sector in the Texas region.
• Fayette County Solar Farm in Texas, US, has an overall capacity of 240 MW and a project value of ~US$ 280 million. The project was started in the second quarter of 2022 and is expected to be completed by the end of the fourth quarter of 2023.
• In 2022, a 120 MW solar power plant was constructed in Idaho, US. The project is known as Twin Falls Solar Power Plant and has a project value of ~US$ 250 million. This project was expected to be completed by the end of 2022; however, the construction was completed in January 2023 by Duke Energy Sustainable Solutions.
• Another major project, valued at US$ 27.25 million, is located at the Central de Abasto, Mexico City's massive Central Market. The project is planned in two different phases, wherein the first phase includes the installation of two Distributed Generation (DG) solar systems on the roof of storage units, which is set to start operating in 2023. The project's second phase includes 18 MW of PV installations expected to produce ~25 GWh of clean energy for the market. The second phase is expected to be completed by the end of 2023.

List of Companies Profiled in the North America Solar Energy Market Report are:
• Abengoa SA
• Acciona SA
• ADT Solar LLC
• Canadian Solar Inc
• First Solar Inc
• Heliogen Inc

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Key Segmentation:

Deployment Mode (Cloud Based and On-Premise),
The North America Solar Energy market is categorized into type, application, and country.
• Based on type, the North America Solar Energy market is segmented into pellets, blocks, and others. The blocks segment held the largest market share in 2022.
• In terms of application, the North America Solar Energy market is segmented into food and beverage, storage and transportation, healthcare, industrial applications, and others. The storage and transportation held the largest market share in 2022.
• By country, the North America Solar Energy market is segmented into the US, Canada, and Mexico. The US dominated the North America Solar Energy market share in 2022.

North America Solar Energy Market Report displays data on key players, major collaborations, merger & acquisitions along with trending innovation and business policies. The report highlights current and future market trends and carries out analysis of the effect of buyers, substitutes, new entrants, competitors, and suppliers on the market. The key topics that have been explained in this North America Solar Energy Market report include market definition, market segmentation, key developments, competitive analysis and research methodology. To accomplish maximum return on investment (ROI), it's very essential to be acquainted with market parameters such as brand awareness, market landscape, possible future issues, industry trends and customer behavior where this North America Solar Energy Market report comes into play.

Table of Contents

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Key Findings of the Research Study

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

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