June 1, 2024 The Sinovoltaics Supply Chain Map (SSCM) - North America for Q2 2024 includes several notable changes for the US solar market since our Q1 report, emphasizing the importance of supply chain traceability. Several new solar panel manufacturers and related PV factories have been added.
North America Solar PV Market was valued at USD 29.3 billion in 2023 and is anticipated to grow at a CAGR of 6.2% from 2024 to 2032. Increasing efforts by corporations, utilities, and consumers towards sustainability and carbon reduction goals along with surge in solar PV installations will drive the market outlook.
1. Solar 4 America Solar 4 America is a Sacramento, CA-based premium solar panel manufacturer. In 2023, they nearly doubled their manufacturing capacity from 700MW to 1.3 GW by upgrading their 140,000 sq/ft solar module manufacturing facility.
Cumulatively, American solar capacity has crossed the 100 GW mark. By the end of Q3, the total number was already registered as high as 113.5 GW (SEIA, 2021). The portfolios listed in this overview account for a combined 61.2 GW of solar capacity, a major chunk of the total operational capacity.
Capacity expansion totals. SSCM - North America for Q2 shows a total of 42 GW of module production capacity spread throughout Mexico, Canada, and the USA. These manufacturers are now forecasting an expansion of 84 GW in the coming 3 - 6 years, to manage this growth and meet the rising demand for solar energy. Cell production is still a constraint.
Several new solar panel manufacturers and related PV factories have been added. These include Ascent Solar, Astronergy, Boway Alloy, Runergy, Caelux, Great Lakes Solex, Nano PV, Prism Solar, Solaria, and Ubiquity Solar. Capacity reductions.
The global residential solar storage and inverter market is experiencing rapid expansion, with demand increasing by over 300% in the past three years. Home energy storage solutions now account for approximately 35% of all new residential solar installations worldwide. North America leads with 38% market share, driven by homeowner energy independence goals and federal tax credits that reduce total system costs by 26-30%. Europe follows with 32% market share, where standardized home storage designs have cut installation timelines by 55% compared to custom solutions. Asia-Pacific represents the fastest-growing region at 45% CAGR, with manufacturing innovations reducing system prices by 18% annually. Emerging markets are adopting residential storage for backup power and energy cost reduction, with typical payback periods of 4-7 years. Modern home installations now feature integrated systems with 10-30kWh capacity at costs below $700/kWh for complete residential energy solutions.
Technological advancements are dramatically improving home solar storage and inverter performance while reducing costs. Next-generation battery management systems maintain optimal performance with 40% less energy loss, extending battery lifespan to 15+ years. Standardized plug-and-play designs have reduced installation costs from $1,200/kW to $650/kW since 2022. Smart integration features now allow home systems to operate as virtual power plants, increasing homeowner savings by 35% through time-of-use optimization and grid services. Safety innovations including multi-stage protection and thermal management systems have reduced insurance premiums by 25% for solar storage installations. New modular designs enable capacity expansion through simple battery additions at just $600/kWh for incremental storage. These innovations have improved ROI significantly, with residential projects typically achieving payback in 5-8 years depending on local electricity rates and incentive programs. Recent pricing trends show standard home systems (5-10kWh) starting at $8,000 and premium systems (15-20kWh) from $12,000, with financing options available for homeowners.