North America Solar EPC Market Size By Technology (PV, CSP), By Classification (Rooftop, Ground Mounted), By End-Use (Residential, Commercial & Industrial, Utility), 2024 – 2032

North America Solar EPC Market

North America Solar EPC Market size was valued at USD 33.8 billion in 2023 and is anticipated to grow at a CAGR of 6.3% from 2024 to 2032. It refers to the process of designing, procuring and constructing solar energy systems, such as photovoltaic (PV) power plants or rooftop installations. The companies are responsible for the entire project lifecycle, from initial planning and engineering to installation, testing, and commissioning.
 

Ongoing adoption by major authorities to fulfil clean energy requirements across multiple applications in line with increasing research and development initiatives will augment the business landscape. For instance, according to the SEIA, for the first nine months of 2022, solar constituted 45% of new electricity generation capacity in the U.S. Moreover, significant variations and upgrades in line with adoption of effective manufacturing practices by EPC players will drive the industry outlook.

North America Solar EPC Market Trends

Growing number of utility scale solar farms coupled with rising investments for solar energy will fuel the product demand.  For instance, in February2024, Lightsource bp received USD 348 million financing package for its 2 utility-scale solar projects in Texas. Furthermore, increasing use of modern & smart solutions such as digital twins by major EPC players to improve planning, specifications, operational efficiency & personnel training for projects will complement the business scenario in the forecasted timeframe.
 

North America Solar EPC Market Analysis

Based on technology, the market is segmented into PV and CSP. The PV solar EPC is projected to grow over USD 56.5 billion by 2032 owing to surging demand for a commercially available, reliable & efficient solution possessing significant potential for long-term renewable energy growth. Ongoing introduction of technological development roadmaps along with supportive investments by private & public sectors to stimulate the development of utility-scale solar energy generation will drive the business scenario. In addition, significant decline in the cost of PV components is set to foster the industry outlook.
 

Based on classification, the North America Solar EPC Market is segmented into rooftop and ground mounted. The ground mounted solar EPC market is set to grow at a rate of more than 5.5% by 2032. Introduction of clean energy drives, green bonds, portfolio standards and plans along with ongoing industrial development focused at adopting renewable energy systems will enhance the business growth. Strategic contracts and collaborations among major industry players delivering EPC services and solutions combined with continuous growth of large scale and grid connected power generation systems will sway the industry statistics.
 

Based on end use, the North America Solar EPC Market is segmented into residential, commercial & industrial and utility. Commercial & industrial witnessed a market share of over 38% in 2023. Public funding and government initiatives to spur solar energy expansion & tackle climate related risks across various sectors will positively drive the business growth. Moreover, establishment of strong supply chain for components & materials for project development coupled with shifting consumer focus to reduce dependency on conventional fuels will propel the business scenario.
 

U.S. solar EPC market is projected to grow over USD 55 billion by 2032. Introduction of several codes and standards, federal tax credits, and significant schemes will support the adoption of solar energy across the U.S., thereby enhancing the business growth. For instance, in August 2022, under the U.S. Inflation Reduction Act, an expansion of the Investment Tax Credit (ITC) was introduced that provides a credit on percentage basis over income taxes levied on the cost of a solar PV system. Additionally, robust research & development activities by major companies aligned with enhanced penetration of renewable energy solutions will boost the product demand.

North America Solar EPC Market Share

Abengoa, Bechtel Corporation, BHEL, Black & Veatch Holding Company, Canadian Solar, VIKRAM SOLAR LTD. are some leading industry players. Many corporations are committing to sourcing a significant portion of their energy needs from renewable sources as part of their sustainability goals. By partnering with other firms or entering into strategic agreements, EPC companies can access new geographic markets, target different customer segments, or offer additional services including energy storage integration, O&M (Operations and Maintenance), or financing solutions, thereby expanding the market reach.
 

North America Solar EPC Market Companies

Key market players operating across the North America Solar EPC industry include:

• Abengoa
• Bechtel Corporation
• BHEL
• Black & Veatch Holding Company
• Canadian Solar
• JUWI
• L&T CONSTRUCTION
• Siemens Gamesa Renewable Energy, S.A.
• SynerGen Solar
• VIKRAM SOLAR LTD.
   

North America Solar EPC Industry News:

• In January 2024, Babcock & Wilcox Solar Energy, Inc. signed a contract for 3 utility scale solar PV power projects of 25 MW each from Cypress Creek Renewables, LLC in Pennsylvania. The aim is to produce 75 MW of clean energy to power ten thousand homes. It will enhance the company's presence across the country and will showcase its commitment towards net zero carbon power goals for residential applications.
   
• In February 2024, SynerGen Solar and EPCOR USA partnered for the development of a solar project in New Mexico. The project aims to produce 90 MW of power and earn renewable energy credits. After completion, the solar farm estimates to produce enough electricity to power over 17 thousand households. Therefore, the company will be strengthening its portfolio across utility sector and mark solid position in the industry.
   

North America Solar EPC market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:

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Market, By Technology (MW & USD Billion)

• PV
• CSP

Market, By Classification (MW & USD Billion)

• Rooftop
  • Up to 1 kW
  • 1 to 10 kW
  • 10 to 50 kW
  • 50 kW to 1 MW
• Ground Mounted
  • 1 to 3 MW
  • 3 to 10 MW
  • 10 to 50 MW
  • > 50 MW

Market, By End-Use (MW & USD Billion)

• Residential
• Commercial & Industrial
• Utility

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico