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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.
What fuels the demand for ground mounted solar EPC?
The ground mounted solar EPC market will record more than 5.5% industry share by 2032, primarily due to vast open spaces suitable for solar installations, favorable government policies, and declining costs of solar technology.
What is the size of the North America Solar EPC market?
North America Solar EPC industry size was registered at USD 33.8 billion in 2023 and will grow at a 6.3% CAGR between 2024 and 2032, propelled by increasing environmental awareness and corporate sustainability goals coupled with supportive government policies and incentives.
Which are the major players operating in the North America solar EPC market?
Prominent companies, including 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 are operating in the North America Solar EPC industry.
What drives the growing need for PV solar EPC?
The PV solar EPC will achieve USD 56.5 billion by 2032, driven by increasing demand for a commercially viable, dependable, and efficient solution with substantial potential for long-term growth in renewable energy.