North America Utility Solar EPC Market Size - By Capacity (50 kW to 1 MW, 1 to 3 MW, 3 to 10 MW, 10 to 50 MW, > 50 MW), Country Outlook & Forecast, 2024 – 2032

North America Utility Solar EPC Market Size

North America Utility Solar EPC Market was valued at USD 13.7 billion in 2023 and is estimated to grow at a CAGR of 5.3% from 2024 to 2032. A Utility Solar EPC refers to an Engineering, Procurement, and Construction (EPC) contractor or company responsible for the design, sourcing, and building of large-scale solar power plants for utility companies or grid operators. They typically generate power on a large scale (often 10 MW or more) and feed directly into the electric grid, supplying energy for widespread consumption rather than for individual or localized use.
 

Growing utility-scale solar market in response to renewable energy targets set by provincial governments will propel the product adoption. These provincial policies are a key driver for EPC contractors working on large solar installations. Alberta’s deregulated electricity market has encouraged the development of utility-scale solar projects through corporate PPAs and merchant power projects. Further, Canada’s federal carbon pricing mechanism and clean energy incentives are driving adoption of solar energy, particularly for large-scale utility projects driving the market growth.
 

Set ambitious long-term renewable energy goals in the U.S. and Canada that are driving utility-scale solar development along with federal and provincial/state policies, alongside climate action plans, are pushing utilities and corporations to adopt solar at larger scales which will stimulate the business statistics. Furthermore, growing interest in hybrid renewable projects that combine solar, and wind energy will complement the product penetration. Many existing solar plants are undergoing repowering, where the older equipment is replaced with newer, more efficient technology which will spur the market growth.
 

North America Utility Solar EPC Market Trends

Older utility-scale projects in the U.S. are being repowered, with the capacity expanded to exceed 50 MW as new, more efficient technology replaces outdated systems primarily in states like California and Nevada, where early solar installations are being upgraded to larger capacities, leading to enhanced product growth. Developers are also expanding existing projects to meet higher demand, especially where land is already allocated for solar farms. Furthermore, as the solar technology continues to improve and grid infrastructure expands, the number of large-scale solar projects is expected to increase, contributing significantly to the region’s clean energy transition.
 

North America Utility Solar EPC Market Analysis

Based on capacity, the >50 MW segment is anticipated to cross more than USD 11 billion by 2032, owing to declining cost of solar PV components and the ability to scale up project size for improved economics. Utilities are also seeking large-scale solar projects to meet state-level renewable energy mandates, especially in states with Renewable Portfolio Standards (RPS). Many solar projects are now being paired with energy storage systems to provide enhanced grid services, such as peak shaving, load shifting, and grid stabilization.
 

Moreover, integration of batteries with solar plants is becoming a key feature for developers and EPC contractors, allowing these projects to offer more value to the grid and end-users will augment the industry landscape. Environmental, social, and governance (ESG) goals are driving investment in large-scale solar projects with institutional investors and pension funds increasingly allocating capital to >50 MW projects as part of their green energy portfolios, driving the industry scenario.
 

The U.S. utility solar EPC market is likely to exceed USD 20 billion by 2032, driven by ambitious climate goals, favorable policies, and declining costs of solar technology. Significant surge in utility-scale solar projects as states and corporations seek to meet renewable energy targets along with favorable sunlight conditions and supportive policy frameworks in states like Texas, California, Florida, and Nevada will drive the business scenario. Integration of battery storage systems with utility-scale solar projects coupled with hybrid projects enable solar energy to be stored and dispatched during non-sunlight hours, increasing grid reliability and enhancing the economic value of solar installations will augment the industry landscape.
 

Furthermore, corporations, particularly those with net-zero goals, are entering long-term PPAs with utility-scale solar developers, contributing to the growing adoption of solar projects, enhancing the business statistics.
 

Increased adoption of advanced solar technologies like bifacial modules and single axis tracking systems, which improve energy yield and project efficiency along with Ontario’s Long-Term Energy Plan including significant support for renewable energy will strengthen the business landscape for Canada. Growing trend of indigenous communities leading or partnering in utility-scale solar projects coupled with projects are in remote areas and are designed to provide energy sovereignty to these communities, leading to strengthening the product demand.
 

North America Utility Solar EPC Market Share

The competitive landscape for utility-scale solar EPC is influenced by a mix of major players, regional specialists, and up-and-coming companies. These EPC firms are pivotal in deploying solar energy, overseeing everything from project design and construction to grid integration. Competition hinges on factors like project expertise, technological innovation, regional presence, and the capacity to efficiently manage large-scale projects. As renewable energy targets escalate in both the U.S. and Canada, the market remains fiercely competitive, with firms competing for an increasing number of substantial projects.
 

North America Utility Solar EPC Market Companies

Eminent players operating in the North America utility solar EPC industry are:

• ACME Solar
• First Solar
• Core Development Group
• KEC International Ltd.
• RISEN ENERGY Co., LTD.
• Rosendin Electric
• SOLV Energy
• Sterling and Wilson Renewable Energy
• Swinerton Incorporated
• SUNGROW
• Tata Power Solar
• Waaree Energies
   

North America Utility Solar EPC Industry News:

• In July 2023, the New Jersey Board of Public Utilities (NJBPU) enacted legislation aimed at lowering electricity costs for solar owners and abolishing the sales tax on solar systems. Furthermore, federal initiatives, notably the Inflation Reduction Act, offer federal tax benefits for solar installations and can subsidize the transition to cleaner energy sources. These incentives significantly alleviate the initial expenses of commercial solar system installations, enhancing accessibility to solar energy for businesses, municipalities, and non-profits.
   
• In December 2023, Waree Energies inaugurated its inaugural U.S. solar module manufacturing facility in Brookshire, Texas. Over the next four years, the company plans to invest USD 1 billion into the site. They aim to ramp up production capacity from an initial three gigawatts annually by the end of 2024 to five gigawatts by 2027. Additionally, the company is set to introduce an integrated solar cell facility, with production slated to commence in 2025.
   

This North America utility solar EPC market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in “(USD Million)” from 2021 to 2032, for the following segments:

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Market, By Capacity

• 50 kW to 1 MW
• 1 to 3 MW
• 3 to 10 MW
• 10 to 50 MW
• > 50 MW

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico