North America Utility Solar EPC Market Analysis

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.