North America Utility Solar EPC Market Size

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.