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North America Utility Solar EPC Market Trends

Report ID: GMI11764
Published Date: Oct 2024
Report Format: PDF

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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in the U.S. are being repowered, with the capacity expanded to exceed 50 MW as new, more efficient technology replaces outdated systems primarily in states like California and Nevada, where early solar installations are being upgraded to larger capacities, leading to enhanced product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.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The North American market for utility solar EPC market was reached USD 13.7 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2032, on account of government initiatives and targets for renewable sources

The >50 MW segment is anticipated to surpass USD 11 billion by 2032, driven by the declining costs of solar PV components and the economic benefits of scaling up project sizes.

The U.S. utility solar EPC market is likely to exceed USD 20 billion by 2032, due to ambitious climate goals, favorable policies, and declining costs of solar technology.

Eminent players in the North America utility solar EPC industry include 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, and Waaree Energies.