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North America Utility Solar EPC Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Publisher Global Market Insights
Published Dec 05, 2024
Length 87 Pages
SKU # GMI19636291

Description

North America utility solar EPC market was valued at USD 13.7 billion in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2032. Utility Solar EPC (Engineering, Procurement, and Construction) refers to companies responsible for designing, sourcing materials, and constructing large-scale solar power plants for utility companies or grid operators. These projects typically generate 10 MW or more and feed electricity directly into the grid, serving widespread energy needs rather than individual consumers. The growth of utility-scale solar in response to renewable energy goals set by provincial governments is a major factor driving market expansion. These policies encourage the adoption of solar energy, with Alberta’s deregulated electricity market particularly supporting utility-scale projects through corporate power purchase agreements (PPAs) and merchant power initiatives. Additionally, Canada’s federal carbon pricing and clean energy incentives are pushing the adoption of large-scale solar installations, further boosting market growth. Long-term renewable energy targets in both the U.S. and Canada, along with federal and state/provincial policies, foster the development of utility-scale solar. Climate action plans are prompting utilities and corporations to scale up their solar projects. Additionally, hybrid renewable energy systems that combine solar with wind are gaining popularity, contributing to market growth. The repowering of existing solar plants with newer, more efficient technologies is also enhancing market potential. By capacity, the >50 MW segment is expected to exceed USD 11 billion by 2032, thanks to declining costs of solar photovoltaic (PV) components and the ability to scale projects for better economic outcomes. Utilities are increasingly turning to large-scale solar installations to meet state-level renewable energy mandates, particularly in states with Renewable Portfolio Standards (RPS). Furthermore, the integration of energy storage systems with solar projects is improving grid services, such as peak shaving, load shifting, and stabilization, driving demand for these systems. In the U.S., the utility solar EPC market is projected to surpass USD 20 billion by 2032, driven by aggressive climate goals, favorable policies, and decreasing solar technology costs. States like Texas, California, Florida, and Nevada, with their favorable sunlight conditions and strong policy frameworks, are leading the charge in utility-scale solar adoption. The integration of battery storage systems with solar installations and hybrid projects enables solar energy to be stored and dispatched during non-sunlight hours, improving grid reliability and enhancing the economic value of solar power, further propelling the market forward.

Table of Contents

87 Pages
Chapter 1 Research Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
Chapter 2 Industry Insights
2.1 Industry ecosystem analysis
2.2 Regulatory landscape
2.2.1 U.S.
2.2.1.1 National Environmental Policy Act
2.2.1.2 International Organization for Standardization
2.2.1.3 Inflation Reduction Act (IRA)
2.2.1.4 UL 1703: Safety and Performance Standard
2.2.1.5 UL 61730: Comprehensive Safety Qualification
2.2.1.6 Fire Codes
2.2.1.7 Electrical Codes
2.2.1.8 Zoning Regulations for Solar
2.2.1.9 Licensing and Certification
2.2.1.10 Third Party Certification
2.2.1.11 Clean Energy Standards
2.2.1.12 State Mandated Equipment Standards
2.2.1.13 Florida Solar Energy Standards Act
2.2.1.14 Standard 401 & Standard 201
2.2.1.15 Solar Investment Tax Credit (ITC)
2.2.2 Canada
2.2.2.1 Canadian Electrical Code (CEC)
2.3 Industry impact forces
2.3.1 Growth drivers
2.3.1.1 Government initiatives and targets for renewable sources
2.3.1.2 Rising deployment of utility scale projects
2.3.2 Industry pitfalls & challenges
2.3.2.1 Longer payback period
2.4 Growth potential analysis
2.5 Porter's analysis
2.5.1 Bargaining power of suppliers
2.5.2 Bargaining power of buyers
2.5.3 Threat of new entrants
2.5.4 Threat of substitutes
2.6 PESTEL analysis
Chapter 3 Competitive Landscape, 2024
3.1 Introduction
3.2 Strategic dashboard
3.2.1 Matrix Renewables
3.2.1.1 Project development
3.2.2 Lightsource
3.2.2.1 Project development
3.2.3 SOLV Energy
3.2.3.1 Contract
3.2.3.2 Project development
3.2.4 Doral Renewables LLC
3.2.4.1 Project development
3.2.5 SolarMax Renewable Energy Provider, Inc.
3.2.5.1 Business expansion
3.2.6 PCL Construction Inc.
3.2.6.1 Project development
3.2.7 Waaree Energies
3.2.7.1 Business expansion
3.2.8 FLEXRACK by Qcells, LLC
3.2.8.1 Partnership
3.2.9 Bechtel Corporation
3.2.9.1 Contract
3.2.10 Sterling & Wilson Solar Ltd. (SWSL)
3.2.10.1 Order/Agreement
3.2.11 Swinerton Renewable Energy (SRE)
3.2.11.1 Order/Agreement
3.3 Innovation and technology landscape
3.3.1 Jingoli Power
Chapter 4 Market, By Capacity
4.1 Key trends
4.2 50 kW to 1 MW
4.1 > 1 MW to 3 MW
4.2 > 3 MW to 10 MW
4.3 > 10 MW to 50 MW
4.4 > 50 MW
Chapter 5 Market, By Country
5.1 Key trends
5.2 U.S.
5.3 Canada
5.4 Mexico
Chapter 6 Company Profiles
6.1 ACME Solar
6.1.1 Global overview
6.1.2 Market/Business overview
6.1.3 Financial data
6.1.4 Product landscape
6.1.5 SWOT analysis
6.2 First Solar
6.2.1 Global overview
6.2.2 Market/Business overview
6.2.3 Financial data
6.2.4 Product landscape
6.2.5 SWOT analysis
6.3 Core Development Group
6.3.1 Global overview
6.3.2 Market/Business overview
6.3.3 Financial data
6.3.4 Product landscape
6.3.5 SWOT analysis
6.4 KEC International Ltd.
6.4.1 Global overview
6.4.2 Market/Business overview
6.4.3 Financial data
6.4.4 Product landscape
6.4.5 SWOT analysis
6.5 PLC Constructors Inc
6.5.1 Global overview
6.5.2 Market/Business overview
6.5.3 Financial data
6.5.4 Product landscape
6.5.5 Strategic outlook
6.5.6 SWOT analysis
6.6 RISEN ENERGY Co., LTD
6.6.1 Global overview
6.6.2 Market/Business overview
6.6.3 Financial data
6.6.4 Product landscape
6.6.5 SWOT analysis
6.7 Rosendin Electric
6.7.1 Global overview
6.7.2 Market/business overview
6.7.3 Financial data
6.7.4 Product landscape
6.7.5 SWOT analysis
6.8 SOLV Energy
6.8.1 Global overview
6.8.2 Market/Business overview
6.8.3 Financial data
6.8.4 Product landscape
6.8.5 Strategic outlook
6.8.6 SWOT analysis
6.9 Sterling and Wilson Renewable Energy Limited
6.9.1 Global overview
6.9.2 Market/Business overview
6.9.3 Financial data
6.9.4 Product landscape
6.9.5 SWOT analysis
6.10 Swinerton Incorporated
6.10.1 Global overview
6.10.2 Market/Business overview
6.10.3 Financial data
6.10.4 Product landscape
6.10.5 SWOT analysis
6.11 SUNGROW
6.11.1 Global overview
6.11.2 Market/Business overview
6.11.3 Financial data
6.11.4 Product landscape
6.11.5 SWOT analysis
6.12 Tata Power Solar Systems Ltd.
6.12.1 Global overview
6.12.2 Market/Business overview
6.12.3 Financial data
6.12.4 Product landscape
6.12.5 SWOT analysis
6.13 Waaree Energies
6.13.1 Global overview
6.13.2 Market/Business overview
6.13.3 Financial data
6.13.4 Product landscape
6.13.5 Strategic outlook
6.13.6 SWOT analysis

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