North America Utility Solar EPC Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025 - 2034
Description
North America Utility Solar EPC Market was estimated at USD 22.6 billion in 2024 and is expected to grow from USD 23.7 billion in 2025 to USD 37.7 billion by 2034, at a CAGR of 5.3%, according to the latest report published by Global Market Insights, Inc.
Incentives such as the Investment Tax Credit (ITC), accelerated depreciation (MACRS), and renewable portfolio standards (RPS) at the state level have helped in driving utility-scale solar project development across the U.S. and Canada. These policies directly benefit EPC contractors by encouraging higher project volumes.
Rising Usage of 50 kW to 1 MW Segment
The 50 kW to 1 MW segment held a notable share in 2024, backed by commercial and small-scale utility solar projects, including those on commercial rooftops, small community solar installations, and industrial facilities. This segment is growing steadily due to increasing demand from businesses seeking to reduce energy costs and improve sustainability profiles without the complexity of larger-scale projects.
Rising Demand for >1 MW to 3 MW Segment
The voltage over 1 MW up to 3 MW segment generated significant revenues in 2024. This segment balances scale and manageability, offering meaningful energy savings while still being feasible for a broad range of off-takers. EPC contractors in this range are increasingly leveraging modular design approaches and standardized components to reduce costs and timelines.
>3 MW to 10 MW Sector to Gain Traction
The >3 MW to 10 MW segment held a substantial share in 2024. This category appeals to utility companies and large commercial entities aiming to scale renewable energy procurement efficiently. EPC firms operating here focus heavily on optimizing project execution through advanced project management tools, supply chain partnerships, and risk mitigation strategies.
U.S. to Emerge as a Propelling Region
U.S. utility solar EPC market is poised to grow at a decent CAGR during 2025-2034. This market benefits from strong federal and state policy support, declining technology costs, and a growing emphasis on decarbonization across energy portfolios. EPC contractors play a pivotal role by delivering turnkey solutions that cover engineering design, procurement logistics, and on-site construction. With increasing project complexity and scale, market leaders are investing in innovation, workforce development, and digitalization to streamline execution and reduce costs.
Eminent players operating in the North America utility solar EPC market are Sterling and Wilson Renewable Energy Limited, First Solar, KEC International, Bechtel, Larsen & Toubro, CS Energy, Waaree Energies, SunPower, Borea Construction, PLC Constructors, Swinerton Incorporated, Black & Veatch, SOLV Energy, Tata Power Solar Systems, ACME Solar, Risen Energy, Blattner Company, TBEA Solar, Core Development Group, and SUNGROW.
To strengthen their foothold in the North American utility solar EPC market, companies are focusing on several key strategies. First, they are investing heavily in technology and digital tools—such as BIM (Building Information Modeling) and AI-driven project management—to enhance efficiency and reduce risk. Second, strategic partnerships with component suppliers and logistics firms help ensure timely procurement and lower costs.
Incentives such as the Investment Tax Credit (ITC), accelerated depreciation (MACRS), and renewable portfolio standards (RPS) at the state level have helped in driving utility-scale solar project development across the U.S. and Canada. These policies directly benefit EPC contractors by encouraging higher project volumes.
Rising Usage of 50 kW to 1 MW Segment
The 50 kW to 1 MW segment held a notable share in 2024, backed by commercial and small-scale utility solar projects, including those on commercial rooftops, small community solar installations, and industrial facilities. This segment is growing steadily due to increasing demand from businesses seeking to reduce energy costs and improve sustainability profiles without the complexity of larger-scale projects.
Rising Demand for >1 MW to 3 MW Segment
The voltage over 1 MW up to 3 MW segment generated significant revenues in 2024. This segment balances scale and manageability, offering meaningful energy savings while still being feasible for a broad range of off-takers. EPC contractors in this range are increasingly leveraging modular design approaches and standardized components to reduce costs and timelines.
>3 MW to 10 MW Sector to Gain Traction
The >3 MW to 10 MW segment held a substantial share in 2024. This category appeals to utility companies and large commercial entities aiming to scale renewable energy procurement efficiently. EPC firms operating here focus heavily on optimizing project execution through advanced project management tools, supply chain partnerships, and risk mitigation strategies.
U.S. to Emerge as a Propelling Region
U.S. utility solar EPC market is poised to grow at a decent CAGR during 2025-2034. This market benefits from strong federal and state policy support, declining technology costs, and a growing emphasis on decarbonization across energy portfolios. EPC contractors play a pivotal role by delivering turnkey solutions that cover engineering design, procurement logistics, and on-site construction. With increasing project complexity and scale, market leaders are investing in innovation, workforce development, and digitalization to streamline execution and reduce costs.
Eminent players operating in the North America utility solar EPC market are Sterling and Wilson Renewable Energy Limited, First Solar, KEC International, Bechtel, Larsen & Toubro, CS Energy, Waaree Energies, SunPower, Borea Construction, PLC Constructors, Swinerton Incorporated, Black & Veatch, SOLV Energy, Tata Power Solar Systems, ACME Solar, Risen Energy, Blattner Company, TBEA Solar, Core Development Group, and SUNGROW.
To strengthen their foothold in the North American utility solar EPC market, companies are focusing on several key strategies. First, they are investing heavily in technology and digital tools—such as BIM (Building Information Modeling) and AI-driven project management—to enhance efficiency and reduce risk. Second, strategic partnerships with component suppliers and logistics firms help ensure timely procurement and lower costs.
Table of Contents
95 Pages
- Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.1.3 Base estimates and calculations
- 1.1.4 Base year calculation
- 1.1.5 Key trends for market estimates
- 1.2 Forecast model
- 1.3 Primary research & validation
- 1.3.1 Primary sources
- 1.4 Data mining sources
- 1.5 Market definitions
- Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 – 2034
- 2.2 Business trends
- 2.3 Capacity trends
- 2.4 Country trends
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Regulatory landscape
- 3.3 Price trend analysis, 2021-2034 (USD/MW)
- 3.3.1 By capacity
- 3.3.2 By region
- 3.4 Industry impact forces
- 3.4.1 Growth drivers
- 3.4.2 Industry pitfalls & challenges
- 3.5 Growth potential analysis
- 3.6 Porter's analysis
- 3.6.1 Bargaining power of suppliers
- 3.6.2 Bargaining power of buyers
- 3.6.3 Threat of new entrants
- 3.6.4 Threat of substitutes
- 3.7 PESTEL analysis
- Chapter 4 Competitive landscape, 2025
- 4.1 Introduction
- 4.2 Company market share analysis, by country, 2024
- 4.2.1 U.S.
- 4.2.2 Canada
- 4.2.3 Mexico
- 4.3 Strategic dashboard
- 4.4 Strategic initiatives
- 4.5 Company benchmarking
- 4.6 Innovation & technology landscape
- Chapter 5 Market Size and Forecast, By Capacity, 2021 – 2034 (USD Million, MW)
- 5.1 Key trends
- 5.2 50 kW to 1 MW
- 5.3 >1 to 3 MW
- 5.4 >3 to 10 MW
- 5.5 >10 to 50 MW
- 5.6 > 50 MW
- Chapter 6 Market Size and Forecast, By Country, 2021 – 2034 (USD Million, MW)
- 6.1 Key trends
- 6.2 U.S.
- 6.3 Canada
- 6.4 Mexico
- Chapter 7 Company Profiles
- 7.1 ACME Solar
- 7.2 Borea Construction
- 7.3 Blattner Company
- 7.4 Black & Veatch
- 7.5 Bechtel
- 7.6 Core Development Group
- 7.7 CS Energy
- 7.8 First Solar
- 7.9 KEC International
- 7.10 PLC Constructors
- 7.11 Risen Energy
- 7.12 Larsen & Toubro
- 7.13 SOLV Energy
- 7.14 Sterling and Wilson Renewable Energy Limited
- 7.15 Swinerton Incorporated
- 7.16 SunPower
- 7.17 SUNGROW
- 7.18 TBEA Solar
- 7.19 Tata Power Solar Systems
- 7.20 Waaree Energies
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