North America Utility Solar EPC Market size to cross $54 Bn by 2034

Selbyville, DE. – The 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 54 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.

Key Insights:

Market Size & Growth:

• 2024 Market Size: USD 22.6 billion
• 2025 Market Size: USD 23.7 billion
• 2034 Forecast Market Size: USD 54 billion
• CAGR (2025–2034): 5.3%
  

Regional Insights:

• Largest Market: U.S.
• Fastest Growing Market: Canada
• Emerging Country: Mexico
  

Key Growth Drivers:

1. Falling solar technology costs: The steady decline in the cost of solar modules, inverters, and related infrastructure has improved project economics, making utility-scale solar more attractive for developers and off-takers.
   
2. Corporate and utility procurement of renewable energy: Major corporations and utilities in North America are signing long-term Power Purchase Agreements (PPAs) to meet sustainability goals and decarbonization targets.
   
3. Grid modernization and energy transition goals: As grid operators modernize infrastructure and push for cleaner energy sources, solar becomes a key component in their transition strategy.
   
4. Access to financing and investment capital: Strong investor interest in clean energy and ESG-aligned infrastructure has opened financing channels for solar projects, including private equity, green bonds, and institutional funds.
   
5. Advancements in EPC capabilities and project delivery models: Improved project management tools, design software, and construction methods have enabled EPC firms to deliver projects faster, at lower cost, and with higher reliability.
   

Key Players:

• First Solar led the market with over 12% share in 2024.
  
• Some of the top players in this market include SunPower, TBEA, L&T, First Solar, Sterling & Wilson Renewable Energy, which together held a 45% share in 2024.
  

Key Challenges:

1. Supply chain disruptions and material shortages: Fluctuations in the availability of critical components like solar panels, inverters, and steel can cause project delays and increased costs.
   
2. Regulatory complexity and permitting delays: Navigating diverse federal, state, and local regulations can slow project timelines.
   
3. Rising labor costs and skilled workforce shortage: The solar EPC market faces a growing shortage of experienced engineers, project managers, and skilled labor, driving up wages and making it harder to meet aggressive project schedules.
   
4. Grid integration and interconnection challenges: Increasing solar capacity strains existing grid infrastructure, requiring EPC contractors to work closely with utilities to ensure smooth integration.
   
5. Financing and investment risks: While capital availability is generally strong, uncertainties around policy changes, tariff adjustments, and shifting incentive structures can affect project financing and overall market stability, creating risks for EPC players.
   

Browse key industry insights spread across 95 pages with 10 market data tables and figures from the report, “North America Utility Solar EPC Market Size - By Capacity, 2025 – 2034” in detail, along with the table of contents:

https://www.gminsights.com/industry-analysis/north-america-utility-solar-epc-market

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.