What Is The Current and Historic Market Size Analysis Of The Solar EPC Market?
The solar epc market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a robust expansion of the solar EPC market. The market's size is projected to rise from $232.58 billion in 2024 to $248.35 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.8%.
Factors contributing to the growth during the historic period include government incentives and subsidies, reduction in the costs of solar technology, heightened environmental awareness and sustainability, energy independence objectives, and an increase in energy demand.
What are the Market Size and Expected Growth Rates for the Solar EPC Market?
The solar epc market is expected to maintain its strong growth trajectory in upcoming years.
• Projected to see robust expansion in the coming years, the solar EPC market is set to escalate to a value of $306.38 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.4%.
The envisaged growth during the forecast period is tied largely to a slew of factors including the adoption of decentralized energy systems, floating solar project development, governmental renewable energy commitments, global shift towards clean energy, environmental literacy and sustainability. Key trends shaping the forecast period encompass the use of bifacial solar technology, energy storage amalgamation, digital and IoT integration, floating solar farms emergence, green financing and responsible investments, decentralized power generation, and breakthroughs in solar tracking systems.
Which Key Drivers Are Propelling The Solar EPC Market's Growth?
The surge in the need for renewable energy sources is anticipated to fuel the advancement of the solar EPC market in the future. Renewable energy pertains to energy harnessed from sources that are naturally restocked within a human lifespan, such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass. Solar EPC contributes in the execution of solar energy projects, offering a comprehensive approach encompassing design, procurement, and construction. This method aids in controlling costs, maintaining quality, and simplifying the overall process, thus making it an appreciable resource for the growth and enhancement of renewable energy sources, notably solar energy. For example, based on the statistics released by the Department for Energy Security and Net Zero, a UK-based government entity, in September 2024, in the second quarter of 2024, the proportion of total energy generation in the UK from renewable sources was 51.6%, indicating an increase of 9.9 percentage points (PP) in Q2 2024 when compared to the same period in 2023. Three-quarters of these new installations were contributed by solar PV. Hence, the escalating demand for renewable energy sources propels the solar EPC market.
What Are The Key Segments Within The Global Solar EPC Market?
The solar EPC market covered in this report is segmented –
1) By Mounting Type: Ground, Rooftop, Floating
2) By Technology: Concentrated Solar Power, Photovoltaic
3) By End-User: Residential, Commercial, Industrial
Subsegments:
1) By Ground: Fixed Tilt Ground Mount, Single Axis Tracking Ground Mount, Dual Axis Tracking Ground Mount
2) By Rooftop: Residential Rooftop, Commercial Rooftop, Industrial Rooftop
3) By Floating: Fixed Floating Solar Systems, Tracking Floating Solar Systems
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What New Trends Are Influencing The Solar EPC Market?
Leading companies in the solar EPC market are launching utility-scale solar engineering, procurement, and construction (EPC) divisions, a move aimed at broadening their offerings in the renewable energy sector and fostering competitiveness. Utility-scale solar EPC branches are key to the growth of grand-scale solar energy ventures as they ensure the system's effective design, construction, and activation for optimal energy generation. In September 2022, for instance, Jingoli Power, a US-based firm offering solar EPC, inaugurated a fresh solar engineering, procurement, and construction (EPC) segment to extend its renewable energy services suite. The new division aspires to use the company's expertise in program and project management, construction, and materials oversight to enhance dependable utility-scale solar advancement. The growth of the EPC Solar unit paves the way for two US EPC projects with Lightsource BP and has future plans for utility-scale solar projects.
Who Are the Key Players In The Solar EPC Market?
Major companies operating in the solar EPC market are:
• Bechtel Corp.
• Siemens Gamesa Renewable Energy S.A.
• Adani Group
• Canadian Solar Inc.
• Xylem Inc.
• First Solar Inc.
• Black & Veatch Holding Company
• Blattner Energy
• Renewable Energy System Ltd.
• Juwi AG
• Sterling and Wilson Pvt. Ltd.
• Anesco Ltd.
• Vikram Solar Limited
• DEPCOM Power Inc.
• Q Cells
• Core Development Group
• Alas Solar System LLC
• Sunel Group
• Enerparc AG
• Greenspark Solar
• BELECTRIC Solar & Battery Holding GmbH
• Strata Solar LLC
• Hild Energy Pvt. Ltd.
• LNB Renewable
• Eternia Solar
• Swinerton Renewable Energy
• Tata Power Solar Systems Ltd.
What Are The Regional Insights Into The Solar EPC Market?
North America was the largest region in the solar EPC market in 2024. The regions covered in the solar EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
