How Has the Utility Solar PV EPC Market Evolved Historically and What is its Current Size?
The utility solar pv epc market has seen considerable growth due to a variety of factors.
• In recent years, the utility solar PV EPC market has experienced a swift increase in its size. The market, currently valued at $61.94 billion in 2024, is forecasted to reach $68.89 billion in 2025, representing a Compound Annual Growth Rate (CAGR) of 11.2%.
The upsurge during the historic period was due to various factors such as governmental policies and incentives, economic feasibility, targets for renewable energy, support from the public and concern for the environment, the stability and dependability of the grid, and the worldwide transition towards renewable energy.
What Is The Projected Growth Of The Utility Solar PV EPC Template Market?
The utility solar pv epc market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is forecasted for the utility solar pv epc market, projected to reach a value of $98.86 billion in 2029 with a compound annual growth rate (CAGR) of 9.5%.
This surge during the prediction period can be linked to factors such as advancements in project financing, integration with energy storage, competitive procurement processes, corporate PPAs, global energy demand dynamics, and climate change mitigation objectives. Key trends observed throughout the forecast period include integration of energy storage, hybrid solar ventures, digital twin technology, grid-forming inverters, floating solar farms, decentralized solar energy plants, bidirectional inverters for grid facilities, community-based solar initiatives, and advanced weather prediction for solar farms.
What Are The Key Drivers Fueling Growth In The Utility Solar PV EPC Market?
The utility solar PV EPC market is anticipated to grow due to the rising demand for electricity and the necessity for dependable power generation. Electricity comes from the flow of charge carriers, typically electrons, through a conductor. There's an increasing interest in generating electricity from utility-scale solar PV projects to lessen carbon emissions and fight against climate change. This provides a substantial and expandable clean energy source that aids the rise of solar energy, and it contributes to a shift toward greener and more sustainable energy. For example, as per GOV.UK's data from September 2024, the renewable energy generation in 2023 was about equivalent to 2022, hitting a fresh peak of 135.8 TWh - an increase of 0.3 percent from the previous year. Wind power saw a rise of 2.2 percent, setting a new record of 82.3 TWh, while solar power also saw an increase of 4.1 percent to achieve a new record of 13.9 TWh. Hence, the escalating electricity demand coupled with the need for dependable power generation is driving the growth of the utility solar PV EPC market.
What Are The Principal Market Segments In The Global Utility Solar PV EPC Industry?
The utility solar pv epc market covered in this report is segmented –
1) By Type: Ground-Mounted, Rooftop
2) By Storage: With Storage, Without Storage
3) By End User: Residential, Commercial, Utility uses
Subsegments:
1) By Ground-Mounted: Fixed Tilt Ground-Mounted Systems, Single Axis Tracking Systems, Dual Axis Tracking Systems
2) By Rooftop: Residential Rooftop Systems, Commercial Rooftop Systems, Industrial Rooftop Systems
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What Trends Are Shaping The Utility Solar PV EPC Market?
Significant progress has been made by major firms in the utility solar PV EPC market due to advancements in energy storage technologies. These advancements have enabled the creation of battery energy storage systems (BESS) in utility solar PV EPC, facilitating constant power supply and encouraging the assimilation of solar energy into the grid. Energy storage enhances the grid's stability and addresses intermittency problems linked to solar power. To illustrate, Canadian Solar's e-STORAGE, a top solar module producer based in Canada, rolled out SolBank 3.0 in December 2023. This utility-scale energy storage system exhibits considerable enhancements and is housed in a 20-foot container. SolBank 3.0 amalgamates high energy density cells, evolved safety systems, smart liquid cooling, and proactive balance system controls. It can provide power up to 2.35 MW and capacity of 5 MWh. It shows a substantial increase of up to 45% in the product-level capacity and a decrease of up to 40% in the balance of system costs.
Who Are the Key Players In The Utility Solar PV EPC Market?
Major companies operating in the utility solar PV EPC market are:
• Power Construction Corporation of China
• Larsen & Toubro Limited
• Trina Solar Co.Ltd.
• Canadian Solar Inc.
• Sungrow Power Supply Co. Ltd.
• Swinerton Renewable Energy Inc.
• Risen Energy Co. Ltd.
• Bharat Heavy Electricals Limited
• First Solar Inc.
• SunPower Corporation
• JUWI AG
• Tata Power Solar Systems Limited
• Sterling and Wilson Private Limited
• ACME Solar Holdings Limited
• TBEA Co. Ltd.
• Q Cells Co. Ltd.
• BElectric
• STEAG GmbH
• Topsun Energy (Hong Kong) Co. Ltd.
• ALSA Solar Systems LLC
• Eiffage SA
• Enerparc AG
• Ritis Meera Infra Energy Private Limited
• Enerparc AG
• Ritis Meera Infra Energy
What Are The Regional Insights Into The Utility Solar PV EPC Market?
Asia-Pacific was the largest region in the utility solar PV EPC market in 2024. The regions covered in the utility solar PV EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
