Published Date : 24 May 2024
The global solar EPC market size surpassed USD 234.90 billion in 2023 and is expected to attain around USD 398.74 billion by 2032 growing at a double-digit CAGR of 6.06% from 2023 to 2032. The increasing tightening of sustainable development targets in the various global economies is expected to drive the growth of the solar EPC market.
The solar EPC includes analysis of 3D modeling, engineering design, equipment selection, generation capacity determination, structural design, weather monitoring, site surveys, and customer requirements of the proposed solar power plant. The increasing strict government mandatory mandates to reduce GHG emissions and growing environmental concerns are anticipated to drive the market's growth.
The rising demand from end-user industries, including institutional, utility, industrial, residential, and commercial, is also driving the growth of the market. In addition, the rising focus on energy resilience and independence and the rising number of people searching to install solar power systems to improve a large number of solar farms are further attributed to the growth of the solar EPC market during the forecast period.
Increasing renewable sources of energy, generating energy in any climate, and reducing electricity bills fuels market growth
The solar EPC is a sustainable source of energy and has unlimited sunlight. Barring a few cloudy days, it has been easily accessible to people over the years. The boundless readily available energy is yet to be developed by most. In addition, the climate does not have much effect on the total output except on cloudy or rainy days.
Solar EPC generates energy in any climate, whether cloudy or rainy. Snow and cold might develop power production to clean the panels. Moreover, with the help of solar EPC solutions, consumers can reduce electricity bills by installing solar power systems. It increases property value and is a great investment for homeowners with self-sufficiency. These are the driving factors of solar EPC solutions expected to enhance the growth of the solar EPC market.
However, roof limitations, dependency on sunlight, and expensive storage of solar energy may restrain the growth of the market. Installing solar EPC solutions requires sufficient space for installations and proper building materials. Energy production with solar systems heavily depends on the occurrence of sunlight.
If the consumer's area has rainy weather or stormy weather, then solar EPC solutions can't work in this situation and are not the best options for consumers. Solar EPC installation needs proper storage, but it may be expensive sometimes, and most people can't afford this solar panel. These restraining factors of solar EPC solutions may hinder the growth of the solar EPC market.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 234.90 Billion |
| Projected Forecast Revenue by 2032 | USD 398.74 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.06% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in Solar EPC Market by SJVN Green Energy Ltd.
Recent Innovation in the Solar EPC Market by Romanian Oil Company
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. The rising demand for energy and power to support numerous industries and large populations, fastest emerging markets, increasing government plans and strategic roadmaps to develop solar power adoption for both urban and remote areas, and increasing number of closed tie-ups in major contractors to deliver large-scale solar projects are attributed to the growth of the solar EPC market in Asia Pacific.
India, China, Japan, and South Korea are the major developing countries in the Asia Pacific region. China and India are the largest countries in the solar EPC market. Shanghai Electric is one of the most adopted EPC contractors and equipment manufacturers of solar EPC solutions in China. Six top Chinese firms are available in the top 10 solar engineerings, procurement, and construction. Xinyi Solar, EDRI 11th Institute, Beijing Enterprises Clean Energy Group, Power China, and Sungrow are China's major solar EPC market players.
In addition, Greenko, Tata Power, and Sterling & Wilson are top Indian companies that offer solar EPC solutions. These are the major factors, and market players in China and India are expected to enhance the growth and demand for the market.
North America will dominate the solar EPC market in 2023. The increasing demand for renewable and clean energy sources and growing concern and awareness about environmental impacts and climate change are expected to accelerate the growth of the market in North America. Mortenson, Swinerton Renewable Energy, SunPower, and First Solar are the major solar EPC companies in North America.
The U.S. and Canada are the major emerging countries in North America. The U.S. is the largest country in terms of solar EPC and gas. The top companies such as Mortenson Construction, Blattner Energy Inc., RES Americans, Sentry Electrical Group, Inc., Rosendin Electric, Inc., IEA Renewable Energy Inc., Quanta Power Generation, EDF Renewables, First Solar Inc. And Wanzek Construction. These are the major factors and developing countries anticipated to drive the growth of the solar EPC market in North America.
Artificial intelligence in solar EPC
Artificial intelligences capacity to analyze complicated data sets reduces costs, enhances efficiency, and accelerates project timelines. This AI technology also helps in facilitating proactive problem-solving and accurate prediction of significant challenges in construction procedures. In addition, artificial intelligence’s machine learning abilities identify trends and patterns in data and provide valuable insights that create innovation in solar EPC projects. These are the advanced opportunities expected to drive demand for the solar EPC market in the coming future.
Market Segmentation
By Type
By End-User
By Technology
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