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Solar EPC Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Solar EPC Market
Solar EPC Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $287.97 billion In 2028 At A CAGR Of 5.6% :
The solar EPC market size has grown strongly in recent years. It will grow from $216.74 billion in 2023 to $231.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to government incentives and subsidies, decreasing costs of solar technology, environmental awareness and sustainability, energy independence goals, rising energy demand.
The solar EPC market size is expected to see strong growth in the next few years. It will grow to $287.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to focus on decentralized energy systems, development of floating solar projects, government commitments to renewable energy, global transition to clean energy, environmental awareness and sustainability. Major trends in the forecast period include bifacial solar technology adoption, energy storage integration, digitalization and IoT integration, floating solar farms, green financing and sustainable investments, decentralized energy generation, innovations in solar tracking systems.
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Solar EPC Market Major Segments
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
Key Driver - Rising Renewable Energy Demand Fuels Growth In The Solar EPC Market
The growing demand for renewable energy sources is expected to propel the growth of the solar EPC market going forward. Renewable energy refers to energy derived from resources that are naturally replenished on a human timescale, such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass. Solar EPC helps in the implementation of solar energy projects by providing a holistic approach that covers design, procurement, and construction. This approach helps optimize costs, ensure quality, and streamline the entire process, making it a valuable asset for the development and expansion of renewable energy sources, particularly solar power. For instance, in March 2023, according to the Energy Information Administration (EIA), a US-based federal agency that provides official energy statistics and information, the combined wind and solar share of total generation increased from 12% in 2021 to 14% in 2022, with renewable generation surpassing coal and nuclear generation for the first time. Therefore, the growing demand for renewable energy sources drives the solar EPC market.
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Prominent Trend - Jingoli Power Spearheads Solar EPC Growth With Technological Advancements And Strategic Expansion
Major companies operating in the solar EPC market are introducing utility-scale solar engineering, procurement, and construction (EPC) divisions to expand their renewable energy services portfolio and gain a competitive edge in the market. Utility-scale solar EPC units are essential to the development of large-scale solar energy projects because they guarantee the effective design, construction, and commissioning of the systems for maximum energy production. For instance, in September 2022, Jingoli Power, a US-based company that offers solar EPC, launched a new solar engineering, procurement, and construction (EPC) division to expand its renewable energy services portfolio. The new EPC unit aims to leverage the company's program and project management, construction, and materials management experience to support reliable utility-scale solar development. The expansion of the EPC Solar unit supports the execution of two US EPC projects with Lightsource BP and plans to take on utility-scale solar projects in the future.
Solar EPC Market Players
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.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the solar EPC market in 2023. The regions covered in the solar EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar EPC Market Report Structure
3. Solar EPC Market Trends And Strategies
4. Solar EPC Market - Macro Economic Scenario
5. Solar EPC Market Size And Growth
…..
27. Solar EPC Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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