Press release
Utility Solar PV EPC Global Market Size, Share, Emerging Trends, Key Growth, Challenges and Forecast By 2033 | Trina Solar Co.Ltd., Canadian Solar Inc., First Solar Inc., Enerparc AG, JUWI AG
Utility Solar PV EPC Market Share
Utility Solar PV 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 $90.5 billion In 2028 At A CAGR Of 9.9% :
The utility solar PV EPC market size has grown rapidly in recent years. It will grow from $55.53 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to government policies and incentives, economic viability, renewable energy targets, public and environmental support, grid stability and reliability, global energy transition.
The utility solar PV EPC market size is expected to see rapid growth in the next few years. It will grow to $90.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to advancements in project financing, Integration with energy storage, competitive procurement processes, corporate power purchase agreements (PPAs), global energy demand dynamics, climate change mitigation goals. Major trends in the forecast period include energy storage integration, hybrid solar projects, digital twin technology, grid-forming inverters, floating solar farms, decentralized solar power plants, bidirectional inverters for grid services, community solar initiatives, advanced weather forecasting for solar farms.
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Utility Solar PV EPC Market Major Segments
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
Key Driver - Expanding Electricity Demand and Renewable Energy Shifts Fuel Growth in Utility Solar PV EPC Market
The increasing electricity demand and the need for reliable power generation are expected to propel the growth of the utility solar PV EPC market going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons, through a conductor. The demand for generating electricity from utility-scale solar photovoltaic (PV) projects is increasing to reduce carbon emissions and combat climate change. It provides a significant and scalable source of clean energy and helps to accelerate the deployment of solar energy, contributing to the transition to more sustainable and renewable energy. For instance, according to the International Energy Agency (IEA), a Paris-based international energy forum, 2021 reported a 5% increase in global electricity demand compared to the previous year. Furthermore, electricity generation from renewables is expected to increase by 6% in 2022 compared to 8% in 2021. Therefore, increasing electricity demand and the need for reliable power generation drives the utility solar PV EPC market.
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Prominent Trend - Game-Changing Utility-Scale Energy Storage System
Major companies operating in the utility solar PV EPC market are experiencing significant growth due to advancements in energy storage technologies. Advancements in energy storage technologies in the utility solar PV EPC enable the development of battery energy storage systems (BESS) that enable round-the-clock power supply, promoting the integration of solar energy into the grid. Energy storage enhances grid reliability and mitigating intermittency issues associated with solar power. For instance, In December 2023, Canadian Solar's e-STORAGE, a Canada-based leading manufacturer of solar modules launched SolBank 3.0, a utility-scale energy storage system with significant improvements. Housed in a 20-ft container, SolBank 3.0 integrates high energy density cells, advanced safety systems, smart liquid cooling, and active balance system controls. It offers a power of up to 2.35 MW and a capacity of 5 MWh, boasting a remarkable up to 45% increase in product-level capacity and up to 40% decrease in the balance of system costs.
Utility Solar PV EPC Market Players
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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the utility solar PV EPC market in 2023. 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Utility Solar PV EPC Market Report Structure
3. Utility Solar PV EPC Market Trends And Strategies
4. Utility Solar PV EPC Market - Macro Economic Scenario
5. Utility Solar PV EPC Market Size And Growth
…..
27. Utility Solar PV EPC Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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