Press release
Key Trend Reshaping the Solar EPC Market in 2025: Jingoli Power Spearheads Solar EPC Growth With Technological Advancements And Strategic Expansion
Solar EPC Market Research
The solar EPC market has grown strongly in recent years. It will increase from $232.58 billion in 2024 to $248.35 billion in 2025, at a CAGR of 6.8%. This growth is driven by government incentives and subsidies, declining costs of solar technology, environmental sustainability awareness, energy independence goals, and rising energy demand.
The solar EPC market is expected to grow significantly, reaching $306.38 billion by 2029 with a CAGR of 5.4%. Growth drivers include the focus on decentralized energy systems, floating solar projects, renewable energy commitments from governments, the global transition to clean energy, and sustainability efforts. Key trends include the adoption of bifacial solar technology, energy storage integration, digitalization, IoT integration, floating solar farms, and green financing.
What Are the Main Catalysts for Growth in the Solar EPC Market?
The growing demand for renewable energy sources is projected to boost the solar EPC market. Renewable energy includes power generated from naturally replenished resources such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass. Solar EPC (Engineering, Procurement, and Construction) provides an integrated approach to implementing solar energy projects by optimizing costs, ensuring quality, and streamlining processes. This comprehensive approach enhances the development and expansion of solar power. For example, in September 2024, the Department for Energy Security and Net Zero reported that in Q2 2024, renewable energy contributed 51.6% of the UK's total energy generation, a 9.9 percentage point increase from the previous year, with solar PV accounting for three-quarters of new installations. Therefore, the increasing demand for renewable energy sources is driving the solar EPC market.
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Which Businesses Are at the Forefront of Solar EPC Market Development?
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 Latest Innovations in the Solar EPC Market?
Key companies in the solar EPC market are expanding their offerings by establishing utility-scale solar engineering, procurement, and construction (EPC) divisions to strengthen their renewable energy portfolios. Utility-scale solar EPC units are critical for designing, constructing, and commissioning large solar power projects to maximize energy generation. In September 2022, Jingoli Power, a US-based solar EPC provider, launched a new division to enhance its renewable energy services. Leveraging expertise in program management, construction, and material handling, the new EPC unit supports large-scale solar projects. This expansion aligns with ongoing US EPC projects in collaboration with Lightsource BP, with future plans for additional utility-scale solar developments.
How Is the Solar EPC Market Segmented?
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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Where Is the Solar EPC Market Growth Most Prominent?
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.
What Is Covered In The Solar EPC Global Market Report?
- Market Size Analysis: Analyze the Solar EPC Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Solar EPC Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Solar EPC Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Solar EPC Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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