Press release
Utility Solar PV EPC Market Poised for 9.5 % Growth, Set to Hit $8.15 Billion by 2029
Utility Solar PV EPC Market
In the past few years, the market size of utility solar pv epc has witnessed a significant expansion. An impressive growth from $61.94 billion in 2024 to $68.89 billion in 2025 is anticipated, with a compound annual growth rate (CAGR) of 11.2%. Factors such as governmental policies and incentives, economic feasibility, targets set for renewable energy, public and environmental backing, stability and reliability of the grid, along with a global shift towards energy transition has contributed towards the surge during the historic period.
In the coming years, the utility solar pv epc market is anticipated to experience robust growth. It's projected to increase to a value of $98.86 billion by 2029, reflecting a compound annual growth rate (CAGR) of 9.5%. This projected growth during the forecasting period could be attributed to various factors including progress in project financing, Integration with energy storage, competitive bidding procedures, corporate power purchase contracts (PPAs), global energy consumption trends and goals pertaining to mitigating climate change. Observable trends for the forecast period encompass integration of energy storage, hybrid solar plans, digital twin technology application, grid-forming inverters, floating solar farms establishment, decentralized solar power plants creation, bidirectional inverters introduction for grid services, community-oriented solar efforts, and advancements in weather prediction for solar farms.
What Are the Key Drivers Behind the Growth of the Utility Solar PV EPC Market?
The surging requirement for electricity and dependable power generation is projected to spur the expansion of the utility solar PV EPC market in the future. Electricity generation stems from the flow of charged particles, particularly electrons, through a conductor. The appeal for electricity derived from large-scale solar photovoltaic (PV) projects is on the rise in an attempt to diminish carbon emissions and address climate change. This provides a considerable and expandable source of pure energy, expediting the use of solar energy and aiding the transition towards more renewable and sustainable energy sources. For example, data from the GOV.UK, a UK government agency, indicated that in September 2024, the generation of renewable energy in 2023 was almost identical to 2022, peaking at a record 135.8 TWh, a minor 0.3 percent increase from the previous year. Wind production saw an increase of 2.2 percent ascending to a striking 82.3 TWh, while solar generation witnessed a 4.1 percent increase, reaching a whopping 13.9 TWh. Consequently, the escalating need for electricity and dependable power generation fuels the growth of the utility solar PV EPC market.
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Who Are the Major Industry Players Fueling Utility Solar PV EPC Market Expansion?
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
Which Key Developments Are Influencing the Utility Solar PV EPC Market?
Considerable growth is being experienced by top-notch corporations invested in the utility solar PV EPC market, thanks to the enhancements in energy storage technologies. BESS systems, which facilitate continuous energy supply, are facilitated by these advancements, and they encourage the alignment of solar energy with the grid. Through improving grid dependability and alleviating inconsistencies linked with solar power, energy storage is amplified. For instance, in December 2023, SolBank 3.0, a utility-scale energy storage system with marked improvements, was introduced by Canadian Solar's e-STORAGE, a prominent Canada-based producer of solar modules. Stored within a 20-ft container, SolBank 3.0 merges high energy density cells, top-tier safety mechanisms, intelligent liquid cooling, and proactive balance system controls. Presenting power of up to 2.35 MW and a capacity of 5 MWh, it claims an outstanding rise of up to 45% in product-level capacity and a reduction of up to 40% in the balance of system costs.
How Is the Segmentation of the Utility Solar PV EPC Market Defined?
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 Is the Leading Region in 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.
What Is Covered In The Utility Solar PV EPC Global Market Report?
- Market Size Analysis: Analyze the Utility Solar PV EPC Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Utility Solar PV 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 Utility Solar PV EPC Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Utility Solar PV EPC Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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