Press release
Solar EPC Market Set to Reach $306.38 Billion by 2029 with 5.4% Yearly Growth
Solar EPC Market Share
The increasing need for renewable energy sources is anticipated to boost the solar EPC market's growth in the future. Renewable energy is energy that comes from resources that are replenished naturally on a human timescale, including sun rays, wind, rain, tide movements, waves, geothermal warmth, and biomass. The implementation of solar energy projects is facilitated by Solar EPC, which offers a comprehensive solution encompassing design, procurement, and construction. This method is crucial in cost reduction, quality assurance, and simplifying the entire course of action, which makes it instrumental in the progress and proliferation of renewable energy sources, particularly solar energy. For instance, in September 2024, data published by the Department for Energy Security and Net Zero, a government department in UK, revealed that renewable energy made up 51.6% of the total energy production in the UK in the second quarter of 2024, demonstrating a growth of 9.9 percentage points compared to the corresponding period in 2023. Solar PV was responsible for three-fourths of these new installations. Consequently, the escalating demand for renewable energy sources fuels the growth of the solar EPC market.
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How will the growth rate of the solar epc market shape industry trends by 2034?
In the past few years, there has been a significant expansion in the solar EPC market size. The market size is projected to increase from $232.58 billion in 2024 to $248.35 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. Factors contributing to this growth during the historic period include government incentives and subsidies, the reduction in solar technology costs, heightened environmental awareness and sustainability, objectives for energy independence, and the soaring demand for energy.
The solar EPC market is forecasted to experience considerable growth in the coming years, with the size projected to reach $306.38 billion by 2029, marking a compound annual growth rate (CAGR) of 5.4%. The anticipated growth during this forecast period can be linked to several factors such as the emphasis on decentralized energy systems, the progress of floating solar projects, government pledges to renewable energy, worldwide transition towards clean energy, and increased consciousness over environmental sustainability. Key market trends expected in this period feature the adoption of bifacial solar technology, integration of energy storage, the incorporation of digitalization and IoT, the emergence of floating solar farms, green financing along with sustainable investments, decentralized power production, and innovations in solar tracking systems.
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What trends are poised to drive the future success of the solar epc market?
Key players in the solar EPC market are branching out into utility-scale solar EPC sectors to enhance their offerings in renewable energy solutions and establish a competitive presence in the market. These utility-scale solar EPC entities are integral to the progression of large-scale solar energy projects because they ensure the effective designing, building, and commissioning of solar systems to maximize energy output. For example, in September 2022, Jingoli Power - a US enterprise that provides solar EPC - unveiled a fresh utility-scale solar EPC division to bolster its renewable energy services offerings. The new division wants to capitalize on the company's skill set in program and project management, construction, and materials management to promote dependable utility-scale solar development. The growth of the EPC Solar division aids in the completion of two American EPC projects with Lightsource BP, also indicating an intent to undertake utility-scale solar ventures in days to come.
Which primary segments of the solar epc market are driving growth and industry transformations?
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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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.
Who are the influential players reshaping the solar epc market landscape?
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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What Is Covered In The Solar EPC Global Market Report?
•Market Size Forecast: Examine the solar epc market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar epc market for a structured understanding.
•Key Players Overview: Analyze major players in the solar epc market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar epc market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar epc market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar epc market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar epc market.
•Competitive Landscape: Review strategic developments in the solar epc market, including expansions, agreements, and new product launches.
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