Press release
Utility Solar PV EPC Market Set to Reach $98.86 Billion by 2029 with 9.5% Yearly Growth
Utility Solar PV EPC Market Size
The escalating demand for electricity and the requirement for dependable power generation could potentially boost the utility solar PV EPC market's advancement in the future. Electricity generation, derived from the flow of charged particles such as electrons, through a conductor, is experiencing a surge in demand especially for utility-scale solar photovoltaic (PV) projects. This is due to their ability to lower carbon emissions and fight climate change. This technology offers a considerable and expandable source of green energy, fast-tracking the application of solar power and aiding the shift towards more eco-friendly and renewable energy sources. For instance, GOV.UK, a government agency located in the UK, reported that in September 2024, the renewable energy produced in 2023 was nearly identical to that of 2022, achieving a new peak of 135.8 TWh - a 0.3 percent increase from the previous year. The totals for wind generation swelled by 2.2 percent, reaching an unparalleled 82.3 TWh, and solar generation expanded by 4.1 percent, setting a new record of 13.9 TWh. Thus, the booming electricity demand and the necessity for consistent power generation stimulate the utility solar PV EPC market.
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What is the projected compound annual growth rate (CAGR) of the utility solar pv epc market from 2025 to 2034, and what factors influence it?
In recent years, the market size for utility solar pv epc has seen a significant upward trend. Projected growth from $61.94 billion in 2024 to $68.89 billion in 2025, equates to a compound annual growth rate (CAGR) of 11.2%. Factors such as government policies and incentives, economic viability, renewable energy objectives, support from the public and environmental groups, grid stability and reliability, as well as the global shift towards renewable energy, have all contributed to growth in the historic period.
The size of the utility solar pv epc market is predicted to significantly increase over the next couple of years. The market is anticipated to reach $98.86 billion in 2029, with a compound annual growth rate (CAGR) of 9.5%. This is largely due to advancements in project financing, merging with energy storage, competitive procurement methods, corporate power purchase contracts (PPAs), universal energy request trends, and goals for mitigating climate change. Key trends anticipated for the projection period involve energy storage amalgamation, hybrid solar initiatives, digital twin tech, grid-shaping inverters, buoyant solar farms, decentralized solar power stations, bidirectional inverters for grid services, communal solar ventures, and enhanced weather prediction methods for solar farms.
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How are the latest trends influencing the growth of the utility solar pv epc market?
The utility solar PV EPC market is witnessing considerable expansion amongst predominant firms due to technological progress in energy storage. These advancements in the market have paved the way for the creation of battery energy storage systems (BESS), which support continuous power supply and foster the incorporation of solar energy into the grid. These storage solutions reinforce the reliability of the grid and help in addressing fluctuations associated with solar power. To cite an example, in December 2023, Canadian Solar's e-STORAGE, a premier producer of solar modules based in Canada, introduced SolBank 3.0, a utility-scale energy storage system which featured considerable enhancements. Enclosed in a 20-feet container, SolBank 3.0 included high energy density cells, sophisticated safety mechanisms, smart liquid cooling, and responsive balance system controls. It offered a staggering power of up to 2.35 MW and a capacity of 5 MWh, manifesting an impressive capacity increase of up to 45% at the product level and up to a 40% reduction in balance of system expenses.
What are the major segments of the utility solar pv epc market and their role in driving growth?
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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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.
Who are the key firms paving the way for growth in the utility solar pv epc market?
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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What Is Covered In The Utility Solar PV EPC Global Market Report?
•Market Size Forecast: Examine the utility solar pv epc market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the utility solar pv epc market for a structured understanding.
•Key Players Overview: Analyze major players in the utility solar pv epc market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the utility solar pv epc market.
•Segment Contributions: Evaluate how different segments drive overall growth in the utility solar pv epc market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the utility solar pv epc market.
•Industry Challenges: Identify potential risks and obstacles affecting the utility solar pv epc market.
•Competitive Landscape: Review strategic developments in the utility solar pv epc market, including expansions, agreements, and new product launches.
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