Press release
Solar EPC Industry Report 2025-2034: Market Dynamics, Trends, And Forecasts
Solar EPC Market Size
What Is the Expected Solar EPC Market Size During the Forecast Period?
In recent times, there has been substantial growth in the solar EPC market size. The market, which is projected to increase from $232.58 billion in 2024 to $248.35 billion in 2025, anticipates a compound annual growth rate (CAGR) of 6.8%. The earlier growth witnessed in the market can be credited to government support in the form of incentives and subsidies, reduction in costs associated with solar technologies, heightened consciousness about environmental sustainability, goals for energy independence, and increased energy demand.
In the coming years, the solar EPC market is anticipated to experience robust growth, with its worth predicted to rise to $306.38 billion in 2029, expanding at a compound annual growth rate (CAGR) of 5.4%. The projected growth over this period could be accredited to a number of factors, such as an emphasis on decentralized energy systems, the establishment of floating solar projects, governments' commitments towards renewable energy, the global shift towards clean energy, as well as increased environmental consciousness and sustainability. Some key trends expected in this period involve the uptake of bifacial solar technology, the incorporation of energy storage, digitization, and IoT integration. Other trends include the growth of floating solar farms, green finance and eco-friendly investment, decentralized power generation, and innovations in solar tracking systems.
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What Are the High-Growth Segments in the Solar EPC Market?
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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What Key Drivers Are Expected to Influence Future Solar EPC Market Growth?
The solar EPC market's future growth is predicted to be fuelled by the increasing demand for renewable energy sources. This kind of energy comes from naturally replenishing resources within a human timeframe, including sunlight, wind, rain, tides, waves, geothermal heat, and biomass. Solar EPC plays a key role in executing solar power projects, offering a comprehensive solution encompassing design, procurement, and construction. With this all-encompassing approach, costs can be optimised, quality ensured, and the process streamlined, making it vital to the development and scalability of renewable energy sources, most notably solar energy. In reference to data released by the UK's Department for Energy Security and Net Zero in September 2024, it was recorded that renewable energy made up 51.6% of the UK's total energy production in Q2 2024, marking an increase of 9.9 percentage points from the corresponding period in 2023. A significant 75% of these fresh installations were contributed by Solar PV. Therefore, the rising need for renewable energy sources fuels the growth of the solar EPC market.
Which Companies Hold the Largest Share Across Different Solar EPC Market Segments?
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 Developing Trends in the Solar EPC Market?
Leading firms in the solar EPC market are venturing into utility-scale solar engineering, procurement, and construction (EPC) divisions. This move is aimed at enhancing their renewable energy services offering and gaining an upper hand in the market. These utility-scale solar EPC units are fundamental to the making of large-scale solar energy ventures because they ensure efficient designing, creation, and initiation of systems for optimal energy output. In a case in point, Jingoli Power, an American company that provides solar EPC, rolled out a fresh solar engineering, procurement, and construction (EPC) section in September 2022 to broaden its renewable energy services range. The intention behind this new EPC division is to use the company's expertise in program and project management, construction, and materials management to facilitate dependable utility-scale solar development. The growth of this Solar EPC division is geared towards aiding the execution of two EPC projects based in the US with Lightsource BP and has intentions of taking up utility-scale solar projects in the future.
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What Are the Emerging Geographies for The Solar EPC Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar EPC Market?
2. What is the CAGR expected in the Solar EPC Market?
3. What Are the Key Innovations Transforming the Solar EPC Industry?
4. Which Region Is Leading the Solar EPC Market?
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