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Jingoli Power Spearheads Solar EPC Growth With Technological Advancements And Strategic Expansion Industry Trends Gaining Momentum in the Global Solar EPC Market
Solar EPC Market
Solar EPC Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
There has been a robust expansion of the solar EPC market size in the past few years. The market's growth is predicted to surge from $232.58 billion in 2024 up to $248.35 billion in 2025, boasting a compound annual growth rate (CAGR) of 6.8%. The growth in the previous period can be credited to governmental incentives and subsidies, diminishing costs in solar technology, heightened environmental consciousness and sustainability, ambitions for energy liberty, and an escalating demand for energy.
Solar EPC Market Size Forecast: What's the Projected Valuation by 2029?
In the forthcoming years, the solar EPC market is anticipated to witness robust growth, reaching $306.38 billion in 2029 with a compound annual growth rate (CAGR) of 5.4%. The projected expansion in the said period can be credited to the emphasis on decentralized energy systems, the initiation of floating solar projects, governmental pledges to renewable energy, the worldwide shift toward clean energy, and heightened consciousness about the environment and sustainability. The forecast period is likely to see emerging trends such as the adoption of bifacial solar technology, the integration of energy storage, digitalization and IoT, establishment of floating solar farms, green funding and sustainable investments, decentralized energy production, and breakthroughs in solar tracking systems.
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What Are the Drivers Transforming the Solar EPC Market?
The acceleration of the solar EPC market is anticipated due to the escalating demand for renewable energy resources. Renewable energy, which comprises of power procured from naturally restocking resources like sunlight, wind, rain, tides, waves, geothermal heat, and biomass, employs solar EPC for the establishment of solar power operations. Solar EPC incorporates a comprehensive approach encapsulating design, procurement, and construction. Such a methodology curbs costs, assures quality, and streamlines the entire flow, founding it as a crucial element in the advancement and scaling up of renewable power, specifically solar energy. In September 2024, data from the Department for Energy Security and Net Zero, a governmental agency in the UK, demonstrated that during Q2 2024, renewable energy made up 51.6% of total energy production, showing an elevation of 9.9 per cent points (PP) compared to the same quarter in 2023. Three-quarters of these fresh installations were ascribed to solar PV. Hence, the mounting demand for renewable power resources fuels the growth of the solar EPC market.
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What Long-Term Trends Will Define the Future of the Solar EPC Market?
Key players in the solar EPC sector are keen to expand their renewable energy service offerings by initiating divisions dedicated to utility-scale solar engineering, procurement, and construction (EPC). These divisions are crucial to the implementation of substantial solar energy ventures, ensuring effective design, construction, and commissioning for optimized energy yield. For instance, Jingoli Power, an American solar EPC provider, inaugurated a fresh solar EPC division in September 2022 to enhance its renewable energy services scope. The newly formed unit seeks to apply the company's expertise in program and project management, construction, and materials management to boost dependable utility-scale solar growth. The growth of Jingoli Power's Solar EPC division aids in the execution of two US EPC ventures in collaboration with Lightsource BP, with plans for future utility-scale solar projects on the horizon.
Which Segments in the Solar EPC Market Offer the Most Profit Potential?
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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Which Firms Dominate the Solar EPC Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Solar EPC Market?
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.
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