Press release
Utility Solar PV EPC Market Poised to Hit $98.86 Billion by 2029 with Accelerating Growth Trends
Utility Solar PV EPC Market Size
Utility Solar PV EPC Market Size Growth Forecast: What to Expect by 2025?
The scale of the utility solar PV EPC market has experienced swift expansion in the past few years. The market is predicted to escalate from $61.94 billion in 2024 to a substantial $68.89 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.2%. This striking growth during the historical period can be credited to factors such as government regulatory policies and incentives, economic feasibility, targets set for renewable energy, backing from the public and environmental bodies, stability and reliability of the grid, and the global shift towards renewable energy sources.
How Will the Utility Solar PV EPC Market Size Evolve and Grow by 2029?
The market size for utility solar pv epc is set to experience a significant increase in the coming years, expanding to $98.86 billion in 2029 with a CAGR of 9.5%. Factors contributing to this increase during the estimated period include improved project financing, energy storage integration, competitive procurement operations, corporate power purchase contracts, international energy demand dynamics, and climate change mitigation objectives. Key trends observed during this period are energy storage integration, digital twin technology, hybrid solar projects, grid-forming inverters, floating solar farms, decentralized solar power plants, bidirectional inverters for grid services, community solar projects, and enhanced weather prediction for solar farms.
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What Drivers Are Propelling the Growth of Utility Solar PV EPC Market Forward?
The growth of the utility solar PV EPC market is expected to be propelled by the growing demand for electricity and the necessity for dependable power generation. Electricity, which is produced through the motion of charged particles, such as electrons, in a conductor, is a form of energy. The desire to cut carbon emissions and fight climate change is prompting an increasing demand for electricity generated from utility-scale solar photovoltaic (PV) projects. Such projects offer a large-scale and scalable source of green energy, speeding up the adoption of solar power and supporting the shift towards more sustainable and renewable energy sources. For example, GOV.UK, a government agency in the UK, reported that renewable energy generation in 2023 was almost identical to that of 2022, hitting a new peak of 135.8 TWh, up 0.3 percent from the prior year. Wind power generation grew by 2.2 percent to a record 82.3 TWh, and solar power production rose by 4.1 percent to reach a new high of 13.9 TWh. As a result, the increasing demand for electricity and the necessity for dependable power generation are spurring the growth of the utility solar PV EPC market.
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Which Emerging Trends Are Transforming the Utility Solar PV EPC Market in 2025?
Significant progress has been made in the utility solar PV EPC market by prominent companies due to enhancements in energy storage technologies. These technological advancements within the utility solar PV EPC sector have facilitated the creation of battery energy storage systems (BESS), which in turn ensures uninterrupted power supply, encouraging the incorporation of solar energy into the grid. Such energy storage improves grid stability and attenuates issues related to solar power intermittency. For instance, e-STORAGE by Canadian Solar, an industry-leading solar module manufacturer based in Canada, released SolBank 3.0 in December 2023. This utility-scale energy storage system, encased in a 20-ft container, amalgamates high energy density cells, cutting-edge safety systems, intelligent liquid cooling, and active balance system controls, providing a substantial boost in product-level capacity up to 45% and a slash in the balance of system cost by up to 40%. It provides a 2.35 MW power output and a 5 MWh capacity.
What Are the Key Segments in the Utility Solar PV EPC Market?
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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Who Are the Key Players Shaping the Utility Solar PV EPC Market's Competitive Landscape?
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, Eife SA, Enerparc AG, Ritis Meera Infra Energy Private Limited, Enerparc AG, Ritis Meera Infra Energy
What Geographic Markets Are Powering Growth 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.
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