Press release
Future Prospects: Key Factors Influencing the Solar EPC Market Until 2029
Solar EPC Market
Projected Market Size and Growth Trajectory for the Solar EPC Market
The solar EPC market is forecasted to grow impressively, reaching a valuation of $302.47 billion by 2029. This expansion corresponds to a compound annual growth rate (CAGR) of 5.3% during the forecast period. Several key drivers support this growth, such as the emphasis on decentralized energy systems, advancements in floating solar projects, strong government renewable energy commitments, a global move toward clean energy, and heightened awareness around environmental sustainability. Important trends expected to shape the market include the adoption of bifacial solar technology, integration of energy storage solutions, incorporation of digital technologies and IoT, the rise of floating solar farms, green financing initiatives, decentralized power generation, and innovations in solar tracking mechanisms.
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Leading Players Driving the Solar EPC Market Forward
The solar EPC sector is dominated by numerous prominent companies, including 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, and Tata Power Solar Systems Ltd. A notable development in this space occurred in April 2022 when US-based SinglePoint Inc. acquired the Boston Solar Company, enhancing its portfolio of renewable energy companies and solidifying its position as a comprehensive provider of solar EPC services nationwide.
Key Factors Supporting Growth in the Solar EPC Market
One of the primary forces boosting the solar EPC market is the increasing establishment of utility-scale solar engineering, procurement, and construction divisions within major companies. These dedicated units are crucial for managing the design, assembly, and commissioning of large-scale solar projects to ensure optimal energy generation. For example, in September 2022, US-based Jingoli Power expanded by launching a new solar EPC division tailored toward utility-scale solar projects. This move leverages the company's strengths in program management, construction, and materials management to support reliable solar infrastructure development and is already facilitating projects with Lightsource BP, while positioning Jingoli Power for future large-scale solar ventures.
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Segment Breakdown of the Solar EPC Market
The solar EPC market is categorized based on mounting type, technology, and end-user applications. By mounting type, the segments include Ground, Rooftop, and Floating solar systems. The technology division distinguishes between Concentrated Solar Power and Photovoltaic solutions. For end users, the market is segmented into Residential, Commercial, and Industrial categories. Further subsegments under mounting types include Fixed Tilt Ground Mount, Single Axis Tracking Ground Mount, and Dual Axis Tracking Ground Mount for ground installations; Residential Rooftop, Commercial Rooftop, and Industrial Rooftop for rooftop systems; and Fixed Floating Solar Systems alongside Tracking Floating Solar Systems for floating solar technologies.
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