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Commercial & Industrial Solar EPC Market Size
Commercial & Industrial Solar EPC Market was valued at USD 105 billion in 2023 and is anticipated to grow at a CAGR of 4.5% during 2024 to 2032. This industry encompasses the entire process of bringing a solar project from conception to completion. It plays a crucial role in the development and implementation of solar energy projects. It further encompasses evaluating the suitability of a location for a solar project, creating detailed plans and specifications for the solar power system and conducting technical and financial assessments to ensure the viability of the project.
Ongoing push towards sustainable energy solutions driven by global efforts to transition to renewable energy sources will enhance the market landscape. Innovations in solar technology and energy storage, along with supportive policies across different regions and countries, will stimulate the industry dynamics. Furthermore, advances in technology, such as improved photovoltaic efficiency and energy storage solutions, along with declining costs of solar technology, are driving the industry forward.
Report Attributes | Details |
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Base Year: | 2023 |
Market Size in 2023: | USD 105 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 4.5% |
2032 Value Projection: | USD 154.5 Billion |
Historical Data for: | 2021 - 2023 |
No. of Pages: | 100 |
Tables, Charts & Figures: | 20 |
Segments covered: | Classification, Capacity and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The declining cost of solar panels and associated technology has made solar energy increasingly competitive with traditional energy sources along with improved efficiency and reliability of solar systems offer attractive return on investment, thereby encouraging businesses to invest in solar projects. Furthermore, many companies are seeking to reduce their dependence on grid electricity to mitigate the risks associated with energy price volatility, thereby complementing the product penetration. Despite these, tax credits, subsidies, and grants provided by governments worldwide will lead for C&I adoption of solar energy, boosting the industry statistics.
Commercial & Industrial Solar EPC Market Trends
Many regions have implemented renewable energy mandates that require a certain percentage of energy to come from renewable sources, driving businesses to adopt solar solutions. Retailers, office buildings, and data centers are increasingly adopting solar energy to power their operations, driven by cost savings and corporate sustainability commitments. Further, manufacturing plants, warehouses, and other industrial facilities are implementing solar projects to offset energy intensive processes and enhance energy security, thereby positively impacting the business dynamics.
Commercial & Industrial Solar EPC Market Analysis
![Commercial & Industrial Solar EPC Market Size, By Classification, 2022-2032 (USD Billion) Commercial & Industrial Solar EPC Market Size, By Classification, 2022-2032 (USD Billion)](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/commercial-industrial-solar-epc-market-size-by-classification-2024-2032.webp)
Based on classification, the rooftop segment is anticipated to reach more than USD 50.5 billion by 2032. Rooftop solar systems provide substantial energy cost savings, which is a significant incentive for homeowners and businesses looking to reduce their electricity bills. Reduced costs and improved efficiency will improve the ROI often achieving payback within a few years, which will foster the industry growth. Moreover, businesses are investing in rooftop solar to reduce operational costs, meet corporate sustainability goals, and enhance their green credentials, strengthening the market landscape.
![Commercial & Industrial Solar EPC Market Share, By Capacity, 2023 Commercial & Industrial Solar EPC Market Share, By Capacity, 2023](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/commercial-industrial-solar-epc-market-share-by-capacity-2024-2032.webp)
Based on capacity, the 50 to 1 MW segment is set to observe gains at nearly 5% up to 2032. These systems are particularly well-suited for medium to large enterprises that aim to reduce energy costs, enhance sustainability, and gain energy independence. Reducing dependence on grid electricity can protect businesses from rising energy costs and provide long-term financial stability, which will boost the industry statistics. Additionally, Manufacturing plants and industrial complexes with large roof spaces or adjacent land are ideal for installing sizable solar arrays, allowing them to offset significant portions of their energy use, which will boost the product adoption.
![Asia Pacific Commercial & Industrial Solar EPC Market Size, 2022-2032 (USD Billion) Asia Pacific Commercial & Industrial Solar EPC Market Size, 2022-2032 (USD Billion)](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/asia-pacific-commercial-industrial-solar-epc-market-size-2024-2032.webp)
Asia Pacific commercial & industrial solar EPC market valuation to cross USD 67.5 billion by 2032. Rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have led to an increase in energy demand, making solar an attractive solution to meet these needs. Significant foreign investments and funding from international bodies are bolstering solar projects. In addition, countries including India have ambitious solar targets under initiatives comprising the National Solar Mission, aiming to install large capacities of solar energy, which will stimulate the industry trend.
China continues to dominate with massive investments in solar energy. The government’s strong support and local manufacturing capabilities drive the market growth. Growing investment in solar energy to diversify their energy sources and reduce dependence on fossil fuels will complement the industry scenario.
Commercial & Industrial Solar EPC Market Share
![Commercial & Industrial Solar EPC Company Market Share Commercial & Industrial Solar EPC Company Market Share](https://cdn.gminsights.com/image/rd/energy-mining-oil-and-gas/commercial-industrial-solar-epc-company-market-share-2024-2032.webp)
BELECTRIC, Bechtel Corporation, Canadian Solar, CHINT Group, and Black & Veatch are some players operating in the industry. Smaller firms that may focus on specific aspects of the EPC process, such as installation or procurement. The companies are setting ambitious sustainability targets to reduce their carbon footprint, and solar energy adoption is a key strategy to achieve these goals.
Commercial & Industrial Solar EPC Market Companies
Eminent players operating in the commercial & industrial solar EPC industry are:
- BELECTRIC
- Bechtel Corporation
- Black & Veatch Holding Company
- Canadian Solar
- CHINT Group
- Eternia Solar
- Jakson
- JUWI
- SUNEL GROUP
- TATA POWER SOLAR
- The SOLA Group
- VIKRAM SOLAR LTD.
Commercial & Industrial Solar Tracker Industry News
- In May 2024, Bechtel Corporation supported to deliver and energize sustainable, scalable infrastructure projects for health facilities in Africa. The multiyear initiative will provide electricity to essential healthcare services in the underserved communities across the region. This will further expand the company’s presence, thereby augmenting its growth.
- In August 2021, Eternia Solar started the construction of 2 MW of Nowa Kopernia solar power plants in Poland. This will further save nearly 2,054 tons of carbon emissions per year, supplying more than 600 households with electricity. This will additionally support the company’s aim to support the local communities, thereby creating job opportunities, enhancing its market presence.
This commercial & industrial solar EPC market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:
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Market, By Classification
- Rooftop
- Ground Mounted
Market, By Capacity
- 1 to 10 kW
- 10 to 50 kW
- 50 kW to 1 MW
- 1 to 3 MW
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Austria
- Denmark
- France
- Germany
- Italy
- UK
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Middle East
- Israel
- Saudi Arabia
- UAE
- Jordan
- Oman
- Africa
- South Africa
- Egypt
- Algeria
- Nigeria
- Morocco
- Latin America
- Brazil
- Chile
- Argentina
- Peru
Frequently Asked Questions (FAQ) :