Residential Solar EPC Market - By Classification (Rooftop, Ground Mounted), By Capacity (Up to 1 kW, 1 to 10 kW, 10 to 50 kW) & Forecast, 2024 – 2032

Residential Solar EPC Market Size

Residential Solar EPC Market was valued USD 87.35 billion in 2023 and is anticipated to grow at a CAGR of 4.6% between 2024 and 2032. It is a term used in the solar energy industry to describe the comprehensive service provided by a company or contractor that oversees the design, procurement of materials, and construction of solar power plants. The contractors play a crucial role in residential solar power projects, handling the end-to-end process of installing solar systems on homes, ensuring that the project is completed efficiently and meets all necessary standards.
 

Homeowners are increasingly opting for solar energy due to rising electricity prices and falling costs of solar panels and installation. Government incentives, tax credits, and rebate programs coupled with Advancements in solar technology will augment the industry landscape. Additionally, businesses are investing in solar energy to reduce operating costs and meet sustainability goals will drive the industry dynamics.
 

Growing commitment to renewable energy targets driven by renewable energy mandates and the decreasing cost of large solar installations will drive the business scenario. Innovations in solar panel efficiency, such as bifacial panels and advanced photovoltaic materials, are improving energy yield, thereby augmenting the product demand. Furthermore, rapid growth in solar adoption primarily in countries with high solar potential and growing energy needs will complement the industry landscape.
 

Residential Solar EPC Market Trends

Government policies and international agreements aimed at reducing carbon emissions are promoting solar energy adoption. For instance, introduction of Renewable Portfolio Standards (RPS) and feed-in tariffs (FiTs) will incentivize the solar installations. Furthermore, ongoing net metering policies are encouraging residential solar adoption by allowing consumers to sell excess power back to the grid, which will enhance the industry growth.
 

Residential Solar EPC Market Analysis

Based on classification, the residential solar EPC industry is segmented into rooftop and 34 – ground mounted. Rooftop is set to grow over USD 42.8 billion by 2032 on account of declining costs, technological improvements and introduction of zoning laws, and permitting processes. EPC contractors play a crucial role in facilitating this growth by offering comprehensive, customized, and efficient solutions that make the transition to solar power seamless for homeowners. Additionally, the ability to offer long-term reliability, presence of zoning laws, and permitting processes in certain regions will drive the product demand.
 

Based on capacity, the residential solar EPC market is segmented into Up to 1 kW, 1 to 10 kW and 10 to 50 kW. 1 to 10 kW is set to grow at over 4% CAGR through 2032 driven by the potential to expand in the future as the budget for the houseowners grow. Rising energy needs particularly in remote or rural areas where grid access is unreliable or unavailable will influence the industry scenario. Community solar programs allow multiple households to share the benefits of a single, larger solar installation, making it more affordable for participants thereby boosting the product adoption.
 

Asia Pacific residential solar EPC market is set to grow more than USD 63.6 billion by 2032. Strong government support and large-scale manufacturing capabilities coupled with significant investments in residential solar installations will drive the industry scenario. Growing ambitious targets for solar energy including the Jawaharlal Nehru National Solar Mission will stimulate the industry statistics. Various financial schemes and subsidies at the state level, growing support for renewable energy coupled with initiatives comprising the Offshore Wind Accelerator program, feed-in tariff systems offering homeowners attractive rates for excess energy fed back into the grid will augment the demand in the forecasted timeline.
 

Residential Solar EPC Market Share

Manufacturers in the residential solar EPC (Engineering, Procurement, and Construction) sector are increasingly opting for industry collaborations to enhance their offerings, improve efficiency, and drive market growth. These further include the partnerships with technology providers, financial institutions, utility companies, and government agencies. Additionally, joint ventures and partnerships can open up new markets and customer segments, driving growth and market penetration.
 

Residential Solar EPC Market Companies

Eminent players operating in the residential solar EPC industry are:

• BELECTRIC
• Canadian Solar
• CHINT Group
• CJR Renewables
• Eternia Solar
• Goldi Solar, Inc.
• Jakson
• JUWI
• Mahindra Susten
• TATA POWER SOLAR
• VIKRAM SOLAR LTD.
• Waaree Energies Ltd.
   

Residential Solar EPC Industry News

• In April 2024, Tata Power Solar Systems Limited partnered with the Indian Bank to support the PM Surya Ghar Muft Bijli Yojana. The collaboration further aims to simplify financing solutions for installations up to 3 KW and extend support for 3 to 10 KW installations. It will support the company to drive widespread solar rooftop adoption in residential segment.
   
• In July 2021, China's National Energy Administration, announced to have at least 20% of all residential rooftops equipped with solar across selected counties. Under the plan, the installers will be selected to develop the rooftop capacity in each county. It would additionally augment the rooftop capacity across the country, thereby enhancing the solar installation.
   

Residential 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

• Up to 1 kW
• 1 to 10 kW
• 10 to 50 kW

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Austria
  • Norway
  • Denmark
  • Finland
  • France
  • Germany
  • Italy
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
• Middle East
  • Israel
  • Saudi Arabia
  • UAE
  • Jordan
  • Oman
• Africa
  • South Africa
  • Egypt
  • Morocco
  • Algeria
  • Nigeria 
• Latin America
  • Brazil
  • Chile
  • Argentina
  • Peru