Solar EPC Market

Solar EPC Market Size

The global solar EPC market was valued at USD 407.6 billion in 2024 and is estimated to grow at a CAGR of 8.1% from 2025 to 2034. Solar EPC firms are focusing on reducing the environmental impact of their projects, offering sustainable solutions, and aligning with global environmental goals. Investors and customers are increasingly prioritizing companies with strong sustainability practices.

Environmental, Social, and Governance (ESG) factors are increasingly influencing the decisions of both developers and investors in the solar EPC industry. Further, digital tools and software are playing an increasingly vital role in the planning, design, and management of solar projects. According to the global solar council, the solar PV capacity reached 2 TW by 2024.

Declining costs of PV components and panels are driving the dominance of solar technology in the industry. Growing affordability is increasing the integration of advanced components and performance units, meeting the rising demand for efficient and commercially viable solutions. The U.S., Europe, and China are further competing to attract clean tech investments, influencing the strategic decisions of solar EPC companies.

Investments in automation technologies, including robot-assisted assembly lines for solar farm construction, will streamline operations, reduce costs, thereby accelerating the project timelines. For instance, SoftBank's USD 130 million investment in Terabase Energy aims to scale up robotic solutions, contributing to market growth.

Solar EPC Market Trends

• Global decarbonization goals bolstered by supportive government policies and mandates, are fueling a surge in demand for sustainable energy. Many energy companies are increasingly channeling their revenue streams into expanding solar capacity, spurring industry growth.
  
• Tightening sustainable development targets in numerous economies worldwide along with integrating storage with solar systems, providing hybrid solutions that can ensure stable and reliable power supply, will drive the market growth. To cite an instance, by June 2024, China added 102 GW of new solar capacity in the first half of 2024, contributing to a total installed capacity of 710 GW.
  
• Infrastructure development initiatives in many economies are prompting major contractors to focus on large-scale clean energy projects, further strengthening the segment's outlook. For instance, the first phase of the Mammoth Solar project became operational in July 2024, delivering 480 MW of power. It is anticipated to reach a capacity of 1,600 MW, making it one of the largest solar farms in the U.S.
  

Solar EPC Market Analysis

• The solar EPC industry was valued at USD 214.1 billion, USD 374.4 billion and USD 407.6 billion in 2022, 2023 and 2024 respectively. Based on classification, the market is bifurcated into rooftop and ground mounted. The rooftop segment is anticipated to reach more than USD 321 billion by 2034, owing to increasing demand in residential and commercial establishments.
  
• Increasing initiatives and schemes by the government to strengthen the adoption of small-scale rooftop solar, will drive the market growth. Additionally, rollout of stringent green building regulations along with growing government mandates for clean energy use and sustainable solutions in new constructions, steering them towards carbon neutrality and paving the way for industry growth.
  
• The ground mounted segment will cross USD 5.5 billion by 2034, driven by continuous improvements in solar PV technology. Innovations comprising of bifacial solar panels, can generate energy from both sides, thereby enhancing the efficiency of ground-mounted systems by 15-20%, augmenting the industry landscape. Growing integration of solar with wind or battery energy storage systems will propel the penetration of hybrid systems, driving the business scenario.
  

• Based on end use, the solar EPC market is bifurcated into residential, commercial & industrial and utility. The commercial & industrial segment is set to register at a 39.1% CAGR through 2034, owing to driven by cost savings, sustainability goals, and government incentives.
  
• Increasing efforts to improve the integration of renewables in the energy mix will foster the business scenario. Regional governments have outlined strategic road maps and plans to promote solar power integration for both remote and urban areas, creating lucrative opportunities for market growth. In addition, closed tie-ups among leading contractors to deliver utility scale solar projects to achieve clean energy targets will stimulate the product demand.
  
• The residential segment will grow more than CAGR 8.5% till 2034 on account of implementation of policies to promote solar energy adoption and large scale manufacturing leading to decreased costs for PV components. Shifting focus of homeowners on direct procurement of solar equipment from manufacturers along with increasing adoption of home battery systems allowing homeowners to store excess energy for later use will complement the market growth.
  
• The utility sector is set to cross over USD 2 billion by 2034 driven by supportive government policies, technological advancements, and a rising demand for renewable energy. Investments in automation technologies, such as robot assisted assembly lines for solar farm construction, are streamlining operations, reducing costs, and accelerating project timelines, contributing to market growth. According to SEIA, in 2024, the United States, installed 41.4 GW in utility scale solar, marking a 33% year-over-year growth.
  

• The U.S. solar EPC market size surpassed USD 20.3 billion, USD 32.7 billion and USD 34.3 billion in 2022, 2023 and 2024 respectively. North America accounted for more than 8.5% market share in 2024 on account of increasing government incentives and net metering policies.
  
• Continued rise in large utility-scale solar power projects, particularly in the Western U.S. and the Southeastern U.S. coupled with decreasing cost of solar power, has made utility-scale solar power projects increasingly economically viable augmenting the market growth. In addition, tax incentives such as the Investment Tax Credit (ITC), has made residential solar more affordable, strengthening the industry landscape.
  
• Europe solar EPC market is likely to exceed USD 1.7 billion by 2034 on account of incorporation of energy storage solutions and combining solar power generation with agricultural activities. The European Union has witnessed a substantial increase in solar generation capacity, with a 58.4% rise from 2021 to 2023.Further, countries including Germany and France are leading through favorable policies, including tax incentives and feed-in tariffs that encourage homeowners to adopt solar energy solutions.
  
• Asia Pacific solar EPC market is set to grow more than 8.5% CAGR till 2034 owing to rapid expansion in residential solar installations across China and India. China's dominance in solar equipment manufacturing coupled with government initiatives in India including the PM Surya Ghar Muft Bijli Yojana, offering subsidies to homeowners for rooftop solar installations will stimulate the product demand.
  
• Middle East solar EPC market is driven by lowest solar energy tariffs globally, with bids ranging between 1.35 and 1.80 cents per kWh. Growing emphasis on integrating battery storage with solar installations to ensure a reliable and resilient energy supply will complement the industry landscape. For citation, in January 2025, Electricity Co. (EWEC) and Masdar and Emirates Water planned to build a USD 6 billion, 5 GW and 19 GWh solar-plus-storage project in Abu Dhabi, with operations set to start by 2027.
  

Solar EPC Market Share

• Top 5 players operating in the solar EPC industry include L&T Construction, Sterling & Wilson Renewable Energy, First Solar, Canadian Solar and Tata power contributing more than 39.3% of the market share. The industry involves companies providing services to design, procure, and construct solar power systems, typically for large-scale solar plants, commercial facilities, and residential installations.
  
• Businesses compete by implementing cutting-edge technologies like solar tracking systems, energy storage devices, and bifacial solar panels. Solar EPC businesses frequently collaborate strategically with other solar value chain participants, including energy storage suppliers, financial institutions, and module makers. These collaborations increase overall project delivery, lower costs, and strengthen project finance.
  

Solar EPC Market Companies

• Chint Solar is a major force in the planning, funding, construction, and management of solar parks. To date, the business has deployed 2 million modules in 31 solar parks around Europe. The business finished the construction of five 200 MWp solar parks in Hungary in September 2024.
  
• JUWI is a top developer of renewable energy power plants Offering complete project development services. The company operates more than 2,000 solar plants and employs more than 1,350 people. In January 2025, the company will build 340 MW of solar PV projects worth USD 3.2 Million for Teraco, Air Liquide, Sasol and Glencore.
  

Eminent players operating in the solar EPC market are:

• Abengoa
• BLUELEAF ENERGY
• Black & Veatch Holding Company
• Bechtel Corporation
• BELECTRIC
• Canadian Solar
• Chint Solar
• Eternia Solar
• JUWI
• Jakson Group
• Mahindra Susten
• L&T Construction
• Sola Group
• Siemens Gamesa Renewable Energy
• Sterling and Wilson Renewable Energy Limited
• Sunel Group
• Tata Power Solar Systems
• Vikram Solar
• Waaree Energies
  

Solar EPC Industry News:

• In January 2025, Vikram Solar, announced the supply order of 1 GW of solar modules. Under the contract, the company will supply its advanced Hypersol N-Type Glass-to-Glass Modules with capacity 580 Wp and above to complete the order. The modules are further designed to deliver enhanced efficiency, making them ideal for large-scale solar installations.
  
• In May 2024, Sunel Group and Ameresco entered in an agreement on the Delfini project of Cero Generation in north Greece. The 100 MW project showcases both innovation and sustainability, fitting solar PV modules into challenging terrain. Further, the company was joined by Trina Solar for providing top-notch PV solar modules, Sungrow Power Supply Co., Ltd. for their exceptional inverters and MV stations, Mevaco for the robust mounting structure, and Inaccess by Power Factors for the cutting-edge Scada system.
  
• Ilios Power in July 2023, entered in an EPC and operations and maintenance (O&M) contract for a 6.9 MW floating solar power project in India. The EPC component was priced at Rs 486 million, while the entire contract value, including GST, was Rs 554 million.
  
• A 200 MW solar project in Australia was put into service, according to a February 2021 announcement from the Indian solar EPC company Sterling and Wilson Solar. One of Australia's biggest solar projects, it demonstrates the global reach of solar EPC firms.
  

This solar EPC market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue and volume in “USD Million and MW” from 2021 to 2034, for the following segments:

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Market, By Technology

• PV
• CSP

Market, By Classification

• Rooftop
  • Up to 1 kW
  • 1 to 10 kW
  • 10 to 50 kW
  • 50 kW to 1 MW
• Ground mounted
  • 1 to 3 MW
  • 3 to 10 MW
  • 10 to 50 MW
  • > 50 MW

Market, By End Use

• Residential
• Commercial & industrial
• Utility

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

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • Spain
  • Netherlands
  • Poland
• Asia Pacific
  • China
  • Australia
  • Japan
  • India
  • South Korea
• Middle East
  • Saudi Arabia
  • UAE
  • Israel
  • Jordan
  • Turkey
• Africa
  • South Africa
  • Egypt
  • Algeria
  • Nigeria
  • Morocco
• Latin America
  • Brazil
  • Chile
  • Argentina
  • Peru