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Solar EPC Market Analysis

Report ID: GMI3072
Published Date: Mar 2023
Report Format: PDF

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Solar EPC Market Analysis

In terms of technology, the solar EPC market from PV segment held a capacity of more than 210 GW in 2022. Going forward, the technology is slated to dominate the industry owing to the rapidly declining costs of PV components and panels. The growing affordability of the tech is expected to play well into the rising integration of advanced components and performance units, driven by the surging demand for efficient and commercially available solutions. With many economies kicking off infrastructure development initiatives, major contractors have been showing an increasing interest to deploying largescale clean energy projects, which will further complement the segment outlook.

In terms of classification, the solar EPC market valuation from rooftop segment is anticipated to surpass nearly USD 122.5 billion by 2032 due to rising strong demand from residential and commercial establishments. To reign in their respective carbon footprints, many governments worldwide have introduced favorable schemes and initiatives to promote small-scale rooftop solar adoption. This is creating a notable revenue stream in the market. Governments are also rolling out strict green building regulations that mandate the use clean energy and sustainable solutions to make new constructions carbon neutral, ensuring further growth avenues for the industry.

Global Solar EPC Market Size By Region

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Asia Pacific solar EPC market size accounted for USD 121.5 billion in 2022. Moving ahead, efforts to improve the integration of renewables in the energy mix will foster the regional scenario. Regional governments have outlined strategic roadmaps and plans to promote solar power integration for both remote and urban areas, creating lucrative revenue pockets for the market. The region is also witnessing a number of closed tie-ups among leading contractors to deliver utility scale solar projects to achieve clean energy targets.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar EPC valued at USD 256.18 billion in 2023 and is slated to grow at over 4.5% gains through 2032, driven by strict sustainable development targets across several economies.

The PV segment held a capacity of more than 210 GW in 2022, with projections expecting the segment to dominate the industry outlook due to the rapidly declining costs of PV components and panels.

The Asia Pacific market crossed over USD 121.5 billion in 2022, with regional efforts to improve renewables integration into the energy mix driving the revenue scenario through 2032.

The list of leading solar EPC industry players includes the likes of Canadian Solar, Sterling and Wilson Renewable Energy Limited, Eternia Solar, Black & Veatch Holding Company, Bechtel Corporation, SUNEL GROUP, Siemens Gamesa Renewable Energy, S.A., BELECTRIC, VIKRAM SOLAR LTD., and Tata Power Solar Systems Ltd. amongst others.