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Solar EPC Market Size

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

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Solar EPC Market Size

Solar EPC Market size exceeded USD 256.18 billion in 2023 and is projected to expand at over 4.5% CAGR from 2024 to 2032. Driven by the tightening sustainable development targets across several global economies.

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Supportive government policies, norms, and mandates designed to help meet the ambitious global decarbonization goals are creating a high demand for sustainable energy. This is redirecting many energy industry revenue streams towards the incorporation of more solar capacity in the energy mix, promoting industry growth.

With COVID-19 behind them, many countries are focusing on recovering from the pandemic slump. Several are subsequently looking to kickstart their economies by investing heavily in infrastructure development initiatives. As a result, vast amount of capital is being driven towards largescale solar power projects that were left incomplete during the lockdown and social distancing era.

Solar EPC Market Report Attributes
Report Attribute	Details
Base Year:	2023
Solar EPC Market Size in 2023:	USD 256.81 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	4.5 %
2032 Value Projection:	USD 382.38 Billion
Historical Data for:	2019 to 2023
No. of Pages:	800
Tables, Charts & Figures:	1,917
Segments covered:	Technology, Classification, End-Use
Growth Drivers:	Global Restructuring of existing infrastructure along with the integration of sustainable energy. North America Rising adoption of renewables to deploy clean power. Increasing investments by the governing authorities. Europe Volatile energy prices coupled with Intensifying demand for clean energy. Introduction of industry driven schemes and norms. Asia Pacific Extensive private and public sector support.
Pitfalls & Challenges:	Challenges related to identification and permitting of suitable land. Supply chain disruptions

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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.