Utility Solar EPC Market Size - By Capacity (50 kW to 1 MW, 1 to 3 MW, 3 to 10 MW, 10 to 50 MW, > 50 MW), Global Outlook & Forecast, 2024 – 2032

Utility Solar EPC Market Size

Utility Solar EPC Market size was valued at USD 87.9 billion in 2023 and is anticipated to grow at a CAGR of 4% between 2024 and 2032. Solar EPC (Engineering, Procurement, and Construction) for utility projects refers to the comprehensive service provided by companies that handle the end-to-end development and implementation of large-scale solar power plants. Involves site assessment, feasibility studies, and the detailed design of the solar power plant. They are typically used in remote locations, residential homes, or commercial facilities that rely entirely on solar power and battery storage for their electricity needs.
 

Growing emphasis on renewable energy, driven by factors such as technological advancements, supportive government policies, and increasing environmental awareness will drive the business scenario. Significant rise in the number of large-scale solar projects, driven by declining costs of solar technologies and increased efficiency of solar panels along with growing investing more in solar farms to diversify their energy portfolios and reduce reliance on fossil fuels will augment the industry landscape.
 

Implementing policies and incentives to promote renewable energy including tax credits, subsidies, and renewable energy mandates will drive the industry scenario. Advances in solar technology, such as bifacial panels, improved inverters, and energy storage solutions along with ongoing integration into their projects to enhance performance and reliability will drive the business scenario. Furthermore, integration of energy storage systems (ESS) with solar power plants along with the use of digital tools and smart technologies, comprising IoT (Internet of Things) and AI (Artificial Intelligence), to improve the efficiency and monitoring of solar plants will positively influencing the product adoption.
 

Utility Solar EPC Market Trends

Companies are increasingly adopting solar energy as part of their CSR strategies to reduce their carbon footprint and enhance their sustainability profiles is driving the product demand. New financial models, such as power purchase agreements (PPAs), green bonds, and solar leasing, are making it easier for utility companies to finance solar projects. Ongoing investments in solar energy to meet their growing electricity demand and reduce carbon emissions will propel the business statistics.
 

Utility Solar EPC Market Analysis

Based on capacity, the market is segmented into 50 kW to 1 MW, 1 to 3 MW, 3 to 10 MW, 10 to 50 MW and >50 MW. 1 to 3 MW segment is anticipated to cross USD 11.5 billion by 2032, on account of reducing transmission losses and enhancing grid reliability. New financing models, such as solar leases and power purchase agreements (PPAs), are making it easier for smaller entities to adopt 1 to 3 MW solar systems without significant upfront costs.
 

Ability to provide reliable electricity to rural and off-grid areas, offering a practical solution to energy, promoting economic development and improving quality of life is boosting the market growth.
 

>50 MW segment is set to expand at a CAGR of over 3% through 2032, owing to growing economies of scale, leading to lower costs per unit of electricity produced. The cost reductions in solar panels, inverters, and other components have made projects over 50 MW more financially viable. Ambitious renewable energy targets and incentives specifically designed for large-scale solar installations will drive the market scenario.
 

Additionally, shifting focus of corporations into PPAs to purchase large amounts of renewable energy from utility-scale solar projects to provide a stable revenue stream for project developers and help companies meet their sustainability goals will foster the business landscape.
 

Asia Pacific Utility Solar EPC market is projected to surpass USD 42 billion by 2032, on account of set ambitious renewable energy targets and are implementing supportive policies. For instance, China aims to achieve carbon neutrality by 2060 and has set substantial solar capacity targets. Rising deployment of large-scale solar projects along with set up of massive solar parks and farms across economies including Vietnam, India and Australia will augment the product penetration.
 

Growing number of incentives, including feed-in tariffs, tax credits, subsidies, and auction schemes, are promoting solar adoption will strengthen the industry landscape. Moreover, rural electrification programs, primarily in countries comprising Indonesia, India, and the Philippines to provide electricity to remote areas that are not connected to the main grid will complement the business landscape.
 

Utility Solar EPC Market Share

Increasing collaborations between EPC contractors, technology providers, and financial institutions to develop large-scale solar projects, leveraging the strengths to deliver more efficient and cost-effective solutions contribute to the industry landscape. Collaboration between public and private sectors is increasing, with governments partnering with private companies to develop and finance large-scale solar projects, which further accelerate the project development.
 

Utility Solar EPC Market Companies

Eminent players operating in the utility solar EPC industry are:

• ACME Solar
• BHEL
• Hild Energy Pvt. Ltd.
• KEC International Ltd.
• Prozeal Green Energy
• RISEN ENERGY Co., LTD.
• Sterling and Wilson Pvt. Ltd.
• Swinerton Incorporated
• SUNGROW
• Tata Power Solar
• VIKRAM SOLAR LTD.
• Waaree Energies Ltd.
   

Utility Solar EPC Industry News

• In May 2024, Vikram Solar signed an agreement with NTPC Renewable Energy Limited for the supply of 397.7 MW modules for the solar project in Gujrat. This marks the company’s commitment to sustainability and propels the country’s solar energy ambitions.
   
• In September 2023, Sterling and Wilson Renewable Energy Ltd entered into an agreement with NTPC REL for the development of the Khavda RE Power Park of Gujarat. The 300 MW project complements the existing company portfolio of 2.47 GW project under execution in Khavda, thereby supporting to leverage the low module price globally.
   

The utility solar EPC market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “(USD Billion & MW)” from 2021 to 2032, for the following segments:

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Market, By Capacity

• 50 kW to 1 MW
• 1 to 3 MW
• 3 to 10 MW
• 10 to 50 MW
• > 50 MW

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

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