Utility Solar EPC Market Analysis

Utility Solar EPC Market Analysis

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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.