Utility Solar EPC Market Size

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.

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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.