Utility Solar PV EPC Market
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The global utility solar PV EPC market was valued at USD 84.7 Billion in 2024 and is estimated to grow at a CAGR of 5.4% from 2024 to 2034. Utility Solar PV EPC refers to the Engineering, Procurement, and Construction (EPC) services related to large-scale solar photovoltaic (PV) power plants. Utility-scale solar PV refers to large installations designed to generate electricity to be fed into the grid, typically in the range of tens to hundreds of megawatts.
Ongoing adoption of innovative financing structures, such as tax equity financing and green bonds, has facilitated the growth of utility-scale solar projects. The cost of solar modules, as well as the overall cost of EPC services, has dropped dramatically over the past decade. With improving economies of scale, prices for EPC services continue to fall, contributing to more competitive bidding in the market.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| Utility Solar PV EPC Market size in 2024: | USD 84.7 Billion |
| Forecast Period: | 2025 - 2034 |
| Forecast Period 2023 - 2032 CAGR: | 5.4 |
| 2023 Value Projection: | USD 151.1 Billion |
| Historical Data for: | 2021 - 2023 |
| No of Pages: | 120 |
| Tables, Charts & Figures: | 20 |
| Segments Covered: | Capacity and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Growing interest in pairing utility-scale solar projects with battery energy storage systems (BESS) to ensure grid stability and address intermittency issues is set to augment the industry landscape. EPC contractors are increasingly integrating storage solutions into solar projects to meet peak demand and provide backup power. Shifting interest in community solar projects, which allow multiple users to buy into a share of a larger solar installation, primarily in regions with low rooftop solar adoption will stimulate the product demand.
Rising electricity demand across developing nations along with stringent regulatory norms in the developed regions to overcome sustainable energy targets will accelerate the adoption of advanced technological solutions. Ongoing introduction of regulatory measures including credits, rebates, feed-in tariffs, and incentives for suppliers have created a favorable business scenario. In addition, stringent norms and regulations designed to limit the overall GHG emissions released by conventional sources will influence the business statistics.
Based on capacity, the utility solar PV EPC with capacity >200 MW is set to cross USD 67 billion by 2034. Major companies are installing solar PV systems to increase their total renewable energy percentage across the globe. For instance, in 2021, STEAG Solar Energy Solutions received an EPC contract for a solar project in Sicily. The total installed capacity of the project is nearly 700 MW and will feed over 1,400 GWh a year. Moreover, extensive resource availability, increasing capacity potential and cost competitiveness, will continue to drive the industry scenario.
The U.S. utility solar PV EPC market is estimated to reach over USD 5.2 billion by 2034, driven by a combination of technological advancements, supportive government policies, and an increasing shift toward renewable energy. Introduction of tax credits including ITC which offers a 30% tax credit for solar projects, has been extended through 2032 as part of the Inflation Reduction Act (IRA) of 2022. Many U.S. states, including California, Texas, and New York, have renewable energy mandates that require utilities to source a portion of their energy from renewable sources.
The increasing efficiency of solar panels has contributed significantly to the growth of utility-scale solar in the U.S. Moreover, newer technologies, such as bifacial and heterojunction solar cells, are improving energy yield and driving down the Levelized Cost of Energy (LCOE) for solar projects, driving the business scenario.
Asia Pacific utility solar PV EPC market will continue to grow owing to state initiatives including feed-in tariff schemes and regular renewable energy auctions across countries including Australia. Furthermore, Rising electricity prices, coupled with the advantages and declining costs of renewable technology, have spurred large-scale deployments of solar PV. Moreover, the government is set to enhance its solar PV generation by integrating software with solar technologies for digitalization.
The competitive landscape is shaped by a combination of established global players and specialized regional companies. Regional and local companies often compete on cost and efficiency by leveraging their in-depth knowledge of specific markets. These companies may have an advantage in navigating local regulations and building relationships with utilities and governmental bodies. Further, some companies focus exclusively on solar PV projects, developing expertise in design, procurement, and construction. They often serve smaller utility projects or emerging markets. Also, EPC contractors are entering strategic partnerships with technology providers, financial institutions, and other stakeholders.
Eminent players operating in the utility solar PV EPC industry are:
Market, By Capacity
The above information has been provided for the following regions and countries:
The >200 MW capacity segment is expected to exceed USD 67 billion by 2034, supported by increasing deployment of large-scale solar projects and cost competitiveness.
The U.S. utility solar PV EPC market is anticipated to surpass USD 5.2 billion by 2034, fueled by technological advancements, supportive government policies, and tax credits like the ITC under the Inflation Reduction Act.
The global market for utility solar PV EPC was reached USD 84.7 billion in 2024 and is projected to grow at a 5.4% CAGR from 2024 to 2034, driven by government initiatives and renewable energy targets.
Key players in the market include ACME Solar, Bharat Heavy Electricals Limited (BHEL), BELECTRIC, COBRA Group, Canadian Solar, First Solar, JUWI AG, KEC International Limited, Larsen & Toubro Limited, Power Construction Corporation of China, Ltd., Risen Energy Co. Ltd., STEAG GmbH, Swinerton Renewable Energy, Sterling and Wilson, SunPower Corporation, SUNGROW, TBEA Co., Ltd., Tata Power Solar Systems Ltd., Topsun Energy Limited, and Trina Solar.