Solar EPC Market size is poised to reach USD 46 Billion by the end of 2035, growing at a CAGR of 18% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of solar EPC was USD 20 Billion. Many countries and regions have set ambitious renewable energy targets as part of their efforts to reduce carbon emissions and combat climate change. Governments may provide incentives, subsidies, or favorable regulatory frameworks to promote the adoption of solar energy. For instance, in the United States, the federal government offers a 26% Investment Tax Credit (ITC) for solar installations, which has helped to spur growth in the industry.
Solar energy has become more dependable and effective due to advancements in technology including enhancements in solar panels, energy storage options and the integration of smart grid systems. These improvements have led to increased acceptance of energy systems and as a result an increased need, for Solar EPC services.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~18% |
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Base Year Market Size (2022) |
~ USD 20 Billion |
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Forecast Year Market Size (2035) |
~ USD 46 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Technology (Photovoltaic, CSP)
The photovoltaic segment in the solar EPC market is estimated to gain the largest revenue share of about ~58% in the year 2035. The segment growth can be attributed to the increasing demand for solar PV systems in residential and commercial applications due to the declining cost of solar modules, the rise in environmental concerns, and government initiatives to promote the use of renewable energy.
Additionally, increasing investments in research and development activities for improving the efficiency of solar PV systems are further expected to propel market growth.
Type (Rooftop, Ground Mounted)
The rooftop segment is estimated to gain a significant share of about ~54% in the year 2035. The segment growth can be attributed to the increasing demand for energy-efficient solutions, and the growing awareness about renewable energy. Additionally, government subsidies and incentives have made rooftop solar installations more cost-effective and attractive for consumers. Furthermore, rising electricity prices have made renewable energy sources, such as solar energy, more attractive to consumers, who are looking for cleaner and more reliable energy sources.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Type |
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End Use |
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APAC Market Forecast
Solar EPC market in Asia Pacific, amongst the market in all the other regions, is anticipated to hold the largest with a share of about ~36% by the end of 2035. The market growth in the region is also expected on account of the government initiatives to promote renewable energy sources like solar and wind, and the presence of many large and small-scale solar projects are contributing to the growth of the solar EPC market in the region. For instance, India has set a target of achieving 500 gigawatts of renewable energy capacity by the year 2030.
Additionally, India is also aiming to generate five million tonnes of green hydrogen within the same timeframe. To support this goal India plans to establish 125 gigawatts of renewable energy capacity.
North American Market Statistics
The North America solar EPC market is estimated to be the second largest, registering a share of about ~28% by the end of 2035. The market’s expansion can be attributed majorly to the growing concerns amongst nations towards reducing carbon dioxide emissions, along with the increasing need for reliable, accessible, and cost-effective energy sources. In the United States, there are strategies that organizations utilize to lower their greenhouse gas (GHG) emissions. These include programs like the ENERGY STAR Program by the U.S. EPA, the Green Power Partnership (GPP) also by the U.S. EPA, the Green Suppliers Network, by the U.S. EPA, and the National Renewable Energy Laboratory (NREL) initiatives.
Solar energy is becoming increasingly viable in terms of cost, and more countries are turning to renewable sources of energy for their energy needs. This has led to an increase in investment in the solar energy sector, and consequently, the solar EPC market.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The major factors driving the growth of the solar EPC market are government incentives such as subsidies, tax credits, and grants; increasing demand for renewable energy sources; and technological advancements in the solar industry.
Ans: The market size of solar EPC is anticipated to attain a CAGR of 18% over the forecast period, i.e., 2023 – 2035.
Ans: The major players in the market are Canadian Solar Inc., Sterling and Wilson Solar, Waaree Renewable Technologies Ltd, STRATA SOLAR, Hild Energy Pvt. Ltd., Swinerton Renewable Energy, and others.
Ans: The rooftop segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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