Solar EPC Market Size & Share, by Technology (Photovoltaic, CSP); Type (Rooftop, Ground Mounted); End-Use (Residential, Commercial & Industrial, Utility) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5177
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Solar EPC Market size was over USD 251 Billion in 2023 and is anticipated to cross USD 423.8 Billion by the end of 2036, witnessing more than 4.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar epc is estimated at USD 267.4 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.


Solar EPC Market overview
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Solar EPC Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Awareness of Climate Change- Climate change is one of the most pressing issues facing our planet today. With rising temperatures, melting ice caps, and more frequent natural disasters, people are becoming increasingly aware of the need to transition to clean, renewable energy sources like solar power. According to a recent report by the International Energy Agency, solar power is now the cheapest source of electricity in history. As a result, we are seeing a surge in demand for solar energy across the globe. In fact, the report predicts that solar will be the largest source of electricity generation by 2050.
  • Decreasing Costs and Increasing Efficiency- Over the past decade, the cost of solar technology has decreased significantly, making it more accessible to consumers and businesses alike. According to the International Renewable Energy Agency, the cost of solar photovoltaic modules has decreased by 90% since 2009. This decrease in cost has made solar energy a viable option for many who previously couldn't afford it.
    In addition to decreasing costs, solar technology such as smart solar has also become more efficient. Solar panels are now able to convert a higher percentage of sunlight into usable energy, meaning that fewer panels are needed to generate the same amount of energy. This increase in efficiency has further contributed to the growing demand for solar energy.
  • Rising Importance of Corporate Social Responsibility- Corporate social responsibility (CSR) has become an increasingly important factor in driving the demand for solar energy. Companies that are committed to sustainability and reducing their carbon footprint are turning to solar as a way to meet their energy needs while also demonstrating their commitment to the environment. For instance, Walmart, a retail giant has set a goal of powering 50% of its operations with renewable energy by 2025, and it has already installed more than 260 solar projects on stores, clubs, and distribution centers across the United States.

Challenges

  • Complexity of Grid Connection and Integration: Integrating solar power into the electrical grid requires careful planning to ensure stability and reliability. Grid connection challenges, such as grid capacity limitations and technical compatibility issues, can impact project feasibility.
  • Supply chain disruptions, including shortages and delays in component availability, can affect solar project timelines and costs.
  • Shortage of Skilled Workforce

Solar EPC Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

4.3%

Base Year Market Size (2023)

USD 251 Billion

Forecast Year Market Size (2036)

USD 423.8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Solar EPC Segmentation

 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 2036. 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 2036. 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:

       Technology

  • Photovoltaic
  • CSP

        Type

  • Rooftop
  • Ground Mounted

End Use

  • Residential
  • Commercial & Industrial
  • Utility 

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Solar EPC Industry Regional Synopsis

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 2036. 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 2036. 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.

Research Nester
Solar EPC Market size
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Companies Dominating the Solar EPC Landscape

top-features-companies
    • Canadian Solar Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Sterling and Wilson Solar
    • Waaree Renewable Technologies Ltd
    • STRATA SOLAR
    • Hild Energy Pvt. Ltd.
    • Swinerton Renewable Energy
    • Alas Solar System LLC
    • Adani Group
    • ENERPARC AG
    • Toshiba Energy Systems & Solutions Corporation

In the News

  • First Solar Japan and Toshiba Energy Systems & Solutions Corporation have recently signed a contract to build two scale solar projects, namely the Yatsubo Solar Power Plant and Ikeda Solar Power Plant. These projects will be located in the Nasu area of Tochigi Prefecture in Eastern Japan.
  • Waaree Renewable Technologies Ltd (WRTL) has been awarded an Engineering, Procurement and Construction (EPC) contract, for a 6.5 MWp (DC) / 5 MW (AC) solar power initiative. This project is intended for the energy division of one of Indias leading Steel and Power Conglomerates based in Chhattisgarh, India.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5177
  • Published Date: May 22, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

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.

The market size of solar EPC is anticipated to attain a CAGR of 18% over the forecast period, i.e., 2023 – 2035.

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.

The rooftop segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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.
Solar EPC Market Report Scope
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