Solar EPC Market Share

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.