Solar EPC Market Size to Worth Around USD 398.74 Billion by 2032
According to Precedence Research, the global solar EPC market size is expected be worth around USD 398.74 billion by 2032 and growing at a CAGR of 6.06% from 2023 to 2032.
Ottawa, March 27, 2023 (GLOBE NEWSWIRE) -- The solar EPC (engineering, procurement, and construction) industry consists of the companies and organizations involved in designing, procuring, and constructing solar energy systems. This market has experienced significant growth in recent years due to the increasing demand for renewable energy sources and government initiatives promoting clean energy.
One of the key drivers of the solar EPC market is the declining cost of solar energy technology. In many countries, governments offer financial incentives, such as tax credits and subsidies, to companies and individuals who invest in solar energy systems. These incentives assist to generate a more favorable market for solar EPC companies and stimulate growth in the industry.
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The rooftop segment is anticipated to grow at the highest CAGR from 2023 to 2032. The growing demand for the segment is due to the greater quality of solar power as well as decreasing cost of solar panels. They also assist in lowering the emission of carbon as well as electricity bills.
The ground-mounted sector is expected to expand at the fastest CAGR from 2023 to 2032. The ground-mounted Solar EPC are installed as they have several advantages such as enhanced production of energy as well as ease in maintenance and cleaning.
The industrial sector is a significant market for solar EPC companies, as many large industrial facilities require a considerable amount of electricity to power their operations. Installing solar energy systems helps these facilities reduce their electricity bills, improve energy efficiency, and cut carbon emissions. The growth of the industrial sector is driven by increasing demand for renewable energy, declining costs of solar energy systems, and supportive government policies and incentives.
The Solar EPC photovoltaic (PV) sector is growing rapidly due to the increasing demand for renewable energy and the decreasing cost of solar PV technology. This sector includes companies that specialize in both rooftops and ground-mounted solar PV installations, as well as those that provide integrated energy solutions, such as battery storage systems and energy management software.
The CSP sector is projected to grow at a remarkable CAGR from 2023 to 2032. Concentrated Solar Power (CSP) is a technology that uses mirrors or lenses to focus sunlight onto a small area, heating a fluid that drives a turbine to generate electricity. CSP plants are operated using different types of thermal energy storage, allowing them to produce power even when the sun is not shining.
North America has seen significant growth in solar installations over the past decade, with the United States and Canada leading the way. According to the Solar Energy Industries Association (SEIA), the US solar market installed 19.2 GW of solar in 2020, a 43% increase from 2019. Canada also saw significant growth in its solar industry, with over 2 GW of new solar capacity added in 2020. The solar EPC industry in North America is also supported by a robust supply chain, with many companies providing the necessary components for solar power systems. This includes solar panels, inverters, racking and mounting systems, and electrical equipment.
The solar power industry in Europe has been growing rapidly in recent years, with several countries setting ambitious targets for renewable energy deployment. The European Union aims to reach a 32% share of renewable energy in the final energy consumption by 2030. This target has led to an increase in demand for solar power systems and, in turn, a surge in the number of Solar EPC companies. The Solar EPC segment in Europe is poised for continued growth as the demand for renewable energy solutions increases. The focus on reducing carbon emissions and achieving a sustainable energy future is expected to drive the adoption of solar power systems. Solar EPC companies will play a critical role in delivering these solutions.
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Scope of this report
Market Size in 2032
USD 398.74 Billion
6.06% from 2023 to 2032
Photovoltaic Segment Share
98% in 2022
Concentrated Solar Power Segment Share
2% in 2022
Canadian Solar, BELECTRIC Solar & Battery Holding GmbH, Bechtel Corp., Adani Group, Xylem, ENERPARC AG, Blattner Energy, Q Cells, Sterling and Wilson Pvt. Ltd., Juwi AG, Alas Solar System LLC, Renewable Energy System Ltd., Black and Veatch Holding Co, DEPCOM Power, STRATA SOLAR, Greenspark Solar, First Solar, Hild Energy Pvt. Ltd., Swinerton Renewable Energy and Others
Increasing Solar Energy Investment
Due to environmental regulations, numerous businesses are building renewable energy facilities. In order to reduce carbon emissions, several nations are concentrating on environmentally friendly power generation options. One of the most cost-effective renewable energy sources is solar energy. As a result, numerous governments are making significant investments in solar energy. Increased expenditure on solar power is anticipated to result in possibilities for solar EPC market participants.
Growing Interest in Renewable Energies and a Promising Future for Clean Energy
The requirement for solar engineering procurement and construction is anticipated to increase due to a growing focus on energy from renewable sources, a favorable clean energy outlook due to carbon dioxide (CO2) emissions from the burning of fossil fuels, and concern over reducing emissions from greenhouse gas. Furthermore, the market is being propelled by an increasing number of projects that use renewable energy sources. For example, a 750 MW solar plant in Madhya Pradesh was operational in July 2020. The Rewa Ultra Mega Solar Power is made up of three solar-generating units, each with a capacity of 250 MW.
Lack of skilled worker
The solar industry requires skilled workers in areas such as engineering, installation, and maintenance. The shortage of skilled workers creates challenges for solar EPC companies to meet project timelines and quality standards.
In June 2022, an agreement was signed between NHPC and Adani for 600 MW of capacity.
In March 2021, Chinese Solar EPC company Jinko Solar announced that it had supplied 204 MW of solar modules to a project in Vietnam.
Key Market Players
BELECTRIC Solar & Battery Holding GmbH
Alas Solar System LLC
Sterling and Wilson Pvt. Ltd.
Renewable Energy System Ltd.
Black and Veatch Holding Co
Hild Energy Pvt. Ltd.
Swinerton Renewable Energy
Segments Covered in the Report
Concentrated Solar Power
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