Utility Solar PV EPC Global Market Report 2024

The utility solar PV EPC market size has grown rapidly in recent years. It will grow from $55.53 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth observed in the historical period can be attributed to factors such as government policies and incentives, economic viability, renewable energy targets, public and environmental support, and the emphasis on grid stability and reliability amid the global energy transition.

The utility solar PV EPC market size is expected to see rapid growth in the next few years. It will grow to $90.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The anticipated growth in the forecast period can be attributed to advancements in project financing, the integration of solar energy with energy storage, the adoption of competitive procurement processes, the utilization of corporate power purchase agreements (PPAs), evolving dynamics in global energy demand, and the ongoing goals for climate change mitigation. Major trends expected in the forecast period include the integration of energy storage, the development of hybrid solar projects, the adoption of digital twin technology, the use of grid-forming inverters, the establishment of floating solar farms, the deployment of bidirectional inverters for grid services, the promotion of community solar initiatives, and the implementation of advanced weather forecasting for solar farms.

The growth of the utility solar PV EPC market is anticipated to be propelled by the increasing demand for electricity and the essential need for reliable power generation. Electricity, derived from the movement of charged particles, is pivotal in meeting the rising global energy demand. To address the imperative of reducing carbon emissions and combating climate change, there is a growing emphasis on generating electricity from utility-scale solar photovoltaic (PV) projects. These projects serve as a substantial and scalable source of clean energy, facilitating the transition to more sustainable and renewable energy sources. The International Energy Agency (IEA) reported a 5% increase in global electricity demand in 2021 compared to the previous year. Moreover, renewable electricity generation is projected to grow by 6% in 2022, following an 8% increase in 2021. The utility solar PV EPC market is significantly driven by the imperative for reliable power generation to meet the surging electricity demand.

Major players in the utility solar PV EPC market are experiencing notable growth attributable to advancements in energy storage technologies. The evolution of energy storage technologies, particularly in the utility solar PV EPC sector, has paved the way for the development of battery energy storage systems (BESS). These systems, exemplified by Canadian Solar's e-STORAGE SolBank 3.0, contribute to the seamless integration of solar energy into the grid. SolBank 3.0, launched by Canadian Solar, represents a utility-scale energy storage system housed in a 20-ft container. Equipped with high-energy-density cells, advanced safety systems, smart liquid cooling, and an active balance system, it offers a power of up to 2.35 MW and a capacity of 5 MWh. This innovative solution demonstrates a significant up to 45% increase in product-level capacity and up to a 40% decrease in the balance of system costs.

In November 2023, Madison Energy Infrastructure (MEI), a US-based clean energy developer, acquired Pro-Tech Energy Solutions, a renewable energy company specializing in utility solar PV EPC. The acquisition is positioned to enhance MEI's execution capabilities, enabling the delivery of new projects and solutions for commercial and industrial customers. Pro-Tech, based in Moorestown, New Jersey, has a substantial track record of building distributed solar projects and possesses a robust project pipeline, fortifying MEI's ability to provide impactful clean energy solutions.

Major companies operating in the utility solar pv epc market report are Power Construction Corporation of China, Larsen & Toubro Limited, Trina Solar Co.Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., Swinerton Renewable Energy Inc., Risen Energy Co. Ltd., Bharat Heavy Electricals Limited, First Solar Inc., SunPower Corporation, JUWI AG, Tata Power Solar Systems Limited, Sterling and Wilson Private Limited, ACME Solar Holdings Limited, TBEA Co. Ltd., Q Cells Co. Ltd., BElectric, STEAG GmbH, Topsun Energy (Hong Kong) Co. Ltd., ALSA Solar Systems LLC, Eiffage SA, Enerparc AG, Ritis Meera Infra Energy Private Limited, Enerparc AG, Ritis Meera Infra Energy.

Asia-Pacific was the largest region in the utility solar PV EPC market in 2023. The regions covered in the utility solar pv epc market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the utility solar pv epc market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Utility solar photovoltaic (PV) engineering, procurement, and construction (EPC) involve the comprehensive process of conceptualizing, designing, procuring materials, and constructing large-scale solar photovoltaic (PV) power plants specifically designed to feed electricity into the utility grid. This encompasses the entire lifecycle of bringing large-scale solar PV projects to fruition, ensuring that the engineering, procurement, and construction phases are carried out in a cost-effective and efficient manner, ultimately generating electricity for utility-scale applications.

The primary categories of utility solar PV EPC are ground-mounted and rooftops. Ground-mounted installations involve placing solar panels on the ground, usually in open spaces or fields, as opposed to rooftop installations. Various storage options, including storage and without storage, cater to different end-users, including residential, commercial, and utility users.

The utility solar PV EPC market research report is one of a series of new reports that provides utility solar PV EPC market statistics, including utility solar PV EPCindustry global market size, regional shares, competitors with a utility solar PV EPC market share, detailed utility solar PV EPC market segments, market trends, and opportunities, and any further data you may need to thrive in the utility solar PV EPCindustry. This utility solar PV market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The utility solar PV EPC market includes revenues earned by entities by providing operation and maintenance, project management, and grid-interconnection services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.