Solar EPC Global Market Report 2024

The solar EPC market size has grown strongly in recent years. It will grow from $216.74 billion in 2023 to $231.43 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth observed in the historic period can be attributed to several factors, including government incentives and subsidies, the decreasing costs of solar technology, increased environmental awareness and emphasis on sustainability, goals related to energy independence, and a surge in energy demand.

The solar EPC market size is expected to see strong growth in the next few years. It will grow to $287.97 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. In the forecast period, growth can be attributed to a heightened focus on decentralized energy systems, the development of floating solar projects, government commitments to renewable energy, the global transition to clean energy, and increased environmental awareness and emphasis on sustainability. Key trends expected in this period include the adoption of bifacial solar technology, integration of energy storage solutions, the incorporation of digitalization and IoT (Internet of Things), the emergence of floating solar farms, the promotion of green financing and sustainable investments, the expansion of decentralized energy generation, and innovations in solar tracking systems.

The projected increase in the demand for renewable energy sources is set to drive the growth of the solar Engineering, Procurement, and Construction (EPC) market. Renewable energy encompasses resources naturally replenished over a human timescale, such as sunlight, wind, rain, tides, waves, geothermal heat, and biomass. Solar EPC plays a pivotal role in implementing solar energy projects by offering a comprehensive approach covering design, procurement, and construction. This approach not only optimizes costs but also ensures quality and streamlines the entire process, proving to be a valuable asset for the development and expansion of renewable energy sources, particularly solar power. Highlighting this trend, in March 2023, the Energy Information Administration reported that the combined wind and solar share of total generation increased from 12% in 2021 to 14% in 2022, with renewable generation surpassing coal and nuclear generation for the first time. Consequently, the growing demand for renewable energy sources is a driving force behind the solar EPC market.

Prominent companies in the solar EPC market are strategically introducing utility-scale solar EPC divisions to broaden their renewable energy services portfolio and gain a competitive advantage. Utility-scale solar EPC units are crucial for the development of large-scale solar energy projects, ensuring effective design, construction, and commissioning for maximum energy production. For instance, in September 2022, Jingoli Power, a US-based company specializing in solar EPC, launched a new solar engineering, procurement, and construction (EPC) division, leveraging its program and project management, construction, and materials management experience. The objective is to support reliable utility-scale solar development, with plans to execute projects with partners such as Lightsource BP and undertake future utility-scale solar projects.

In April 2022, SinglePoint Inc., a US-based provider of renewable energy and sustainable solutions, successfully acquired the Boston Solar Company for an undisclosed amount. This strategic acquisition is part of SinglePoint's overarching strategy to curate a portfolio of renewable energy-focused companies, with a specific focus on solar, electric vehicle (EV) charging, and energy storage. The acquisition positions SinglePoint as a comprehensive solution provider for customers seeking premium solar installation services, reinforcing its position as a one-stop shop for renewable energy solutions. The Boston Solar Company LLC, the acquired entity, is a US-based company specializing in providing full solar EPC services to residential and commercial customers.

Major companies operating in the solar epc market report are Bechtel Corp., Siemens Gamesa Renewable Energy S.A., Adani Group, Canadian Solar Inc., Xylem Inc., First Solar Inc., Black & Veatch Holding Company, Blattner Energy, Renewable Energy System Ltd., Juwi AG, Sterling and Wilson Pvt. Ltd., Anesco Ltd., Vikram Solar Limited, DEPCOM Power Inc., Q Cells, Core Development Group, Alas Solar System LLC, Sunel Group, Enerparc AG, Greenspark Solar, BELECTRIC Solar & Battery Holding GmbH, Strata Solar LLC, Hild Energy Pvt. Ltd., LNB Renewable, Eternia Solar, Swinerton Renewable Energy, Tata Power Solar Systems Ltd.

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

Solar EPC (Engineering, Procurement, and Construction) encompasses the comprehensive process of designing, planning, and installing solar power plants or systems, providing end-to-end engineering, procurement, and construction services. This involves the acquisition and sourcing of all essential materials, equipment, and components required for the successful implementation of a solar project.

The primary mounting types associated with solar EPC are ground-mounted, rooftop, and floating. Rooftop installations involve the design, installation, and maintenance of solar power systems on building roofs. Various technologies, including concentrated solar power and photovoltaic, are utilized in these installations. These technologies cater to diverse end-users, such as residential, commercial, and industrial sectors.

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

The solar EPC market includes revenues earned by entities by providing end-to-end solar energy services, project development, operations and management, and the installation of solar panels and related equipment. 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.


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