Solar EPC Market (By Type: Rooftop, Ground Mounted; By End-User: Commercial, Residential, Industrial, Others; By Technology: Photovoltaic, Concentrated Solar Power) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global solar EPC market size was exhibited at USD 221.56 billion in 2022 and is projected to hit around USD 399.41 billion by 2032, growing at a CAGR of 6.07% during the forecast period 2023 to 2032.

Key Pointers:

• North America is predicted to be an important region for the global market between 2023 and 2032.
• Asia Pacific is expected to expand at the fastest-growing region from 2023 to 2032.
• By type, the rooftop segment is predicted to grow at the highest CAGR from 2023 to 2032.
• By type, the ground-mounted segment is expected to grow at the fastest CAGR from 2023 to 2032.
• By technology, the photovoltaic segment held the largest market share in 2022.
• By technology, the concentrated solar power segment is expected to expand at the fastest CAGR from 2023 to 2032.
• By end-user, the residential segment is expected to expand at a remarkable CAGR from 2023 to 2032.
• By end-user, the commercial segment is predicted to grow at a significant rate from 2023 to 2032.

Solar EPC Market Report Scope

Rising measures to suffice with stringent regulatory directives with an aim to curtail emissions have streamlined industrial focus toward the incorporation of energy conservation technologies. Henceforth, effective operational variations & advancements along with increasing cost-competitiveness will stimulate the overall solar EPC market growth. In 2017, UN launched its “Mission 2020”, to present “new urgency” to the ongoing “global climate conversation” by implying reduction in carbon emissions by 2020.

Concentrated solar power deployments across the global solar EPC market is predicted to grow on account of ease of installation, low operating costs, minimal carbon emissions and higher efficiency. Moreover, decline in the price of plant components pertaining to the upliftment or revision of duties and taxes has favored the product deployment. Economic escalation along with shift in industrial trends have upsurged solar installations globally, which will further complement the technological adoption.

In the current industrial scenario, regulators have constantly been focusing on the enhancement of reforms, schemes, and plans to favor ground mounted installations. Green bonds, clean energy drives, renewable energy certificates, and portfolio standards are few regulatory schemes positively influencing the global solar EPC market. Furthermore, large-scale agreements with manufacturers to introduce effective technologies with significant expansion potential will further escalate the industry growth.

Ongoing commercialization across emerging regions pose immense growth potential for industrial sustainable technologies. Mandates and reforms toward zero GHG emission and adoption of effective energy conservation solutions will positively sway the industry dynamics. In addition, favorable consumer prospects further influenced by fiscal benefits related to the installation of solar technology will strengthen the overall solar EPC market share.

In the recent years, residential deployments have witnessed escalation on account of positive regulatory regime coupled with ongoing technological enhancements. Schemes including subsidies, incentives for grid-tied deployments, FiT’s, supported by stringent measures toward the manufacture of efficient technologies will further augment the product deployment. Furthermore, enactment of standards and building codes across specific regions to incorporate an energy efficient environment which will amplify the solar EPC market potential.

Solar EPC market across the APAC region has gained impetus owing to positive government reforms and growing renewable fund allocation. Favorable self-consumption schemes, regulatory support programs, investment subsidies, renewable incorporation targets and similar regulatory initiatives have substantially energized the industry dynamics. Ongoing economic expansion across emerging nations coupled with rising energy demand across developing power markets have further nurtured the business landscape.

Some of the prominent players in the Solar EPC Market include:

• Canadian Solar
• Bechtel Corp.
• BELECTRIC Solar & Battery Holding GmbH
• Alas Solar System LLC
• Adani Group
• Xylem
• ENERPARC AG
• Blattner Energy
• Q Cells
• Sterling and Wilson Pvt. Ltd.
• Juwi AG
• Renewable Energy System Ltd.
• Black and Veatch Holding Co
• DEPCOM Power
• Greenspark Solar
• First Solar
• STRATA SOLAR
• Hild Energy Pvt. Ltd.
• Swinerton Renewable Energy

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Solar EPC market.

By Type

• Rooftop
• Ground Mounted

By End-User

• Commercial
• Residential
• Industrial
• Others

By Technology

• Photovoltaic
• Concentrated Solar Power

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)