Solar Engineering, Procurement and Construction (EPC) Market

The global Solar Engineering, Procurement and Construction (EPC) Market is valued at USD 216.9 Billion in 2023 and is projected to reach a value of USD 349.58 Billion by 2032at a CAGR (Compound Annual Growth Rate) of 6.15% between 2023 and 2030.

Premium Insights

The growth of the Solar Engineering, Procurement and Construction (EPC) market is driven by various factors including the global push toward sustainable and renewable energy, with solar power being a popular choice. Governments are also supporting solar EPC projects with favorable policies and financial incentives. The decreasing costs of solar technologies make these projects more economically viable, attracting investors and businesses. Advancements in EPC practices also contribute to improved efficiency and cost-effectiveness.

• The increasing awareness of environmental conservation and corporate sustainability drives the demand for solar installations, making the solar EPC market a leader in cleaner and greener energy solutions.
• North America generated more than 36.5% of revenue share in 2022
• Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
• Rooftop segment accounted for the largest market growth in 2022
• Photovoltaic segment accounts for the most significant market share in 2022
• Residential segment led the market in 2022 with significant market share

Economic Insights

The Solar Engineering, Procurement and Construction (EPC) market economic landscape is influenced by various factors like the declining costs of solar technologies, along with favorable government policies and incentives, have significantly boosted market growth. This has led to the solar EPC market becoming a key driver of job creation and economic development, especially in regions that prioritize renewable energy investments. However, economic considerations also present challenges such as high initial capital expenditures and uncertainties regarding regulatory frameworks.

Top Market Trends

• Increasing Solar Capacity Installations: Solar capacity installations were increasing due to the global shift towards renewable energy and the decreasing costs of solar technology. To fulfill sustainability objectives, governments and businesses were making substantial investments in solar projects.
• Digitalization and IoT Integration: The adoption of digital technologies and Internet of Things (IoT) solutions in solar engineering, procurement, and construction (EPC) projects witnessed a significant increase. This encompassed the utilization of innovative monitoring systems, analytics, and smart grid technologies to enhance efficiency and streamline maintenance processes.
• Advancements in Solar Technology: EPC practices were being influenced by the ongoing advancements in solar panel technologies, specifically the improvements made in efficiency and durability. The solar market was experiencing a transition towards solar technologies that were more efficient and cost-effective.
• EPC Cost Reduction: Efforts were made to prioritize the reduction of overall costs in solar EPC projects. Cost reduction was achieved through the streamlining of processes, improving supply chain efficiency, and adopting innovative construction techniques.
• Corporate Renewable Energy Procurement: The growing demand for renewable energy, such as solar power, was leading corporations to pursue sustainable goals. Therefore, there is an increasing need for extensive solar projects and PPAs.

Market Segmentation

Solar Engineering, Procurement and Construction (EPC) The global Solar Engineering, Procurement and Construction (EPC) market can be categorized into Product , Technology, End Use, Region. The Solar Engineering, Procurement and Construction (EPC) market can be categorized into Rooftop, Ground Mounted based on Product . The Solar Engineering, Procurement and Construction (EPC) market can be categorized into Concentrated Solar Power, Photovoltanic based on Technology. The Solar Engineering, Procurement and Construction (EPC) market can be categorized into Residential, Commercial, Industrial, Others based on End Use. The Solar Engineering, Procurement and Construction (EPC) market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Rooftop holds the largest share

Rooftop dominated the Solar Engineering, Procurement and Construction (EPC) market, holding the largest share due to the rising acceptance of rooftop solar installations in residential, commercial, and industrial sectors. Factors like increasing environmental awareness, government incentives, and declining solar technology costs have sped up the demand for rooftop solar EPC solutions.

Based on Technology

Photovoltaic accounts for largest market share

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

Photovoltaic dominates the Solar Engineering, Procurement and Construction (EPC) market, accounting for the largest market share. This technology, which utilizes solar cells to convert daylight into energy, has come to be the preferred approach for producing solar electricity. The increasing recognition of photovoltaic generation can be attributed to its potential to scale, upgrades in performance, and improvements in solar cell technology. As governments and industries worldwide prioritize clean energy initiatives, the demand for photovoltaic-based solar EPC projects is on the rise.

Based on End Use

Residential led the market in 2022

Residential sector led the market because homeowners' increasing awareness of the environmental and economic benefits of solar power, alongside government incentives and policies that support residential solar installations. Moreover, the residential sector's focus on energy independence and reducing carbon footprints has further fueled the adoption of solar EPC solutions.

Based on Region

North America will lead the market

The Solar Engineering, Procurement and Construction (EPC) market in North America has the largest market share due to various factors such as government support, incentives, and a strong dedication to sustainable energy practices. The United States, specifically, has seen a substantial increase in solar installations, both on a massive scale and in residential areas, due to federal and nation-level projects encouraging using renewable energy. With a mature solar market, technological advancements, and favorable financing opportunities, North America has become a crucial player in the global solar EPC industry.

Competitive Landscape

The Solar Engineering, Procurement and Construction (EPC) market is highly competitive, with a wide range of companies striving for dominance. Established and new EPC firms face fierce competition as global demand for solar projects increases. The competitive landscape is influenced by factors such as technological innovation, project execution capabilities, cost-efficiency, and geographic reach. EPC companies are increasingly forming strategic collaborations, partnerships, and mergers to strengthen their market presence and offer comprehensive solar solutions. Companies' abilities to align with evolving environmental, social, and governance considerations also play a role in shaping the competitive landscape, as sustainability and renewable energy become more important.

The players in the global Solar Engineering, Procurement and Construction (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. among others.

Recent Market Developments

• 2023: Canadian Solar Inc. (NASDAQ: CSIQ) has entered into a deal to sell 30% of the preferred units of its inaugural Italian alternative investment fund called CSFS Fund I to Gardant Investor SGR. Gardant, the investor of CSFS Fund I, is part of the Gardant Group and focuses on managing alternative and intricate investments, currently overseeing assets totaling more than EUR560 million.

Segmentation of the Global Solar Engineering, Procurement and Construction (EPC) Market