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Solar EPC Market - By Technology (Photovoltaic, CSP), By Classification (Rooftop, Ground Mounted Solar Panels), By End-Use (Residential, Commercial & Industrial, Utility), COVID-19 Impact Analysis, Competitive Market Outlook, 2023 - 2032

  • Report ID: GMI3072
  • Published Date: Mar 2023
  • Report Format: PDF

Industry Statistics

Solar EPC Market size exceeded USD 215 billion in 2022 and is projected to expand at over 4% CAGR from 2023 to 2032. Driven by the tightening sustainable development targets across several global economies.

Solar EPC Market

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Supportive government policies, norms, and mandates designed to help meet the ambitious global decarbonization goals are creating a high demand for sustainable energy. This is redirecting many energy industry revenue streams towards the incorporation of more solar capacity in the energy mix, promoting industry growth.

With COVID-19 behind them, many countries are focusing on recovering from the pandemic slump. Several are subsequently looking to kickstart their economies by investing heavily in infrastructure development initiatives. As a result, vast amount of capital is being driven towards largescale solar power projects that were left incomplete during the lockdown and social distancing era.

Challenges regarding identification and permitting of suitable land may dampen revenue growth

Solar energy projects, by their inherent nature require vast patches of land to effectively catch the sun’s rays to convert it into energy. Typically, they also need to be in reasonable proximity to the settlements they are powering to eliminate the need for a comprehensive energy storage and transmission infrastructure. These requirements often create a potent mix that make it difficult for industry players to acquire the permits needed to construct solar farms, limiting the industry in its scope.

Declining costs of components and panels to drive PV technology segment expansion

Global Solar EPC Market Share By Technology

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In terms of technology, the solar EPC market from PV segment held a capacity of more than 210 GW in 2022. Going forward, the technology is slated to dominate the industry owing to the rapidly declining costs of PV components and panels. The growing affordability of the tech is expected to play well into the rising integration of advanced components and performance units, driven by the surging demand for efficient and commercially available solutions. With many economies kicking off infrastructure development initiatives, major contractors have been showing an increasing interest to deploying largescale clean energy projects, which will further complement the segment outlook.

Strong demand from commercial and residential units to fuel rooftop classification segment

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market size of solar EPC valued at USD 215 billion in 2022 and is slated to grow at over 4% gains through 2032, driven by strict sustainable development targets across several economies.

The PV segment held a capacity of more than 210 GW in 2022, with projections expecting the segment to dominate the industry outlook due to the rapidly declining costs of PV components and panels.

The Asia Pacific market crossed over USD 121.5 billion in 2022, with regional efforts to improve renewables integration into the energy mix driving the revenue scenario through 2032.

The list of leading solar EPC industry players includes the likes of Canadian Solar, Sterling and Wilson Renewable Energy Limited, Eternia Solar, Black & Veatch Holding Company, Bechtel Corporation, SUNEL GROUP, Siemens Gamesa Renewable Energy, S.A., BELECTRIC, VIKRAM SOLAR LTD., and Tata Power Solar Systems Ltd. amongst others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 22
  • Tables & Figures: 1917
  • Countries covered: 6
  • Pages: 800
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