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Solar EPC Market Analysis
- Report ID: GMI3072
- Published Date: Mar 2023
- Report Format: PDF
Solar EPC Market Analysis
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.
In terms of classification, the solar EPC market valuation from rooftop segment is anticipated to surpass nearly USD 122.5 billion by 2032 due to rising strong demand from residential and commercial establishments. To reign in their respective carbon footprints, many governments worldwide have introduced favorable schemes and initiatives to promote small-scale rooftop solar adoption. This is creating a notable revenue stream in the market. Governments are also rolling out strict green building regulations that mandate the use clean energy and sustainable solutions to make new constructions carbon neutral, ensuring further growth avenues for the industry.
Asia Pacific solar EPC market size accounted for USD 121.5 billion in 2022. Moving ahead, efforts to improve the integration of renewables in the energy mix will foster the regional scenario. Regional governments have outlined strategic roadmaps and plans to promote solar power integration for both remote and urban areas, creating lucrative revenue pockets for the market. The region is also witnessing a number of closed tie-ups among leading contractors to deliver utility scale solar projects to achieve clean energy targets.
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Solar EPC Market Scope
