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Utility Solar PV EPC Market - By Capacity (≤10 MW, >10 MW to 50 MW, >50 MW to 200 MW, >200 MW) & Forecast, 2021-2030

  • Report ID: GMI5073
  • Published Date: Jul 2021
  • Report Format: PDF

Industry Trends

Utility Solar PV EPC Market Size was valued at over USD 45 billion in 2020 and is anticipated to grow at a CAGR of over 10% between 2021 and 2030. The solar PV EPC industry defines the engineering, procurement, and construction of PV farms and further includes services provided by contractors including development, operation & maintenance. Ongoing government initiatives, targets, and rebates on renewable sources along with a large deployment of high-capacity projects will drive the industry outlook.

Utility Solar PV EPC Market

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Rising electricity demand along with increasing sustainable power integration across the grid will drive the utility solar PV EPC industry trends

Utility Solar PV EPC Market Size, By Capacity

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Favorable regulatory incentives, cost competitiveness, and reforms to support large-scale renewable integration will stimulate the deployment of > 200 MW capacity in the utility solar PV EPC market. In addition, major companies are installing solar PV systems to increase their total renewable energy percentage across the globe. For instance, in 2021, STEAG Solar Energy Solutions received an EPC contract for a solar project in Sicily. The total installed capacity of the project is nearly 700 MW and will feed over 1,400 GWh a year.

> 50 MW to 200 MW segment witnessed an annual installation of over 26,000 MW in 2020 and is estimated to grow at a CAGR of over 10% through 2030. Extensive resource availability, cost competitiveness, and increasing capacity potential will continue to drive the industry over the next decade. As per the International Renewable Energy Agency (IRENA), the industry is expected to experience around six-fold growth in the coming ten years, recording a cumulative global capacity of approximately 2,840 GW by 2030.

Ongoing technological enhancements coupled with rising adoption of efficient solar PV modules will sway the utility solar PV EPC industry landscape

Rising electricity demand across developing nations along with stringent regulatory norms in the developed regions to overcome sustainable energy targets will accelerate the adoption of advanced technological solutions. For instance, in June 2020, Trina Solar launched a high-power smart PV solution, TrinaPro Mega. This module features a power output of more than 500 W along with an improved performance of the overall system, which reduces the Levelized Cost of Energy (LCOE) and delivers an optimized solution in downstream systems.

Government benefits and subsidies on the integration of renewable-powered sources will complement large-scale solar farms

The introduction of regulatory measures including credits, rebates, feed-in tariffs, and incentives for suppliers have created a favorable scenario for panel manufacturers. For instance, the Department of Energy (DoE) has accelerated its utility-scale solar cost target by five years and infused a new goal of minimizing the current cost of 4.6 cents/kWh to 3 cents/kWh by 2025 and 2 cents/kWh by 2030. The declining panel cost and a high rate of technology adoption will favor the business growth of PV EPC contractors.

In addition, the industry is favored by stringent norms and regulations designed to limit the overall GHG emissions released by conventional sources. For instance, Germany has stated that it targets to reduce carbon emission by below 55% by 2030. Government initiatives and commitments to minimize the carbon footprint by delivering efficient, clean, stable, and reliable power to consumers will further drive the utility solar PV EPC market statistics.

Asia Pacific utility solar PV EPC market is estimated to surge owing to rising number of large-scale solar farms along with increasing investments toward solar integration

Asia Pacific Utility Solar PV EPC Market Size, By Country

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Asia Pacific utility solar PV EPC market is estimated to surpass USD 190 billion by 2030. Favorable norms, incentives, and targets of various countries to upsurge the sustainable energy mix will drive the business landscape. An increasing number of solar farms favored by public & private investments of major associations will foster industry growth. Furthermore, increasing demand for centralized power networks along with increasing power outages across rising economies will further sway the industry outlook.

Australia utility solar PV EPC market will witness growth owing to the large-scale PV deployment and adoption of renewable power sources across the grid. In addition, state initiatives including feed-in tariff schemes and regular renewable energy auctions are major factors driving industry growth across the country. Furthermore, elevated electricity prices and benefits & decreasing costs of renewable technology have accelerated large-scale solar PV deployments. The government is further planning to digitalize its solar PV generation through the integration of software with solar technologies.

Strategic partnerships and contractual agreements will enhance the overall industry presence

Major EPC contractors across Asia Pacific, the U.S., and the Middle East & Africa are inclined toward the construction activities of their existing solar PV projects despite the pandemic impact. For instance, in 2020, Scatec Solar initiated the commercial operation of the first phase of its 258 MW solar project in Upington, South Africa. The regions are focused on overcoming power outages to provide continuous electricity and sustainably overcome the rising electricity demand, which will further influence the industry scenario.

Major players operating across the utility solar PV EPC market include SunPower Corporation, SUNGROW, Bharat Heavy Electricals Limited, TBEA, L&T, Sterling and Wilson, Swinerton Renewable Energy, Risen Energy, KEC International, Tata Power Solar Systems, Power Construction Corporation of China, Ritis Meera Infra Energy, ACME Solar, Eiffage, JUWI AG, Topsun Energy, COBRA Group, BELECTRIC, STEAG GmbH, Trina Solar, Canadian Solar, First Solar, Q Cells, AKUO Energy, ALSA Solar Systems, Enerparc AG, Bechtel Corporation, and Conergy Asia & ME.

The utility solar PV EPC market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW’ & ‘USD’ from 2017 to 2030 for the following segments:

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By Capacity

  • ≤10 MW
  • >10 MW to 50 MW
  • >50 MW to 200 MW
  • >200 MW

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Netherlands
    • Italy
    • Germany
    • Spain
    • Russia
    • Sweden
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • Australia
    • India
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Egypt
  • Latin America
    • Brazil
    • Argentina 


Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

Utility solar PV EPC industry share exceeded USD 45 billion in 2020 and will expand at a CAGR of more than 10% from 2021 to 2030.

The >50 MW to 200 MW systems will register a CAGR of over 10% between 2021 and 2030 driven by their cost competitiveness, extensive resource availability, and escalating capacity potential.

Industry revenue in Asia Pacific will exceed USD 190 billion through 2030 owing to the favorable norms, targets, and incentives provided by various countries for increasing the sustainable energy mix.

Major participants in the global market comprise SUNGROW, L&T, SunPower Corporation, Bharat Heavy Electricals Limited, Tata Power Solar Systems, Ritis Meera Infra Energy, COBRA Group, Trina Solar, Bechtel Corporation, ACME Solar, and others.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 28
  • Tables & Figures: 333
  • Countries covered: 22
  • Pages: 250
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