Home > Pressrelease > Solar EPC Market worth over $372.5 Bn by 2032

Solar EPC Market worth over $372.5 Bn by 2032

  • Published Date: March 23, 2023

Solar EPC Market size is set to surpass USD 372.5 billion by 2032, according to a new research report by Global Market Insights Inc.

Ongoing upgradation of ageing electrical infrastructure is likely to act as a key driver for the industry growth. Many governments are also working on grid expansion efforts alongside power infrastructure renewal projects. Several industry players have recently resumed fill-scale operations at paused utility scale projects due to COVID-19, restarting the flow of revenue in the sector. Many governing authorities are also rolling out new initiatives in line with supportive regulatory scenario to stick to their respective climate targets. Rising cost competitiveness of modern solar technology will help the market capitalize on all the aforementioned opportunities.

According to the European Union, more than €584 billion (USD 622 billion) electricity grid investments are needed in the bloc until 2030, to realize the planned shift to electric vehicles, and renewable energy, and away from fossil fuels.

Grid-connected power generation efforts to impel ground mounted classification segment

Based on classification, solar EPC market capacity from ground mounted segment is expected to move beyond 208 GW by 2032. Strategic partnerships and collaborations among leading industry players to realize high-capacity power generation solutions that are directly connected to the grid will boost the revenue scenario. Meanwhile, enhanced efficiency of the ground mounted units in comparison to other technologies, their effective land use, easy maintenance, and higher system flexibility are some of the key benefits fostering the business growth.

Growing consumer inclination towards clean energy to drive residential end-use segment share

In terms of end-use, solar EPC market from residential segment is anticipated to record the valuation of USD 122.5 billion by 2032, driven primarily by the shifting consumer inclination towards the adoption of clean energy capacity. With several awareness initiatives making the case for sustainability efforts, many consumers are taking efforts to minimize their carbon impact. Introduction of stringent building standards and codes by global government agencies to integrate more solar across residential facilities will also shape the industry growth.

Browse key industry insights spread across 800 pages with 1881 market data tables & 36 figures & charts from the report, “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”, in detail along with the table of contents:

Europe to emerge as a key solar EPC market hub fuelled by supportive regulations

Europe solar EPC industry size is projected to reach over USD 101 billion by 2032, driven by the region’s supportive regulatory framework towards green energy adoption. According to the European Commission, the EU solar industry grew by more than 18 GW in 2020, allowing the bloc to bring 5.2% of its total electricity production from solar energy sources. The region, As part of its REPowerEU plan, aims to bring over 320 GW of solar photovoltaic online by 2025, effectively doubling the capacity from that of 2020, with the ultimate goal of hitting 600 GW by 2030.

Technological innovations to shape the competitive scenario

Top companies operating in the solar EPC market are Black & Veatch Holding Company, Canadian Solar, Sterling and Wilson Renewable Energy Limited, SUNEL GROUP, Bechtel Corporation, VIKRAM SOLAR LTD., Eternia Solar, Siemens Gamesa Renewable Energy, S.A., Tata Power Solar Systems Ltd., and BELECTRIC amongst others. Moving ahead, the market’s competitive scenario is likely to be driven by technological innovations.

In fact, back in September 2022, US based firm, Jingoli Power, introduced an EPC unit under its renewable energy services portfolio. Through this new segment launch, the firm aims to leverage its program and project management, as well as construction and materials management experience to support reliable utility scale solar development. This will help it expand its footprint across the energy sector.

Authors: Ankit Gupta, Srishti Agarwal