Market Size 2023 (Base Year) | USD 233.87 Billion |
Market Size 2032 (Forecast Year) | USD 622.18 Billion |
CAGR | 12.16% |
Forecast Period | 2024 - 2032 |
Historical Period | 2018 - 2023 |
According to Market Research Store, the global solar engineering, procurement and construction (EPC) market size was valued at around USD 233.87 billion in 2023 and is estimated to reach USD 622.18 billion by 2032, to register a CAGR of approximately 12.16% in terms of revenue during the forecast period 2024-2032.
The solar engineering, procurement and construction (EPC) report provides a comprehensive analysis of the market, including its size, share, growth trends, revenue details, and other crucial information regarding the target market. It also covers the drivers, restraints, opportunities, and challenges till 2032.
Solar Engineering, Procurement and Construction (EPC) encompasses end-to-end services for developing solar power projects, including design, equipment sourcing, installation, and commissioning. EPC providers deliver turnkey solutions for utility-scale solar farms, commercial rooftops, and industrial plants, ensuring cost-effective, high-quality, and timely project execution. The sector plays a crucial role in accelerating solar adoption by optimizing technology selection, logistics, and construction processes.
The global solar engineering, procurement and construction (EPC) market is expanding rapidly, fueled by declining solar technology costs, supportive government policies, and rising corporate demand for renewable energy. Key growth drivers include large-scale solar deployments, hybrid solar-storage projects, and increasing investments in clean energy transitions. The market faces challenges such as supply chain volatility, skilled labor shortages, and financing constraints. However, innovations in high-efficiency modules, floating solar systems, and digital project management tools are enhancing efficiency and scalability. Competition among EPC providers is intensifying, with a focus on cost optimization, technological expertise, and sustainable project delivery to meet the growing global demand for solar energy solutions.
Key Growth Drivers
Restraints
Opportunities
Challenges
This report thoroughly analyzes the Solar Engineering, Procurement and Construction (EPC) Market, exploring its historical trends, current state, and future projections. The market estimates presented result from a robust research methodology, incorporating primary research, secondary sources, and expert opinions. These estimates are influenced by the prevailing market dynamics as well as key economic, social, and political factors. Furthermore, the report considers the impact of regulations, government expenditures, and advancements in research and development on the market. Both positive and negative shifts are evaluated to ensure a comprehensive and accurate market outlook.
Report Attributes | Report Details |
---|---|
Report Name | Solar Engineering, Procurement and Construction (EPC) Market |
Market Size in 2023 | USD 233.87 Billion |
Market Forecast in 2032 | USD 622.18 Billion |
Growth Rate | CAGR of 12.16% |
Number of Pages | 155 |
Key Companies Covered | Trina, Canadian Solar, First Solar, SunPower, Enviromena, ALSA, Akuo Energy, Sterling and Wilson, Enerparc, Hanwha Q Cells, Conergy, TBEA, Bechtel, Yingli Green Energy, Juwi, Belectric, Eiffage, Topsun, Swinerton |
Segments Covered | By Type, By Application, and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2023 |
Forecast Year | 2024 to 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The global solar engineering, procurement and construction (EPC) market is divided by type, application, and region.
Based on type, the global solar engineering, procurement and construction (EPC) market is divided into rooftop and ground mounted.
Rooftop solar engineering, procurement and construction (EPC) projects dominate the market due to their scalability, high energy yield potential, and cost-efficiency for large-scale deployments. These systems are primarily utilized in utility-scale solar farms, commercial and industrial facilities, and government-backed solar parks. Ground mounted systems allow optimal panel orientation and tracking technologies, enhancing performance. The dominance of this segment is further driven by expanding renewable energy targets, declining solar module prices, and favorable policy incentives in key regions such as North America, Asia-Pacific, and the Middle East.
Ground Mounted solar engineering, procurement and construction (EPC) projects, while occupying a smaller share, are rapidly growing in urban and suburban areas where space is limited. These installations are favored for residential, commercial buildings, and institutional infrastructures aiming to reduce electricity bills and achieve sustainability goals. The segment is supported by net metering policies, rooftop leasing models, and increasing consumer awareness. Innovations in lightweight and flexible panels are also aiding market expansion in this segment.
On the basis of application, the global solar engineering, procurement and construction (EPC) market is bifurcated into residential, commercial, industrial, and utility.
Residential segment dominates the solar engineering, procurement and construction (EPC) market due to the increasing demand for large-scale solar farms that feed into national and regional electricity grids. This segment is driven by government initiatives, renewable energy mandates, long-term power purchase agreements (PPAs), and international climate commitments. Utility-scale projects often span hundreds of acres and involve high-capacity solar arrays—ranging from tens to hundreds of megawatts (MW). These projects are favored for their economies of scale, cost-effectiveness per kWh, and ease of integration with grid infrastructure. Countries such as China, the U.S., India, and several European nations have significantly invested in utility-scale solar projects, often through public-private partnerships.
Commercial installations include shopping centers, hotels, office buildings, hospitals, schools, and airports. This segment benefits from consistent energy usage patterns and ample rooftop space. EPC contractors in the commercial segment provide tailored solutions that optimize energy output while maintaining architectural aesthetics. Growth is supported by green building certifications (e.g., LEED), subsidies, and corporate net-zero targets. Commercial EPC projects are also popular among third-party ownership models like leases or power purchase agreements, allowing businesses to adopt solar with minimal upfront capital.
Industrial segment is expanding rapidly, fueled by high energy consumption patterns in sectors like manufacturing, chemical processing, textiles, and data centers. Companies are increasingly adopting solar engineering, procurement and construction (EPC) solutions to reduce electricity bills, improve ESG scores, and comply with sustainability goals. Industrial users often prefer ground-mounted or rooftop solar systems, depending on space availability. Some also opt for solar-plus-storage solutions to manage peak loads or operate in off-grid or unreliable-grid regions. The segment is further supported by incentives like feed-in tariffs, accelerated depreciation, and green financing.
Utility though smaller in scale, the Residential segment plays a crucial role in decentralizing energy generation. Growth is fueled by falling installation costs, increasing electricity prices, solar financing options, and widespread awareness of environmental issues. EPC providers offer turnkey services including system design, permitting, installation, and maintenance. Residential customers also benefit from net metering programs, government rebates, and home value appreciation due to solar installations. Innovations in home energy management and solar battery storage systems (e.g., Tesla Powerwall, LG Chem) are further driving demand.
North America is the dominant region in the global solar engineering, procurement and construction (EPC) market. This leadership is largely attributed to accelerated solar adoption initiatives in countries like China, India, and Japan. Governments across the region have introduced favorable policy frameworks, including feed-in tariffs, tax incentives, and solar tenders, encouraging widespread deployment of solar infrastructure. The region benefits from strong domestic manufacturing capabilities for solar modules and components, as well as an abundant solar resource base, making it highly competitive and cost-effective.
Asia Pacific holds a significant share of the global solar engineering, procurement and construction (EPC) market, primarily driven by activities in the United States. Supportive legislation such as clean energy tax credits, renewable portfolio standards, and decarbonization goals have spurred solar project development. Corporate renewable energy procurement, utility-scale solar installations, and investments in solar-plus-storage systems are key trends shaping the region’s market. The presence of technologically advanced EPC firms and a maturing solar ecosystem also contribute to the market's strength.
Europe is a strong player in the solar engineering, procurement and construction (EPC) space, driven by the European Union’s sustainability targets and decarbonization strategies under the Green Deal. Countries including Germany, Spain, and France are leaders in solar project deployment, with robust financial incentives and regulatory clarity. The region is witnessing a shift toward decentralized solar generation, with strong emphasis on rooftop and community solar projects. The transition to smart grids and integration of digital EPC solutions also enhance market efficiency across Europe.
Latin America is growing steadily in the solar engineering, procurement and construction (EPC) market, driven by policy reforms and rising demand for renewable energy. Countries such as Brazil, Mexico, and Chile are leveraging their high solar irradiance levels to attract local and foreign investment. Auctions and power purchase agreements (PPAs) are commonly used to encourage cost-effective solar development. The region also benefits from decreasing costs of solar technology and increasing grid integration capabilities.
Middle East & Africa (MEA) region is emerging rapidly due to vast solar potential and increasing governmental focus on diversifying energy portfolios away from fossil fuels. Countries like the UAE and Saudi Arabia are investing heavily in large-scale solar EPC projects, backed by sovereign wealth funds and international partnerships. Africa, particularly sub-Saharan countries, is seeing growth in off-grid and mini-grid solar EPC solutions aimed at improving rural electrification and energy access. Public-private collaborations are playing a key role in expanding the regional solar infrastructure.
The report provides an in-depth analysis of companies operating in the solar engineering, procurement and construction (EPC) market, including their geographic presence, business strategies, product offerings, market share, and recent developments. This analysis helps to understand market competition.
Some of the major players in the global solar engineering, procurement and construction (EPC) market include:
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Solar Engineering, Procurement and Construction (EPC)
Solar Engineering, Procurement and Construction (EPC)
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