Solar EPC Market Strategies and Trends - 2031
The Solar EPC Market is expected to register a CAGR of 8.2% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Technology (PV, CSP); Type (Rooftop, Ground Mounted); End-Use (Residential, Commercial, Industrial). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Solar EPC Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Solar EPC Market Segmentation
Technology- PV
- CSP
- Rooftop
- Ground Mounted
- Residential
- Commercial
- Industrial
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Solar EPC Market Growth Drivers- Government Incentives and Policies: Governments around the world are offering incentives, subsidies, and tax credits to encourage solar energy adoption. Programs such as the Investment Tax Credit (ITC) in the United States, feed-in tariffs in the European Union, and other renewable energy targets set by countries like China, India, and Japan have substantially increased demand for solar projects. Solar EPC companies benefit from these policies, which make solar energy projects more financially feasible.
- Decreasing Cost of Solar Panels: One of the most significant factors driving the growth of the solar EPC market is the declining cost of solar panels and related technology. Advancements in manufacturing processes, economies of scale, and technological innovation have reduced the cost of solar photovoltaic (PV) modules, making solar energy more affordable. This reduction in upfront costs is driving demand for solar installations, leading to increased demand for Solar EPC services, which are integral to the installation process.
- Rise of Utility-Scale Solar Projects: The trend towards utility-scale solar installations is growing as governments and corporations aim to achieve large renewable energy targets. These large solar power plants, often located in areas with high solar radiation, are designed to generate substantial amounts of electricity and supply it to the grid. EPC contractors specializing in large-scale solar projects are in high demand as countries scale up renewable energy production.
- Global Expansion of Solar Markets: Emerging markets in Africa, Asia, and Latin America present significant opportunities for solar EPC companies. Many of these regions have high solar energy potential but limited infrastructure and electricity access. The expansion of solar energy in these regions, driven by falling solar prices and increasing international investment, will provide numerous opportunities for Solar EPC contractors to establish a presence and help meet energy needs in underserved areas.
- Role of Solar Energy in Energy Transition: The energy transition is the transition from dependency on fossil fuels to renewable and cleaner energy sources. This change addresses the urgent need for sustainable, environmentally friendly energy solutions. Recent decades have seen an increase in carbon dioxide (CO2) emissions, contributing to climate change. Transitioning to renewable and environment-friendly energy sources is a critical strategy to reduce these emissions and mitigate environmental damage. Such transition of energy by adopting solar is expected to be the key future trend in the Solar EPC Market in the coming years.
- Demand for Corporate PPAs and Commercial Solar Installations: Corporate Power Purchase Agreements (PPAs) are increasingly being used to fund large solar installations for businesses and industries looking to meet sustainability goals. This market is expected to grow as more companies commit to 100% renewable energy goals. EPC contractors can capitalize on this trend by offering turnkey solutions for the design, procurement, and construction of solar systems for commercial and industrial clients.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Solar EPC Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Solar EPC Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Solar EPC Market is estimated to witness a CAGR of 8.2% from 2023 to 2031
The major factors driving the Solar EPC Market are: Increasing Residential and Utility Solar Installations and Government Intiatives towards Solar Installations
Role of solar energy in energy transition is the key future trend of the Solar EPC Market
The leading players operating in the Solar EPC Market include Canadian Solar Inc., Hanwha Q CELLS Co., Ltd., JA SOLAR Co., Ltd., First Solar Inc., JinkoSolar Holdings, Ltd., Risen Energy Co., Ltd, Wuxi Suntech Power Co., Ltd., LONGi Green Energy Technology Co., Ltd., Trina Solar, Co. Ltd., and Astroenergy Co., Ltd.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Solar EPC Market - By Technology
1.3.2 Solar EPC Market - By Classification
1.3.3 Solar EPC Market - By End-Use
1.3.4 Solar EPC Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. SOLAR EPC MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 Europe - Pest Analysis
4.2.2 Asia-Pacific - Pest Analysis
4.2.3 Middle East and Africa - Pest Analysis
4.2.4 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. SOLAR EPC MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. SOLAR EPC MARKET - GLOBAL MARKET ANALYSIS
6.1. SOLAR EPC - GLOBAL MARKET OVERVIEW
6.2. SOLAR EPC - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. SOLAR EPC MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
7.1. OVERVIEW
7.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3. PV
7.3.1. Overview
7.3.2. PV Market Forecast and Analysis
7.4. CSP
7.4.1. Overview
7.4.2. CSP Market Forecast and Analysis
8. SOLAR EPC MARKET - REVENUE AND FORECASTS TO 2028 - CLASSIFICATION
8.1. OVERVIEW
8.2. CLASSIFICATION MARKET FORECASTS AND ANALYSIS
8.3. ROOFTOP
8.3.1. Overview
8.3.2. Rooftop Market Forecast and Analysis
8.4. GROUND MOUNTED
8.4.1. Overview
8.4.2. Ground Mounted Market Forecast and Analysis
9. SOLAR EPC MARKET - REVENUE AND FORECASTS TO 2028 - END-USE
9.1. OVERVIEW
9.2. END-USE MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
9.6. INSTITUTIONAL
9.6.1. Overview
9.6.2. Institutional Market Forecast and Analysis
9.7. UTILITY
9.7.1. Overview
9.7.2. Utility Market Forecast and Analysis
10. SOLAR EPC MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. EUROPE
10.1.1 Europe Solar EPC Market Overview
10.1.2 Europe Solar EPC Market Forecasts and Analysis
10.1.3 Europe Solar EPC Market Forecasts and Analysis - By Technology
10.1.4 Europe Solar EPC Market Forecasts and Analysis - By Classification
10.1.5 Europe Solar EPC Market Forecasts and Analysis - By End-Use
10.1.6 Europe Solar EPC Market Forecasts and Analysis - By Countries
10.1.6.1 Germany Solar EPC Market
10.1.6.1.1 Germany Solar EPC Market by Technology
10.1.6.1.2 Germany Solar EPC Market by Classification
10.1.6.1.3 Germany Solar EPC Market by End-Use
10.1.6.2 France Solar EPC Market
10.1.6.2.1 France Solar EPC Market by Technology
10.1.6.2.2 France Solar EPC Market by Classification
10.1.6.2.3 France Solar EPC Market by End-Use
10.1.6.3 Italy Solar EPC Market
10.1.6.3.1 Italy Solar EPC Market by Technology
10.1.6.3.2 Italy Solar EPC Market by Classification
10.1.6.3.3 Italy Solar EPC Market by End-Use
10.1.6.4 United Kingdom Solar EPC Market
10.1.6.4.1 United Kingdom Solar EPC Market by Technology
10.1.6.4.2 United Kingdom Solar EPC Market by Classification
10.1.6.4.3 United Kingdom Solar EPC Market by End-Use
10.1.6.5 Russia Solar EPC Market
10.1.6.5.1 Russia Solar EPC Market by Technology
10.1.6.5.2 Russia Solar EPC Market by Classification
10.1.6.5.3 Russia Solar EPC Market by End-Use
10.1.6.6 Rest of Europe Solar EPC Market
10.1.6.6.1 Rest of Europe Solar EPC Market by Technology
10.1.6.6.2 Rest of Europe Solar EPC Market by Classification
10.1.6.6.3 Rest of Europe Solar EPC Market by End-Use
10.2. ASIA-PACIFIC
10.2.1 Asia-Pacific Solar EPC Market Overview
10.2.2 Asia-Pacific Solar EPC Market Forecasts and Analysis
10.2.3 Asia-Pacific Solar EPC Market Forecasts and Analysis - By Technology
10.2.4 Asia-Pacific Solar EPC Market Forecasts and Analysis - By Classification
10.2.5 Asia-Pacific Solar EPC Market Forecasts and Analysis - By End-Use
10.2.6 Asia-Pacific Solar EPC Market Forecasts and Analysis - By Countries
10.2.6.1 Australia Solar EPC Market
10.2.6.1.1 Australia Solar EPC Market by Technology
10.2.6.1.2 Australia Solar EPC Market by Classification
10.2.6.1.3 Australia Solar EPC Market by End-Use
10.2.6.2 China Solar EPC Market
10.2.6.2.1 China Solar EPC Market by Technology
10.2.6.2.2 China Solar EPC Market by Classification
10.2.6.2.3 China Solar EPC Market by End-Use
10.2.6.3 India Solar EPC Market
10.2.6.3.1 India Solar EPC Market by Technology
10.2.6.3.2 India Solar EPC Market by Classification
10.2.6.3.3 India Solar EPC Market by End-Use
10.2.6.4 Japan Solar EPC Market
10.2.6.4.1 Japan Solar EPC Market by Technology
10.2.6.4.2 Japan Solar EPC Market by Classification
10.2.6.4.3 Japan Solar EPC Market by End-Use
10.2.6.5 South Korea Solar EPC Market
10.2.6.5.1 South Korea Solar EPC Market by Technology
10.2.6.5.2 South Korea Solar EPC Market by Classification
10.2.6.5.3 South Korea Solar EPC Market by End-Use
10.2.6.6 Rest of Asia-Pacific Solar EPC Market
10.2.6.6.1 Rest of Asia-Pacific Solar EPC Market by Technology
10.2.6.6.2 Rest of Asia-Pacific Solar EPC Market by Classification
10.2.6.6.3 Rest of Asia-Pacific Solar EPC Market by End-Use
10.3. MIDDLE EAST AND AFRICA
10.3.1 Middle East and Africa Solar EPC Market Overview
10.3.2 Middle East and Africa Solar EPC Market Forecasts and Analysis
10.3.3 Middle East and Africa Solar EPC Market Forecasts and Analysis - By Technology
10.3.4 Middle East and Africa Solar EPC Market Forecasts and Analysis - By Classification
10.3.5 Middle East and Africa Solar EPC Market Forecasts and Analysis - By End-Use
10.3.6 Middle East and Africa Solar EPC Market Forecasts and Analysis - By Countries
10.3.6.1 South Africa Solar EPC Market
10.3.6.1.1 South Africa Solar EPC Market by Technology
10.3.6.1.2 South Africa Solar EPC Market by Classification
10.3.6.1.3 South Africa Solar EPC Market by End-Use
10.3.6.2 Saudi Arabia Solar EPC Market
10.3.6.2.1 Saudi Arabia Solar EPC Market by Technology
10.3.6.2.2 Saudi Arabia Solar EPC Market by Classification
10.3.6.2.3 Saudi Arabia Solar EPC Market by End-Use
10.3.6.3 U.A.E Solar EPC Market
10.3.6.3.1 U.A.E Solar EPC Market by Technology
10.3.6.3.2 U.A.E Solar EPC Market by Classification
10.3.6.3.3 U.A.E Solar EPC Market by End-Use
10.3.6.4 Rest of Middle East and Africa Solar EPC Market
10.3.6.4.1 Rest of Middle East and Africa Solar EPC Market by Technology
10.3.6.4.2 Rest of Middle East and Africa Solar EPC Market by Classification
10.3.6.4.3 Rest of Middle East and Africa Solar EPC Market by End-Use
10.4. SOUTH AND CENTRAL AMERICA
10.4.1 South and Central America Solar EPC Market Overview
10.4.2 South and Central America Solar EPC Market Forecasts and Analysis
10.4.3 South and Central America Solar EPC Market Forecasts and Analysis - By Technology
10.4.4 South and Central America Solar EPC Market Forecasts and Analysis - By Classification
10.4.5 South and Central America Solar EPC Market Forecasts and Analysis - By End-Use
10.4.6 South and Central America Solar EPC Market Forecasts and Analysis - By Countries
10.4.6.1 Brazil Solar EPC Market
10.4.6.1.1 Brazil Solar EPC Market by Technology
10.4.6.1.2 Brazil Solar EPC Market by Classification
10.4.6.1.3 Brazil Solar EPC Market by End-Use
10.4.6.2 Argentina Solar EPC Market
10.4.6.2.1 Argentina Solar EPC Market by Technology
10.4.6.2.2 Argentina Solar EPC Market by Classification
10.4.6.2.3 Argentina Solar EPC Market by End-Use
10.4.6.3 Rest of South and Central America Solar EPC Market
10.4.6.3.1 Rest of South and Central America Solar EPC Market by Technology
10.4.6.3.2 Rest of South and Central America Solar EPC Market by Classification
10.4.6.3.3 Rest of South and Central America Solar EPC Market by End-Use
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. SOLAR EPC MARKET, KEY COMPANY PROFILES
12.1. ADANI GROUP
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. ALSA SOLAR SYSTEMS LLC
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. CANADIAN SOLAR
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. CLEANMAX ENVIRO ENERGY SOLUTIONS PVT. LTD.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. FIRST SOLAR
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. STERLING AND WILSON PVT. LTD.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. SUNPOWER CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. SUNRUN
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. TOPSUN ENERGY LIMITED
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TRINA SOLAR
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
1. Adani Group
2. ALSA Solar Systems LLC
3. Canadian Solar
4. CleanMax Enviro Energy Solutions Pvt. Ltd.
5. First Solar
6. Sterling and Wilson Pvt. Ltd.
7. SunPower Corporation
8. Sunrun
9. TOPSUN ENERGY LIMITED
10. Trina Solar
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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