According to a recent market study published by Growth Market Reports, titled, “Global Solar Engineering, Procurement, and Construction (EPC) Market – by product, by technology, by end-user, and by regions: Size, Share, Trends and Opportunity Analysis, 2018-2028”, the market was valued at US$ 1,25,537 Million in 2020 and is expected to grow at a moderate growth rate of 11.6% by the year 2028. Growing environmental concerns, as well as strict legislative requirements to reduce GHG emissions is expected to boost the market during the forecast period.

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The rooftop segment is anticipated to account for a substantial share of the market and expand at a significant CAGR due to the increasing installation of rooftop units throughout residential and commercial premises in the current industrial environment.

Photovoltaic is expected to replace fossil fuel-generated sources because of it’s cheaper capital expenditure and favorable economies of scale associated with large-scale project development. Government incentives such as auctions, tariffs, and tax exemptions will supplement the solar industry's continued investments. Rapid technology advancements and rising public awareness will further convert utility-scale PV from a risky and costly sector to one that is highly efficient and cost-effective.

The Global Solar Engineering, Procurement, and Construction Market is fragmented based on product, technology, end-users, and regions. On the basis of product, the global solar engineering, procurement, and construction market is segmented into ground-mounted and rooftop. In terms of technology, the global solar engineering, procurement, and construction market is bifurcated into concentrated solar power EPC and photovoltaic. On the basis of end-user, the global solar engineering, procurement, and construction market is divided into commercial, residential, industrial, and utility.

Based on regions the Global Solar Engineering, Procurement, and Construction Market has been fragmented into Europe, North America, Asia Pacific, Latin America, and Middle East & Africa. 
The Solar EPC market is projected to witness a considerable increase in year-on-year growth for 2020 as compared to for previous year 2019. Regulatory bodies are anticipated to play a key role in boosting the growth of the market in 2020. The Solar EPC market is growing at a significant pace due to growing demand for clean energy sources for various industrial and commercial applications.

As per Growth Market Reports industry analyst, “The Global Solar Engineering, Procurement, and Construction Market is anticipated to witness a considerable growth during forecast period 2021-2028. The solar EPC market is registering growth opportunities across the globe, owing to the growing environmental concerns, as well as strict legislative requirements to reduce GHG emissions is expected to act as a driving force for the market, growing solar energy.”

The first quarter of 2020 was an unforeseen turning point for the solar EPC market. Supply chains were disturbed by COVID-19 outbreaks in major regions, thus reducing the demand for various products, due to uncertainty in the global economy. Certain discrepancies in production and supply chain created mild disruptions across some areas in the supply chain of the solar EPC market. However, after second quadrant due to increasing product demand for industries has boosted market growth in 2020. Increasing production process in solar equipment industry and increasing concern related to meet electricity demand in multiple industry boosted the need for solar EPC in 2020.

Key Takeaways from the Study

  • The players including Candian Solar, BELECTRIC Solar & Battery Holding GmbH, Becthel Corp., Alsa Solar System LLC, Xylem, Adani Group, Abudant Solar Energy, Blattner Energy, ENERPARC AG, Enviromena, Sterling and Wilson Pvt.Ltd., Q Cells, Juwi AG, Black and Veatch Holding Co, Renewable Energy System Ltd., DEPCOM Power, First Solar, Greenspark Solar, STRATA SOLAR, Swinerton Renewable Energy (SOLV Energy), and Hild Energy Pvt. Ltd.hold significant share of Global Solar Engineering, Procurement, and Construction Market in year 2020.
  • Asia Pacific held a significant share of the market in 2020 and is anticipated to expand at a substantial CAGR during the forecast period due to the increasing investment in renewable energy sources and favorable government policies in the region.
  • In terms of technology, the photovoltaic segment held a considerable share of the market in 2020 and is projected to account for a substantial share of the market during the forecast period owing to ease of installation and low cost maintenance from end-users.

Report Scope

Report Metric

Details

Market Value in 2020

US$ 1,25,537 Million

Market Growth Rate (from 2020 to 2028)

11.6%

Historical Data

2018, & 2019

Base Year

2020

Forecast Period

2021 - 2028

Units Considered

Value (US$ Million)

Market Segments

By Product, By Technology, By End-user

Regional Scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies Profiled

Candian Solar, BELECTRIC Solar & Battery Holding GmbH, Becthel Corp., Alsa Solar System LLC, Xylem, Adani Group, Abudant Solar Energy, Blattner Energy, ENERPARC AG, Enviromena, Sterling and Wilson Pvt.Ltd., Q Cells, Juwi AG, Black and Veatch Holding Co, Renewable Energy System Ltd., DEPCOM Power, First Solar, Greenspark Solar, STRATA SOLAR, Swinerton Renewable Energy (SOLV Energy), and Hild Energy Pvt. Ltd.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturers, raw material suppliers, and distributors
  • Demand Side: Commercial, residential, industrial, and utility
  • Regulatory Side: Concerned government authorities, and other regulatory bodies