Solar Engineering, Procurement, Construction Market | Report 2031
Solar Engineering, Procurement, Construction Market | Report 2031
Segments - Global Solar Engineering, Procurement, and Construction Market by Product (Ground Mounted and Rooftop), Technology (Concentrated Solar Power and Photovoltaic), End-user (Commercial, Industrial, Residential, and Utility), and Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031.
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Report Description
Solar Engineering, Procurement, and Construction Market Outlook 2031:
The global solar engineering, procurement, and construction market size was valued at USD 156.30 Billion in 2022 and is projected to reach USD 419.70 Billion by 2031, expanding at a CAGR of 11.6% during the forecast period 2023 - 2031. Due to the growing environmental concerns, as well as strict legislative requirements to reduce GHG emissions. EPC is an acronym for engineering, procurement, and construction.
EPC is a term used in the solar industry to describe a service that includes everything from system design, component sourcing to project installation. It covers everything from coordination to government permissions to maintenance. Customer requirement analysis, site assessment, weather monitoring, structural design, calculation of power generation capability, equipment selection, engineering design, and 3D modelling of the proposed solar power plant are all included in the engineering design.
Global Solar Engineering, Procurement, and Construction Market Dynamics
Growing Focus On Renewable Energy Sources and Positive Clean Energy Outlook
Growing emphasis on renewable energy sources, as well as the positive clean energy outlook as a result of carbon dioxide (CO2) emissions from the combustion of fossil fuels and concern about reducing greenhouse gas emissions, are expected to drive the demand for solar engineering procurement and construction (EPC). Moreover, growing number of projects utilizing renewable energy sources is propelling the market. For example, in July 2020, a 750 MW solar plant was commissioned in Madhya Pradesh. The Rewa Ultra Mega Solar Power consists of three solar producing units, each having a capacity of 250 MW.
Rising Concerns for Fuel Demand
The global solar EPC market as gained significant momentum, owing to the ongoing discussion over environmental degradation. Significant growth in consumer environmental concerns, as well as the implementation of different rigorous rules to reduce greenhouse gas (GHG) emissions, drove organizations to implement effective energy saving techniques such as solar EPC. Significant changes and improvements, as well as increased cost-competitiveness, are expected to have a favorable impact on market dynamics in the future years.
Issues Related to Land Acquisition, Engineering, Supply Chain, Site Operations, and Liaising
Issues related to land acquisition, engineering, supply chain, site operations, and liaising are expected to hinder the global solar EPC market during the forecast period. Every project is unique and, to some extent, necessitates novel ideas and techniques, both on technical and operational fronts. Innovative engineering techniques and procedures help to speed up the project setup. In order to build a novel engineering system, EPC players require extensive geotechnical data, availability of solar resources, and ambient conditions. Appropriate completion as the project schedule is vastly overlapping while the implementation is driven by a lean team is a major challenge.
Growing Demand for Electricity
Global power consumption expanded significantly as a result of economic development and population growth. Rising living standards and infrastructural development are driving the demand for power generation. For example, China's power demand climbed by 4.5 percent in 2019 compared to 2018. In order to accommodate the rising demand, most nations are building new solar power facilities or expanding the capacity of existing ones.
This is expected to promote the expansion of the solar power sector, which is projected to create opportunities for players in the solar engineering procurement and construction market growth during the forecast period.
Increasing Investment in Solar Energy
Several corporations are installing renewable energy facilities as a result of environmental laws. Several countries are focusing on environment-friendly power generation options in order to minimize carbon emissions. Solar energy is one of the most affordable renewable energy sources. As a result, several governments are investing considerably in solar energy. For example, Asia Pacific deployed more than 67 GW of new solar projects in 2019. As a result, such a spectacular yearly installation of solar capacity benefits global industry growth. Increasing investment in solar energy is expected to create opportunities for the players in the solar EPC market.
Scope of Solar Engineering, Procurement, and Construction Market Report
The report on the global solar engineering, procurement, and construction market market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
| Attributes | Details |
| Report Title | Solar Engineering, Procurement, and Construction Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2022 |
| Historic Data | 2016–2021 |
| Forecast Period | 2023–2031 |
| Segmentation | By Product (Ground Mounted and Rooftop), By Technology (Concentrated Solar Power and Photovoltaic), By End-user (Commercial, Industrial, Residential, and Utility) |
| Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
| Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
| Key Players Covered in the Report | 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. |
Solar Engineering, Procurement, and Construction Market Segment Insights
The global solar engineering, procurement, and construction market is segmented on the basis of product, technology, end-user, and regions.
In terms of product, the global solar engineering, procurement, and construction market is segmented into ground mounted and rooftop. 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.
Based on technology, the global solar engineering, procurement, and construction market is bifurcated into concentrated solar power and photovoltaic. The photovoltaic segment held a considerable share of the market in 2020 and this trend is anticipated to persist during the forecast period owing to the ongoing reforms and expansion across the energy industry.
In terms of end-user, the global solar engineering, procurement, and construction market is segmented into commercial, industrial, residential, and utility. The residential 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 the favorable regulatory environment, technical advancement, and several reforms such as feed-in tariff, subsidies, and incentives for grid-tied installations along with the continuous development and integration of effective operating technologies.
Solar Engineering, Procurement, and Construction Regional Outlook
Based on regions, the global solar engineering, procurement, and construction market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America 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 is expected to boost the regional market during the forecast period.
The Asia Pacific market is expected to expand significantly for solar engineering, procurement, and construction (EPC) during the forecast period. The region's demand is anticipated to be driven by some of the fastest-growing economies and the rising demand for energy and power engineering procurement and construction (epc) to meet the region's growing population and industries.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the global solar engineering, procurement, and construction market
- Historical, Current and Projected Market Size in terms of Value and Volume
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global Solar Engineering, Procurement, and Construction Market Performance
Segments
By Product
- Ground Mounted
- Rooftop
By Technology
- Concentrated Solar Power
- Photovoltaic
By End-user
- Commercial
- Industrial
- Residential
- Utility
By Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- 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)
- Hild Energy Pvt. Ltd.
Competitive Landscape
- Top players in the market include 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.
- These companies are considered as key EPC contractors’/ service providers of solar energy modules based on their revenue, product offerings, regional presence, and supply chain management system.
- The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunity for the Solar Engineering, Procurement, and Construction market.
Frequently Asked Questions
Major companies include Candian Solar; BELECTRIC Solar & Battery Holding GmbH; Becthel Corp.; Alsa Solar System LLC; Xylem; Adani Group; Abudant Solar Energy; Blattner Energy; ENERPARC AG; and others.
Factors such as growth of rising concerns regarding environment expected to act as a driving force for the market and rising concern related to meet fuel demand are analyzed in the final report.
The base year considered for the global solar engineering, procurement, and construction market report is 2020. The complete analysis period is 2018 to 2028, wherein, 2018, and 2019 are the historic years, and the forecast is provided from 2021 to 2028.
The market is expected to witness a significant decrease in growth between 2019 and 2020 owing to the COVID 19 pandemic on the solar engineering, procurement, and construction market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The major applications of Solar Engineering, Procurement, and Construction are commercial, residential, industrial, and utility.
Growing focus on renewable energy sources and positive clean energy outlook and rising concerns for environment fuel or fossil fuel is estimated to boost the market expansion in the coming years.
In addition to market size (in US$ Million), Company Market Share (in % for base year 2019), and quality parameter overview is provided.
According to this Growth Market Reports report, the Solar Engineering, Procurement, and Construction market is likely to register a CAGR of 11.6% during forecast period 2020-2027, with an anticipated valuation of USD 300,000 Mn by the end of the 2028.
Additional company profiles can be provided on request
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Solar Engineering, Procurement, and Construction Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Solar Engineering, Procurement, and Construction Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Solar Engineering, Procurement, and Construction Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Solar Engineering, Procurement, and Construction Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Solar Engineering, Procurement, and Construction Market Size & Forecast, 2018-2028
4.5.1 Solar Engineering, Procurement, and Construction Market Size and Y-o-Y Growth
4.5.2 Solar Engineering, Procurement, and Construction Market Absolute $ Opportunity
4.6 Key Regulations: Global Solar Engineering, Procurement, and Construction Market
4.6 Global Solar Power Market: Overview
Chapter 5 Global Solar Engineering, Procurement, and Construction Market Analysis and Forecast By Product
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Product
5.1.2 Basis Point Share (BPS) Analysis By Product
5.1.3 Absolute $ Opportunity Assessment By Product
5.2 Solar Engineering, Procurement, and Construction Market Size Forecast By Product
5.2.1 Ground Mounted
5.2.2 Rooftop
5.3 Market Attractiveness Analysis By Product
Chapter 6 Global Solar Engineering, Procurement, and Construction Market Analysis and Forecast By Technology
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Technology
6.1.2 Basis Point Share (BPS) Analysis By Technology
6.1.3 Absolute $ Opportunity Assessment By Technology
6.2 Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
6.2.1 Concentrated Solar Power
6.2.2 Photovoltaic
6.3 Market Attractiveness Analysis By Technology
Chapter 7 Global Solar Engineering, Procurement, and Construction Market Analysis and Forecast By End-user
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities By End-user
7.1.2 Basis Point Share (BPS) Analysis By End-user
7.1.3 Absolute $ Opportunity Assessment By End-user
7.2 Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
7.2.1 Commercial
7.2.2 Industrial
7.2.3 Residential
7.2.4 Utility
7.3 Market Attractiveness Analysis By End-user
Chapter 8 Global Solar Engineering, Procurement, and Construction Market Analysis and Forecast by Region
8.1 Introduction
8.1.1 Key Market Trends & Growth Opportunities by Region
8.1.2 Basis Point Share (BPS) Analysis by Region
8.1.3 Absolute $ Opportunity Assessment by Region
8.2 Solar Engineering, Procurement, and Construction Market Size Forecast by Region
8.2.1 North America
8.2.2 Europe
8.2.3 Asia Pacific
8.2.4 Latin America
8.2.5 Middle East & Africa (MEA)
8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
9.1 Introduction
9.2 Current & Future Impact Analysis
9.3 Economic Impact Analysis
9.4 Government Policies
9.5 Investment Scenario
Chapter 10 North America Solar Engineering, Procurement, and Construction Analysis and Forecast
10.1 Introduction
10.2 North America Solar Engineering, Procurement, and Construction Market Size Forecast by Country
10.2.1 U.S.
10.2.2 Canada
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 North America Solar Engineering, Procurement, and Construction Market Size Forecast By Product
10.6.1 Ground Mounted
10.6.2 Rooftop
10.7 Basis Point Share (BPS) Analysis By Product
10.8 Absolute $ Opportunity Assessment By Product
10.9 Market Attractiveness Analysis By Product
10.10 North America Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
10.10.1 Concentrated Solar Power
10.10.2 Photovoltaic
10.11 Basis Point Share (BPS) Analysis By Technology
10.12 Absolute $ Opportunity Assessment By Technology
10.13 Market Attractiveness Analysis By Technology
10.14 North America Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
10.14.1 Commercial
10.14.2 Industrial
10.14.3 Residential
10.14.4 Utility
10.15 Basis Point Share (BPS) Analysis By End-user
10.16 Absolute $ Opportunity Assessment By End-user
10.17 Market Attractiveness Analysis By End-user
Chapter 11 Europe Solar Engineering, Procurement, and Construction Analysis and Forecast
11.1 Introduction
11.2 Europe Solar Engineering, Procurement, and Construction Market Size Forecast by Country
11.2.1 Germany
11.2.2 France
11.2.3 Italy
11.2.4 U.K.
11.2.5 Spain
11.2.6 Russia
11.2.7 Rest of Europe
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Europe Solar Engineering, Procurement, and Construction Market Size Forecast By Product
11.6.1 Ground Mounted
11.6.2 Rooftop
11.7 Basis Point Share (BPS) Analysis By Product
11.8 Absolute $ Opportunity Assessment By Product
11.9 Market Attractiveness Analysis By Product
11.10 Europe Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
11.10.1 Concentrated Solar Power
11.10.2 Photovoltaic
11.11 Basis Point Share (BPS) Analysis By Technology
11.12 Absolute $ Opportunity Assessment By Technology
11.13 Market Attractiveness Analysis By Technology
11.14 Europe Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
11.14.1 Commercial
11.14.2 Industrial
11.14.3 Residential
11.14.4 Utility
11.15 Basis Point Share (BPS) Analysis By End-user
11.16 Absolute $ Opportunity Assessment By End-user
11.17 Market Attractiveness Analysis By End-user
Chapter 12 Asia Pacific Solar Engineering, Procurement, and Construction Analysis and Forecast
12.1 Introduction
12.2 Asia Pacific Solar Engineering, Procurement, and Construction Market Size Forecast by Country
12.2.1 China
12.2.2 Japan
12.2.3 South Korea
12.2.4 India
12.2.5 Australia
12.2.6 South East Asia (SEA)
12.2.7 Rest of Asia Pacific (APAC)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Asia Pacific Solar Engineering, Procurement, and Construction Market Size Forecast By Product
12.6.1 Ground Mounted
12.6.2 Rooftop
12.7 Basis Point Share (BPS) Analysis By Product
12.8 Absolute $ Opportunity Assessment By Product
12.9 Market Attractiveness Analysis By Product
12.10 Asia Pacific Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
12.10.1 Concentrated Solar Power
12.10.2 Photovoltaic
12.11 Basis Point Share (BPS) Analysis By Technology
12.12 Absolute $ Opportunity Assessment By Technology
12.13 Market Attractiveness Analysis By Technology
12.14 Asia Pacific Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
12.14.1 Commercial
12.14.2 Industrial
12.14.3 Residential
12.14.4 Utility
12.15 Basis Point Share (BPS) Analysis By End-user
12.16 Absolute $ Opportunity Assessment By End-user
12.17 Market Attractiveness Analysis By End-user
Chapter 13 Latin America Solar Engineering, Procurement, and Construction Analysis and Forecast
13.1 Introduction
13.2 Latin America Solar Engineering, Procurement, and Construction Market Size Forecast by Country
13.2.1 Brazil
13.2.2 Mexico
13.2.3 Rest of Latin America (LATAM)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Latin America Solar Engineering, Procurement, and Construction Market Size Forecast By Product
13.6.1 Ground Mounted
13.6.2 Rooftop
13.7 Basis Point Share (BPS) Analysis By Product
13.8 Absolute $ Opportunity Assessment By Product
13.9 Market Attractiveness Analysis By Product
13.10 Latin America Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
13.10.1 Concentrated Solar Power
13.10.2 Photovoltaic
13.11 Basis Point Share (BPS) Analysis By Technology
13.12 Absolute $ Opportunity Assessment By Technology
13.13 Market Attractiveness Analysis By Technology
13.14 Latin America Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
13.14.1 Commercial
13.14.2 Industrial
13.14.3 Residential
13.14.4 Utility
13.15 Basis Point Share (BPS) Analysis By End-user
13.16 Absolute $ Opportunity Assessment By End-user
13.17 Market Attractiveness Analysis By End-user
Chapter 14 Middle East & Africa (MEA) Solar Engineering, Procurement, and Construction Analysis and Forecast
14.1 Introduction
14.2 Middle East & Africa (MEA) Solar Engineering, Procurement, and Construction Market Size Forecast by Country
14.2.1 Saudi Arabia
14.2.2 South Africa
14.2.3 UAE
14.2.4 Rest of Middle East & Africa (MEA)
14.3 Basis Point Share (BPS) Analysis by Country
14.4 Absolute $ Opportunity Assessment by Country
14.5 Market Attractiveness Analysis by Country
14.6 Middle East & Africa (MEA) Solar Engineering, Procurement, and Construction Market Size Forecast By Product
14.6.1 Ground Mounted
14.6.2 Rooftop
14.7 Basis Point Share (BPS) Analysis By Product
14.8 Absolute $ Opportunity Assessment By Product
14.9 Market Attractiveness Analysis By Product
14.10 Middle East & Africa (MEA) Solar Engineering, Procurement, and Construction Market Size Forecast By Technology
14.10.1 Concentrated Solar Power
14.10.2 Photovoltaic
14.11 Basis Point Share (BPS) Analysis By Technology
14.12 Absolute $ Opportunity Assessment By Technology
14.13 Market Attractiveness Analysis By Technology
14.14 Middle East & Africa (MEA) Solar Engineering, Procurement, and Construction Market Size Forecast By End-user
14.14.1 Commercial
14.14.2 Industrial
14.14.3 Residential
14.14.4 Utility
14.15 Basis Point Share (BPS) Analysis By End-user
14.16 Absolute $ Opportunity Assessment By End-user
14.17 Market Attractiveness Analysis By End-user
Chapter 15 Competition Landscape
15.1 Solar Engineering, Procurement, and Construction Market: Competitive Dashboard
15.2 Global Solar Engineering, Procurement, and Construction Market: Market Share Analysis, 2020
15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
15.3.1 Candian Solar
15.3.2 BELECTRIC Solar & Battery Holding GmbH
15.3.3 Becthel Corp.
15.3.4 Alsa Solar System LLC
15.3.5 Xylem
15.3.6 Adani Group
15.3.7 Abudant Solar Energy
15.3.8 Blattner Energy
15.3.9 ENERPARC AG
15.3.10 Enviromena
15.3.11 Sterling and Wilson Pvt.Ltd.
15.3.12 Q Cells
15.3.13 Juwi AG
15.3.14 Black and Veatch Holding Company
15.3.15 Renewable Energy System Ltd.
15.3.16 DEPCOM Power
15.3.17 First Solar
15.3.18 Greenspark Solar
15.3.19 STRATA SOLAR
15.3.20 Swinerton Renewable Energy (SOLV Energy)
15.3.21 Hild Energy Pvt. Ltd
Methodology
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