Solar EPC Market is slated to record substantial growth during 2023–2032 owing to introduction to favorable initiatives taken by the government, such as strict measures, policies, and norms to alleviate carbon emissions. Alongside, the constant adoption of renewable resources across multiple applications will escalate the overall industry scenario. For instance, the Indian Green Open Access Policy 2022 was a big victory for the solar market in general.


The rising involvement of leading players and contractors in deploying efficient EPC services and solutions, coupled with the ongoing development of large-scale projects, will complement the business potential. For example, Larsen and Toubro in 2021, announced working on the 1.5 gigawatts Sudair plant, one of the largest solar projects in Saudi Arabia. Post completion, the project would emerge as one of the biggest PV installations globally.


Some of the leading companies operating in the solar EPC industry are integrating strategic initiatives such as mergers and acquisitions, partnerships, and new product launches to strengthen their market presence. To cite an instance, in 2022, SinglePoint, Inc., a renewable energy and sustainable solutions provider, announced the acquisition of The Boston Solar Company, LLC. The takeover would enable SinglePoint plans to continue expanding its operational footprint as it acquires further full-service solar EPC (engineering, procurement, & construction) companies nationwide.


Overall, the solar EPC industry is segmented in terms of technology, classification, end-use, and region.


Based on technology, the CSP technology segment is slated to depict over 7.5% CAGR through 2032. Technology benefits, such as minimized operating costs, high efficiency, the advantage of energy production during cloud cover times, and better land use, will positively influence the product demand. In addition, the increasing electricity demand and the constant development of utility-based projects will favor the business development.


By end-use, the commercial and industrial segment is expected to account for over 111 GW installation in 2032. Rapid industrial expansion and constant upgradation and upliftment of existing infrastructure will fuel business growth. Increasing efforts made by the private and public sectors to deploy clean electricity to commercial & industrial establishments and overcome climate challenges will positively influence the industry outlook during the estimated timeframe.


From a regional perspective, the North America solar EPC industry is anticipated to grow considerably during the estimated timeframe. Favorable government norms and targets for curbing emissions, coupled with the introduction of several standards, codes, and tax credits for encouraging the installation of solar devices, will accelerate the dynamics of the industry across the region.