Ground Mounted Solar EPC Market Overview
As per MRFR analysis, the Ground Mounted Solar EPC Market Size was estimated at 15.19 (USD Billion) in 2022. The Ground Mounted Solar EPC Market Industry is expected to grow from 16.38(USD Billion) in 2023 to 32.3 (USD Billion) by 2032. The Ground Mounted Solar EPC Market CAGR (growth rate) is expected to be around 7.84% during the forecast period (2024 - 2032).
Key Ground Mounted Solar EPC Market Trends Highlighted
Key market drivers for the Ground Mounted Solar EPC Market include increasing government support for renewable energy, decreasing costs of solar panels and installation, and rising demand for clean and sustainable energy sources. Opportunities for growth lie in the expansion of solar farms and utility-scale projects, as well as the development of innovative technologies and solutions that enhance efficiency and reduce costs.
Recent trends in the Ground Mounted Solar EPC Market include the adoption of advanced tracking systems, optimization of plant designs, and integration of energy storage solutions. These advancements contribute to increased energy generation, improved performance, and enhanced grid stability. As the world transitions towards a clean and sustainable energy future, the Ground Mounted Solar EPC Market is poised for continued growth, driven by favorable market dynamics and technological advancements.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar EPC (engineering, procurement, and construction) Market Drivers
Government Policies and Regulations Driving Growth
Government policies and regulations play a crucial role in driving the growth of the Ground Mounted Solar EPC Market Industry. Governments worldwide are implementing various policies and regulations to promote the adoption of renewable energy sources, including solar energy. These policies include feed-in tariffs, tax incentives, and renewable portfolio standards (RPS). Feed-in tariffs guarantee a fixed price for solar energy producers, making solar projects more financially viable.Tax incentives, such as tax credits and accelerated depreciation, reduce the upfront costs of solar installations. RPSs require utilities to generate a certain percentage of their electricity from renewable sources, creating a demand for solar energy. These policies and regulations provide a supportive environment for the growth of the Ground Mounted Solar EPC Market Industry.
Technological Advancements and Cost Reductions
Technological advancements and cost reductions are key drivers of growth in the Ground Mounted Solar EPC Market Industry. The efficiency of solar panels has increased significantly over the past decade, leading to a decrease in the cost per kilowatt-hour (kWh) of solar electricity. Additionally, the development of new technologies, such as bifacial solar panels and solar tracking systems, has further reduced costs and improved the performance of ground-mounted solar systems.These technological advancements and cost reductions have made solar energy a more competitive option compared to traditional energy sources.
Rising Demand for Clean Energy
The rising demand for clean energy is a major driver of growth in the Ground Mounted Solar EPC Market Industry. Concerns about climate change and the environmental impacts of fossil fuels are driving the transition to renewable energy sources. Ground-mounted solar systems offer a clean and sustainable source of energy, which is essential for meeting the growing demand for electricity while reducing greenhouse gas emissions.
Ground Mounted Solar EPC Market Segment Insights
Ground Mounted Solar EPC Market Application Insights
The Ground Mounted Solar EPC System Market Segmentation based on Applications is partitioned into Residential, Commercial, Industrial, and Utility-Scale. In 2023, the Utility-Scale segment dominated the market and is expected to maintain its position during the forecast period. The high dominance is attributed to the increasing demand for sustainable renewable energy sources and the higher adoption and acceptance of solar energy by utility companies. The utility scale is expected to grow significantly due to the various initiatives and policies of the governments for the adoption of solar energy.The Residential segment is expected to grow at a constant rate during the forecast period. The growth of the segment can be attributed to the higher awareness levels about the sustainability of the environment. Further, the various initiatives and the incentives provided in terms of subsidies by the government have also promoted the adoption of solar energy. The increase in the affordability of solar panels and the availability of various financiers are further expected to contribute to the growth of this segment. The Commercial Segment is expected to grow at a higher pace during the forecast period.The growth can be attributed to the increasing acceptance of solar energy by commercial offices, malls, and warehouses. The rationale is high power costs and the availability of natural resources to be used as an alternative to fuel. The Industrial Segment is expected to grow at a moderate pace. The rationale is the adoption and implementation are fuelled by the requirement of reduced energy costs and carbon emissions. The availability of large rooftops and the system’s ability to consume the energy thus generated is further expected to fuel the growth of this system.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar EPC Market Panel Type Insights
Due to increasing demand for high efficiency and cost-effectiveness, Monocrystalline panels are poised to dominate the market with a significant share of 44.0% in 2023. In 2024, the Ground Mounted Solar EPC Market revenue for Monocrystalline panels is projected to reach USD 7.5 billion. The high conversion efficiency of Monocrystalline panels, ranging from 18% to 22%, makes them a preferred choice for large-scale ground-mounted solar installations, especially in regions with limited space. In contrast, Polycrystalline panels, with lower conversion efficiency (15-18%), are expected to account for 36.5% of the market in 2023, with a projected revenue of USD 6.2 billion in 2024.Thin Film panels, with their unique advantages for low-light conditions, hold a smaller market share of 19.5% in 2023 and are expected to generate revenue of USD 3.3 billion in 2024. The choice of panel type depends on factors such as cost, efficiency, durability, and aesthetics, with each type offering specific benefits for different applications and market segments.
Ground Mounted Solar EPC Market Tracker System Insights
The Ground Mounted Solar EPC Market report presents a detailed segmentation of the market by Tracker System into Fixed-Tilt, Single-Axis Tracking, and Dual-Axis Tracking. Among these, the Fixed-Tilt segment is expected to account for the largest share of the market in 2023, owing to its cost-effectiveness and simplicity of installation. The Single-Axis Tracking segment is projected to exhibit significant growth over the forecast period, driven by its ability to increase energy yield by up to 25%. The Dual-Axis Tracking segment is anticipated to gain traction in the coming years due to its superior energy yield and efficiency.This growth is attributed to the increasing demand for renewable energy sources, government incentives, and technological advancements.
Ground Mounted Solar EPC Market Inverter Type Insights
The Ground Mounted Solar EPC Market exhibits a competitive landscape with prominent players like Tata Power Solar, Sterling and Wilson, Mahindra Susten, and more. The market segmentation based on inverter type holds significant importance, influencing the overall market dynamics. String inverters hold a substantial market share, attributed to their cost-effectiveness and suitability for smaller-scale projects. Central inverters offer higher efficiency and are preferred for large-scale installations. Microinverters, while representing a niche segment, are gaining traction due to their advantages in performance and reliability.Over the forecast period, the increasing adoption of renewable energy and supportive government initiatives are expected to drive the growth of all inverter types in the Ground Mounted Solar EPC Market. String inverters are anticipated to maintain their dominance, while central and micro inverters will witness significant growth, contributing to the overall market expansion.
Ground Mounted Solar EPC Market EPC Scope Insights
The Ground Mounted Solar EPC Market is segmented by EPC Scope into Turnkey, Balance of System, and Engineering, Procurement, and Construction (EPC). Among these, the EPC segment accounted for the largest share of the market in 2023 and is expected to continue to dominate the market through 2032. The growth of this segment can be attributed to the increasing trend of turnkey solar projects, where the EPC contractor is responsible for the entire project, from design and engineering to construction and commissioning. This segment is expected to reach a valuation of USD 18.75 billion by 2032, exhibiting a CAGR of 7.9% during the forecast period.
Ground Mounted Solar EPC Market Regional Insights
North America holds a dominant share in the Ground Mounted Solar EPC Market and is expected to maintain its dominance throughout the forecast period. The growth in the region can be attributed to the increasing demand for renewable energy sources, government initiatives promoting solar energy adoption, and the presence of established solar EPC companies. Europe is another major market for Ground Mounted Solar EPC, driven by the increasing awareness about climate change and the growing focus on energy security. The APAC region is expected to witness significant growth in the coming years due to the increasing demand for electricity and the rising investments in solar energy projects.South America and MEA are emerging markets for Ground Mounted Solar EPC, with significant growth potential due to the increasing demand for energy and the need for sustainable energy sources.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Ground Mounted Solar EPC Market Key Players And Competitive Insights
The Ground Mounted Solar EPC Market industry is fiercely competitive, with a diverse range of established players and emerging challengers vying for market share. Key factors driving competition include technological advancements, cost optimization strategies, and the pursuit of new market opportunities. Major players in the Ground Mounted Solar EPC Market are continuously investing in research and development to enhance their product offerings and gain a competitive edge. Mergers and acquisitions are also prevalent, as companies seek to consolidate their market positions and expand their geographical reach. The competitive landscape is expected to remain dynamic, with new entrants and disruptive technologies shaping the market dynamics in the years to come.Among the leading Ground Mounted Solar EPC Market players, First Solar Inc. stands out as a leader in the development and manufacture of photovoltaic modules. The company's focus on innovation has resulted in several breakthroughs, including its advanced thin-film solar technology. First Solar has a strong presence in both the utility-scale and commercial solar markets and is known for its high-performance products and cost-effective solutions. The company's commitment to sustainability and its vertically integrated business model have contributed to its success in the Ground Mounted Solar EPC Market.A notable competitor in the Ground Mounted Solar EPC Market is Canadian Solar Inc. This leading solar energy company has a broad portfolio of products and services, including solar modules, inverters, and solar power systems. Canadian Solar has a presence, with manufacturing facilities in several countries and a strong project development team. The company's focus on quality and efficiency has earned it a reputation for reliability and performance in the Ground Mounted Solar EPC Market. Canadian Solar's commitment to customer satisfaction and its competitive pricing strategy have enabled it to gain a significant market share.
Key Companies in the Ground Mounted Solar EPC Market Include
- Canadian Solar
- Enel Green Power
- ON
- JA Solar
- JinkoSolar
- Sterling and Wilson Solar
- Trina Solar Co., Ltd.
- TATA Power Solar Systems Ltd.
- First Solar
- SunPower Corporation
- NextEra Energy Resources
- BayWa r.e.
- LONGi Solar Technology Co., Ltd.
Ground Mounted Solar EPC Market Industry Developments
The Ground Mounted Solar EPC Market is expected to grow from USD 16.38 billion in 2023 to USD 32.3 billion by 2032, at a CAGR of 7.84%. The growth of the market is attributed to the increasing demand for renewable energy sources, government initiatives to promote solar energy, and declining costs of solar panels. The Asia-Pacific region is expected to be the largest market for ground-mounted solar EPC, followed by North America and Europe. The market is expected to be driven by the growing demand for solar energy in developing countries, such as India, China, and Brazil. Recent news developments in the market include the launch of new solar panel technologies, such as bifacial solar panels and perovskite solar cells. These technologies are expected to improve the efficiency and cost-effectiveness of ground-mounted solar systems.
Ground Mounted Solar EPC Market Segmentation Insights
- Ground Mounted Solar EPC Market Application Outlook
- Residential
- Commercial
- Industrial
- Utility-Scale
- Ground Mounted Solar EPC Market Panel Type Outlook
- Monocrystalline
- Polycrystalline
- Thin Film
- Ground Mounted Solar EPC Market Tracker System Outlook
- Fixed-Tilt
- Single-Axis Tracking
- Dual-Axis Tracking
- Ground Mounted Solar EPC Market Inverter Type Outlook
- String Inverters
- Central Inverters
- Microinverters
- Ground Mounted Solar EPC Market EPC Scope Outlook
- Turnkey
- Balance of System
- Engineering, Procurement, and Construction (EPC)
- Ground Mounted Solar EPC Market Regional Outlook
- North America
- Europe
- South America
- Asia-Pacific
- Middle East and Africa
Ground Mounted Solar EPC Market Report Scope
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.19(USD Billion) |
| Market Size 2023 |
16.38(USD Billion) |
| Market Size 2032 |
32.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
7.84% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2024 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Canadian Solar, Enel Green Power, E.ON, JA Solar, JinkoSolar, Sterling and Wilson Solar, Trina Solar Co., Ltd., TATA Power Solar Systems Ltd., First Solar, SunPower Corporation, NextEra Energy Resources, BayWa r.e., LONGi Solar Technology Co., Ltd. |
| Segments Covered |
Application, Panel Type, Tracker System, Inverter Type, EPC Scope, Regional |
| Key Market Opportunities |
Growing renewable energy demand, government incentives, technological advancements, Â rising investment in solar projects, expanding grid infrastructure |
| Key Market Dynamics |
Increasing Capacity, Government Incentives, Technology Advancements, Project Pipelines, Â Grid Modernization. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Ground Mounted Solar EPC Market is estimated to reach a valuation of 32.3 billion USD by 2032.
The market is projected to exhibit a CAGR of 7.84% during the forecast period of 2024-2032.
North American region is anticipated to hold the largest market share throughout the forecast period.
These systems are predominantly used in utility-scale solar power plants and commercial and industrial facilities.
Notable players include Solar EPC companies such as First Solar, SunPower, and JA Solar.
Increasing demand for renewable energy, government incentives, and technological advancements are driving market expansion.
Challenges include land availability, environmental regulations, and grid integration issues.
The market is expected to witness increased integration of energy storage systems and digital technologies.
Opportunities lie in developing cost-effective solutions, expanding into emerging markets, and offering value-added services.
Risks include policy changes, technological disruptions, and competition from alternative energy sources.
