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    Solar EPC market

    ID: MRFR/E&P/9898-HCR
    100 Pages
    Chitranshi Jaiswal
    September 2025

    Solar EPC Market Research Report By Energy Source (Photovoltaic Solar, Concentrated Solar Power), By Project Type (Rooftop Solar Projects, Ground-Mounted Solar Projects, Floating Solar Projects), By System Size (Small-Scale Solar EPC (up to 1 MW), Medium-Scale Solar EPC (1-10 MW), Large-Scale Solar EPC (over 10 MW)) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

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    Solar EPC market Research Report — Global Forecast till 2032 Infographic
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    Summary Table of Contents Segmentation Infographic

    Solar EPC market Summary

    The Global Solar EPC Market is projected to grow from 84.8 USD Billion in 2024 to 263.6 USD Billion by 2035.

    Key Market Trends & Highlights

    Solar EPC Key Trends and Highlights

    • The market is expected to experience a compound annual growth rate (CAGR) of 10.87 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 263.6 USD Billion, indicating robust growth potential.
    • In 2024, the market is valued at 84.8 USD Billion, reflecting a strong foundation for future expansion.
    • Growing adoption of solar energy technologies due to increasing environmental awareness is a major market driver.

    Market Size & Forecast

    2024 Market Size 84.8 (USD Billion)
    2035 Market Size 263.6 (USD Billion)
    CAGR (2025-2035) 10.87%

    Major Players

    JinkoSolar, JA Solar Holdings Co., Ltd., Hanwha Solutions Corporation, First Solar, Inc., SunPower Corporation, Wuhan LONGi Technology Co., Ltd., Sungrow Power Supply Co., Ltd., Risen Energy Co., Ltd., Talesun Solar Technologies Co., Ltd., Longi Green Energy Technology Co., Ltd., Canadian Solar Inc., GCL System Integration Technology Co., Ltd., Powerway Renewable Energy Co., Ltd., Trina Solar Ltd.

    Solar EPC market Trends

    One of the key opportunities in the Solar EPC market lies in the expansion of residential and commercial solar installations. Growing environmental awareness, combined with the desire for energy independence, is driving homeowners and businesses to invest in solar systems. Moreover, the integration of smart technologies and energy storage systems enhances the efficiency and flexibility of solar installations.

    Recent trends in the Solar EPC market include the increasing adoption of integrated solar and battery storage solutions. This trend is driven by the need for reliable and resilient energy supply, particularly in regions with intermittent grid connectivity. Additionally, the emergence of floating solar installations, where solar panels are mounted on water bodies, offers new opportunities for space-constrained areas. The growing popularity of solar microgrids and off-grid systems further expands the market's reach into remote and underserved communities.

    The Global Solar EPC Market is poised for substantial growth as nations increasingly prioritize renewable energy sources to meet their sustainability goals and reduce carbon emissions.

    U.S. Department of Energy

    Solar EPC market Drivers

    Rising Demand for Renewable Energy

    The Global Solar EPC Market Industry experiences a robust demand for renewable energy solutions, driven by increasing awareness of climate change and the need for sustainable energy sources. Governments worldwide are implementing policies to reduce carbon emissions, which is propelling investments in solar energy infrastructure. For instance, the global solar energy market is projected to reach 84.8 USD Billion in 2024, reflecting a significant shift towards cleaner energy alternatives. This trend is likely to continue as countries strive to meet their renewable energy targets, thereby enhancing the growth potential of the Global Solar EPC Market Industry.

    Market Segment Insights

    Solar EPC Market Energy Source Insights

    The energy source segment of the Solar EPC Market can be divided into photovoltaic solar and concentrated solar power. Photovoltaic solar is the prevalent segment across the industry, which accounts for over 90% of the total market. Photovoltaic solar helps to generate electricity directly from the sunlight using solar panels. The falling cost of solar panels and the rising demand for renewable resources are among the major factors supporting the growth of this segment.

    The second biggest segment of the industry is concentrated solar power, which is estimated to grow at a CAGR of about 10.0% during the period of forecast. There are numerous factors contributing to such rapid growth, including the increasing demand of customers for renewable resources, the growing number of government initiatives, and the advancement of solar technologies. Key Insights of the Energy Source Segment Among the two subsegments of the Energy Source segment, the dominant position is occupied by the photovoltaic solar.

    Growing demand, as well as governmental initiatives, contribute to the concentration of solar power to grow at a dynamic pace. The development of innovative solar panels with increased efficiency, as well as new types of concentrated solar power, will also support the industry's growth in the future. Government policies aimed at facilitating the spread of renewable resources can help keep the industry growing at a relatively high pace.

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Solar EPC Market Project Type Insights

    The Solar EPC Market segmentation by Project Type includes Rooftop Solar Projects, Ground-Mounted Solar Projects, and Floating Solar Projects. Among these, Rooftop Solar Projects held the largest market share in 2023, accounting for around 55% of the Solar EPC Market revenue. This growth is attributed to increasing government incentives, rising consumer awareness about renewable energy, and technological advancements. Ground-mounted solar Projects are expected to witness significant growth during the forecast period due to their cost-effectiveness and scalability.

    Floating Solar Projects are gaining traction in regions with limited land availability and are expected to contribute to market growth in the coming years.

    Solar EPC Market System Size Insights

    The Solar EPC Market is segmented by system size into small-scale (up to 1 MW), medium-scale (1-10 MW), and large-scale (over 10 MW). Among these, the large-scale segment is projected to dominate the market over the forecast period, driven by the increasing demand for utility-scale solar power plants. The medium-scale segment is also expected to witness significant growth, owing to the rising adoption of solar energy by commercial and industrial sectors.

    In 2023, the Solar EPC Market for large-scale projects was valued at USD 43.2 billion, and it is projected to reach USD 98.6 billion by 2032, exhibiting a CAGR of 10.8% during the forecast period. The growing demand for renewable energy sources and government incentives for solar installations are major factors driving the market growth.

    Get more detailed insights about Solar EPC market Research Report — Global Forecast till 2032

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    Regional Insights

    The Solar EPC Market revenue was valued at USD 81.38 billion in 2023 and is expected to grow at a CAGR of 10.29% to reach USD 196.52 billion by 2032. Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth in this region is attributed to the increasing adoption of solar energy in the United States and Canada. Europe is the second largest market for solar EPC services.

    The region is witnessing a growing demand for renewable energy sources, driven by government initiatives and favorable policies. APAC is expected to be the fastest-growing region in the coming years. The region is experiencing a rapid increase in solar installations, particularly in China and India. South America and MEA are also expected to witness significant growth in the solar EPC market, driven by the increasing adoption of solar energy in these regions.

    Solar EPC Market Regional Insights

    Source: Primary Research, Secondary Research, Market Research Future Database and Analyst Review

    Key Players and Competitive Insights

    . First, the Solar EPC Market industry is characterized by the constant introduction of new models and technologies by major players. Such players, as well as smaller companies representing the solar EPC industry, need to become more competitive. Second, the Solar EPC Market industry is a rather consolidated one – mergers, acquisitions, and partnerships occur rather frequently. 

    Third, leading companies in the Solar EPC Market invest in the further development of their products, focusing notably on research and development to help improve efficiency and reduce the cost of products. Finally, fourth, the Solar EPC Market industry does not stand apart from other markets, and trends in the solar EPC market industry are partially shaped by other trends occurring in various markets. However, the overarching trend is that of the ever-growing collaboration between and unification of solar EPC companies.

    One of the major players in the solar EPC market is JinkoSolar, one of the main producers of solar panels and EPC services. JinkoSolar provides an extensive range of solar panels, including monocrystalline, polycrystalline, and thin-film panels. The company also provides solar EPC services for projects of any scale. JinkoSolar operates in more than 100 countries globally. 

    First Solar is another major company in the Solar EPC Market, and it is focused on the production of solar panels. However, unlike JinkoSolar, the company produces thin-film solar panels, including cadmium telluride and copper indium gallium selenide. Additionally, First Solar provides EPC services. The company works in more than 20 countries.

    Key Companies in the Solar EPC market market include

    Industry Developments

    The Solar EPC Market is projected to grow significantly in the coming years, driven by increasing demand for renewable energy and government initiatives to promote solar power adoption. The market is expected to reach a valuation of USD 81.38 billion by 2023, with a CAGR of 10.29% from 2024 to 2032. 

    Recent news developments include the announcement of a partnership between Lightsource bp and EDF Renewables to develop a 250 MW solar project in the UK and the acquisition of SolarPower Europe by REFIRE, a provider of renewable energy intelligence. These developments indicate the growing interest and investment in the solar EPC market as companies seek to capitalize on the increasing demand for renewable energy solutions.

    Future Outlook

    Solar EPC market Future Outlook

    The Global Solar EPC Market is poised for growth at 10.87% CAGR from 2024 to 2035, driven by technological advancements, regulatory support, and increasing demand for renewable energy.

    New opportunities lie in:

    • Develop integrated solar solutions combining storage and EPC services.
    • Expand into emerging markets with tailored financing options.
    • Leverage AI for project management and efficiency optimization.

    By 2035, the market is expected to solidify its position as a leader in sustainable energy solutions.

    Market Segmentation

    Solar EPC Market Regional Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Solar EPC Market System Size Outlook

    • North America
    • Europe
    • South America
    • Asia Pacific
    • Middle East and Africa

    Solar EPC Market Project Type Outlook

    • Small-Scale Solar EPC (up to 1 MW)
    • Medium-Scale Solar EPC (1-10 MW)
    • Large-Scale Solar EPC (over 10 MW)

    Solar EPC Market Energy Source Outlook

    • Rooftop Solar Projects
    • Ground-Mounted Solar Projects
    • Floating Solar Projects

    Report Scope

    Report Attribute/Metric Details
    Market Size 2022 73.79(USD Billion)
    Market Size 2023 81.38(USD Billion)
    Market Size 2032 196.52(USD Billion)
    Compound Annual Growth Rate (CAGR) 10.29% (2024 - 2032)
    Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    Base Year 2023
    Market Forecast Period 2024 - 2032
    Historical Data 2019 - 2023
    Market Forecast Units USD Billion
    Key Companies Profiled JinkoSolar, JA Solar Holdings Co., Ltd., Hanwha Solutions Corporation, First Solar, Inc., SunPower Corporation, Wuhan LONGi Technology Co., Ltd., Sungrow Power Supply Co., Ltd., Risen Energy Co., Ltd., Talesun Solar Technologies Co., Ltd., Longi Green Energy Technology Co., Ltd., Canadian Solar Inc., GCL System Integration Technology Co., Ltd., Powerway Renewable Energy Co., Ltd., Trina Solar Ltd.
    Segments Covered Energy Source, Project Type, System Size, Regional
    Key Market Opportunities Increasing Rooftop Solar Adoption, Government Incentives and Policies, Grid Infrastructure Development, Technological Advancements, Growing Demand from Emerging Markets
    Key Market Dynamics Rising demand for renewable energy, Government incentives and regulations, Technological advancements, Increasing cost efficiency, Growing investments in infrastructure
    Countries Covered North America, Europe, APAC, South America, MEA

    FAQs

    What is the expected overall valuation of the Solar EPC Market in 2024 and 2032?

    The Solar EPC Market is expected to reach a valuation of 81.38 billion USD in 2023. By 2032, it is projected to grow to 196.52 billion USD, exhibiting a CAGR of 10.29% during the forecast period.

    Which region is anticipated to dominate the Solar EPC market in the coming years?

    North America region is expected to maintain its dominance in the Solar EPC Market. Factors such as increasing government initiatives promoting solar energy adoption, favorable policies, and growing demand for renewable energy sources contribute to the region's leadership position.

    What are the key applications driving the growth of the Solar EPC market?

    Utility-scale solar projects are a primary driver of market growth. Governments worldwide are setting ambitious renewable energy targets, leading to increased investments in large-scale solar power plants. Additionally, the commercial and industrial sectors are adopting solar EPC services to reduce energy costs and enhance sustainability.

    Who are some of the leading players in the Solar EPC Market?

    Key players in the Solar EPC Market include: - Tata Power Solar - Sterling and Wilson Renewable Energy - Mahindra Susten - JinkoSolar - Power China - Trina Solar - First Solar - SunPower - Boralex - EDPR Renewables

    What are the key trends shaping the future of the Solar EPC market?

    The increasing adoption of digital technologies, such as AI and IoT, is a key trend influencing the Solar EPC market. These technologies optimize plant performance, reduce downtime, and enhance overall efficiency. Additionally, the rise of hybrid energy systems combining solar with other renewable sources is gaining traction, offering greater flexibility and reliability.

    How is the competitive landscape of the Solar EPC market evolving?

    The Solar EPC market is highly competitive, with both established players and emerging companies vying for market share. Strategic partnerships, mergers and acquisitions, and technological innovations are common strategies adopted by companies to gain a competitive edge. Market consolidation is also expected as larger players acquire smaller companies to expand their geographical reach and service offerings.

    What are the challenges faced by the Solar EPC industry?

    Fluctuating raw material costs, particularly for solar panels and components, pose a challenge to the Solar EPC industry. Additionally, geopolitical uncertainties and trade disputes can impact project timelines and costs. Labor shortages and skilled workforce availability can also hinder project execution in certain regions.

    How is the regulatory landscape influencing the Solar EPC market?

    Government regulations play a significant role in shaping the Solar EPC market. Favorable policies, such as feed-in tariffs and tax incentives, drive solar project development. However, regulatory changes and permitting processes can impact project timelines and costs. Market participants must stay abreast of evolving regulations to navigate the market effectively.

    What are the growth opportunities for the Solar EPC market?

    Emerging markets with high solar potential offer significant growth opportunities for the Solar EPC market. Expanding rural electrification initiatives and the growing demand for off-grid solar solutions present lucrative opportunities for market players. Additionally, technological advancements, such as bifacial solar panels and energy storage systems, are expected to drive market growth in the coming years.

    How is the COVID-19 pandemic impacting the Solar EPC market?

    The COVID-19 pandemic has had a mixed impact on the Solar EPC market. While project delays and supply chain disruptions were experienced during the initial stages of the pandemic, the long-term outlook remains positive. The government's focus on economic recovery and resilience has led to increased investments in renewable energy projects, including solar EPC. Additionally, the pandemic has accelerated the adoption of digital technologies in the industry, leading to improved efficiency and reduced costs.

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