Solar EPC Market Statistics to Reach $1.2 Trillion by 2034 | Rapid Global Shift Toward Renewable Power

Global Solar EPC Industry Grows at 11.9% CAGR Driven by Renewable Adoption 🌞

WILMINGTON, DE, UNITED STATES, November 5, 2025 /EINPresswire.com/ --

According to a recent report published by Allied Market Research, the solar EPC market size was valued at $0.4 trillion in 2024 and is projected to reach $1.2 trillion by 2034, registering a robust CAGR of 11.9% from 2025 to 2034. This growth reflects the accelerating shift toward renewable energy and the increasing need for sustainable, reliable, and cost-effective power generation solutions across the world.

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🔧 What is Solar EPC?

Solar EPC (Engineering, Procurement, and Construction) is a project delivery model in which a single contractor is responsible for executing a solar project from its initial design to its final commissioning. The EPC contractor handles:

System design and layout (Engineering)

Procurement of panels, inverters, mounting systems, and other materials (Procurement)

Installation, construction, and system activation (Construction)

This turnkey approach ensures technical consistency, eliminates coordination complexities, and improves accountability. Solar EPC services are widely used in:

Residential rooftop solar installations

Commercial and industrial solar power plants

Utility-scale solar farms

Floating and ground-mounted solar systems

Many EPC contractors also provide post-installation monitoring and maintenance, ensuring continued performance and energy yield.

⚡ Market Drivers Fueling Growth in the Solar EPC Market

✅ Strong Government Incentives

Policies such as tax credits, renewable purchase obligations, feed-in tariffs, and grants have significantly lowered financial barriers. For instance, the U.S. Federal Solar Investment Tax Credit (ITC) allows investors to deduct a major portion of the solar system cost from federal taxes. Similar incentive frameworks exist in India, China, Europe, Middle East, and Southeast Asia, encouraging large-scale adoption.

✅ Rising Costs of Conventional Energy

As fossil fuel prices remain volatile, consumers and businesses are seeking stable and affordable energy alternatives. Solar energy provides a predictable cost structure and reduces reliance on imported fuels, supporting long-term energy security.

✅ Energy Transition & Climate Commitments

Governments and corporations worldwide are announcing net-zero emission targets. Solar EPC contractors are playing a critical role in building the renewable infrastructure required to meet these commitments.

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🌍 Emerging Opportunities Creating New Market Potential

🚀 Growth in Developing Regions

Countries in Asia-Pacific, Africa, and Latin America present strong opportunities due to high solar exposure, growing energy demand, and increasing renewable policy support. Power purchase agreements (PPAs) and foreign investments are enabling accelerated deployment of solar projects.

🤖 Technological Advancements

New breakthroughs are improving system efficiency, lowering costs, and enhancing reliability. Key innovations include:

High-efficiency PV modules

Advanced lithium and sodium-ion energy storage

AI-powered predictive maintenance systems

Smart grid and IoT-enabled monitoring

Digital transformation is helping Solar EPC companies deliver projects faster, safer, and more efficiently.

⚠️ Market Challenges Hindering Growth

Despite strong momentum, the solar EPC market faces obstacles that need strategic management:

High Upfront Installation Costs – While solar equipment prices have dropped, installation and grid integration can still require substantial investment.

Fluctuating Raw Material Prices – Variations in the prices of silicon, copper, aluminum, and lithium can impact project feasibility.

Regulatory Complexity – Approvals vary across regions and can cause delays if processes are unclear or inconsistent.

Overcoming these challenges will involve policy stability, financial innovation, and supply chain optimization.

🏭 Market Segmentation Highlights

Photovoltaic solar technology dominates with more than 80% market share and is expected to grow steadily.

Rooftop installations lead in installation type due to widespread adoption by commercial and industrial facilities.

Small-scale systems (up to 1 MW) are projected to grow fastest due to rising residential and SME renewable adoption.

Commercial and industrial segment remains the highest revenue contributor.

Asia-Pacific region leads with over 41% market share and is forecast to grow rapidly due to strong policy support and lower installation costs.

🌟 Leading Companies in the Solar EPC Market

Key contributors shaping the global market include: Jinko Solar, JA Solar, Hanwha Solutions, First Solar, Trina Solar, Larsen & Toubro, Canadian Solar, SolarEdge Technologies, SunPower Corporation, and Yingli Green Energy.These players continue to invest in capacity expansion, smart energy integration, and strategic partnerships to strengthen their global presence.

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✅ Conclusion

The solar EPC market is set to continue its strong growth trajectory as countries and businesses accelerate their shift toward renewable power. Supportive policies, rising energy costs, and technological advancements are driving the expansion of residential, commercial, and utility-scale solar installations. As clean energy adoption becomes essential for sustainability and economic stability, Solar EPC contractors will remain vital to the global energy transition. ☀️🌍

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About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Allied Market Research
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