Overview and Scope
The utility solar photovoltaic (PV) engineering, procurement, and construction (EPC) refers to the process of designing, procuring materials, and constructing large-scale solar photovoltaic (PV) power plants that are intended to supply electricity to the utility grid. This encompasses the end-to-end process of bringing large-scale solar PV projects from concept to completion, ensuring that they are engineered, procured, and constructed in a cost-effective and efficient manner to generate electricity for utility-scale applications.
Sizing and Forecast
The utility solar PV EPC market size has grown rapidly in recent years. It will grow from $55.53 billion in 2023 to $61.94 billion in 2024 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to government policies and incentives, economic viability, renewable energy targets, public and environmental support, grid stability and reliability, global energy transition.
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Segmentation & Regional Insights
The utility solar PV EPC market covered in this report is segmented –
1) By Type: Ground-Mounted, Rooftop
2) By Storage: With Storage, Without Storage
3) By End User: Residential, Commercial, Utility uses
Asia-Pacific was the largest region in the utility solar PV EPC market in 2023. The regions covered in the utility solar PV EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing electricity demand and the need for reliable power generation are expected to propel the growth of the utility solar PV EPC market going forward. Electricity is a form of energy resulting from the movement of charged particles, typically electrons, through a conductor. The demand for generating electricity from utility-scale solar photovoltaic (PV) projects is increasing to reduce carbon emissions and combat climate change. It provides a significant and scalable source of clean energy and helps to accelerate the deployment of solar energy, contributing to the transition to more sustainable and renewable energy. For instance, according to the International Energy Agency (IEA), a Paris-based international energy forum, 2021 reported a 5% increase in global electricity demand compared to the previous year. Furthermore, electricity generation from renewables is expected to increase by 6% in 2022 compared to 8% in 2021. Therefore, increasing electricity demand and the need for reliable power generation drives the utility solar PV EPC market.
Key Industry Players
Major companies operating in the utility solar PV EPC market are Power Construction Corporation of China, Larsen & Toubro Limited, Trina Solar Co.Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., Swinerton Renewable Energy Inc., Risen Energy Co. Ltd., Bharat Heavy Electricals Limited, First Solar Inc., SunPower Corporation, JUWI AG, Tata Power Solar Systems Limited, Sterling and Wilson Private Limited, ACME Solar Holdings Limited, TBEA Co. Ltd., Q Cells Co. Ltd., BElectric, STEAG GmbH, Topsun Energy (Hong Kong) Co. Ltd., ALSA Solar Systems LLC, Eiffage SA, Enerparc AG, Ritis Meera Infra Energy Private Limited, Enerparc AG, Ritis Meera Infra Energy
The utility solar pv epc market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
………..
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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