Shifting focus towards sustainable energy and ongoing grid modernization activities has accelerated the adoption of solar energy sources which has led to a considerable rise in the demand for solar photovoltaic EPC (engineering, procurement, and construction) projects. Increasing integration of renewables to minimize the overall GHG emissions along with the government initiatives to promote the adoption of energy-efficient solutions is giving massive momentum to utility solar PV EPC market.

The adoption of utility scale solar PV is set to replace the traditional energy sources over the foreseeable future on account of lower capital expenditure and favorable economies of scale related to large-scale project development. Moreover, accelerating technological developments and growing public awareness will further favor the establishment of utility-scale solar PV projects, fueling the business growth.

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As per the recent report by Global Market Insights, Inc., utility solar PV EPC market is estimated to observe a CAGR of more than 10% through 2027, in light of the following trends:

Rising government initiatives pertaining to solar energy

Establishment of solar PV EPC is largely impelled by the government incentives across the world. The governing bodies are undertaking auctions, providing tariffs, tax exemptions and hefty investments in solar energy projects. Citing an instance, in 2021, The U.S. government gave its approval for a large solar energy project in the California desert having a capacity to power around 90,000 homes. The Crimson Solar Project valued $550 million will be sited on 2,000 acres of federal land west of Blythe, California, as suggested by a report by Reuters.

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Strategic initiatives by major industry players

The increasing proclivity towards solar energy is encouraging various market players to develop new projects and expand their capacity to effectively meet the rising demand and gain a competitive edge in the industry. For instance, in 2021, renewables sub-division of the Power Transmission & Distribution Business of Larsen & Toubro was awarded with an EPC contract from the consortium of ACWA Power and the Water and Electricity Holding Company for the Sudair Solar photovoltaic Project of capacity 1.5 GW.

Increasing deployment of solar farms of ≤ 10 MW rated capacity

Availability of the essential resources, growing market potential and cost competitiveness is largely driving the installation of solar farms of ≤ 10 MW rated capacity, especially in European Union. The region has reportedly observed new capacity additions led by solar power purchase agreements regardless of subsidies and auctions. In addition, stringent norms formulated for limiting the overall emissions released by traditional energy sources is as well positively influencing the business scenario. Reportedly, ≤ 10 MW capacity segment is expected to register a CAGR of 6% through 2030.

Growing adoption of clean energy in North America

Increasing efforts by the government authorities in North America to integrate clean energy resources to achieve renewable energy mix targets is the major factor augmenting the market growth. To illustrate, the U.S. government launched the Investment Tax Credit (ITC) scheme which is aimed at minimizing the high upfront costs associated with the installation of utility-scale solar PV plant. Besides, the government also provides suppliers with credits and other rebates which has created a supportive scenario for the panel manufacturers in the region. On account of these factors, North America utility solar PV EPC market had recorded a substantial valuation of over USD 8 billion in 2020.

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