Solar EPC Market to Reach $1.2 Trillion, Globally, by 2034 at 11.9% CAGR: Allied Market Research

The Solar Engineering, Procurement, and Construction (EPC) market is experiencing significant growth due to several key drivers. Government initiatives, such as the National Solar Mission and the PM KUSUM Scheme, have been instrumental in promoting solar energy adoption. These programs provide financial incentives and subsidies, making solar projects more attractive to developers and investors. Additionally, India's commitment to achieving 500 GW of renewable energy capacity by 2030, with a substantial portion from solar power, highlights the nation's dedication to sustainable energy solutions.

WILMINGTON, Del., Nov. 24, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar EPC Market by Technology (Photovoltaic Solar and Concentrated Solar Power), Installation Type (Rooftop, Ground Mounted, and Floating), Size (Small (up to 1 MW), Medium (1 to 10 MW), and Large (More than 10 MW)), and End-Use (Residential, Commercial and Industrial, and Utility): Global Opportunity Analysis and Industry Forecast, 2025-2034". According to the report, the solar EPC market was valued at $0.4 trillion in 2024, and is estimated to reach $1.2 trillion by 2034, growing at a CAGR of 11.9% from 2025 to 2034.

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Prime determinants of growth

Technological advancements in solar panel efficiency and reductions in module costs have further fueled market expansion. The decline in solar module prices, coupled with policy changes like the suspension of the ALMM order, has made large-scale solar installations more economically viable. States like Rajasthan and Gujarat have emerged as leaders in solar installations, contributing significantly to the country's cumulative installed solar capacity. These developments position the Solar EPC market for continued growth, driven by supportive policies, technological innovations, and strategic investments. The Solar EPC (Engineering, Procurement, and Construction) market is driven by strong government support, falling solar panel costs, and growing environmental awareness. Incentives, tax benefits, and ambitious renewable energy targets such as achieving net-zero emissions are encouraging large-scale solar projects worldwide. Technological advancements and economies of scale have made solar installations more cost-effective, further boosting demand for EPC services in both utility and rooftop segments.

However, the market faces a key restraint in the form of policy and regulatory uncertainty. Sudden changes in subsidy structures, import duties on solar components, or delays in land acquisition and project approvals can disrupt project timelines and raise costs. Additionally, dependence on imports—especially from a few countries for critical components like PV modules poses supply chain risks.

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The photovoltaic solar segment to maintain its lead position during the forecast period.

By technology, the photovoltaic solar segment accounted for the largest share in 2024, contributing to four-fifths of the global solar EPC market revenue. The demand for photovoltaic (PV) solar is increasing for solar EPC (Engineering, Procurement, and Construction) companies due to a combination of economic, environmental, and policy-driven factors that are reshaping global energy priorities. As countries and corporations commit to reducing carbon emissions and transitioning to renewable energy, PV solar emerges as one of the most scalable and cost-effective solutions. This shift creates a surge in demand for EPC services to implement large-scale solar projects quickly and efficiently.

The rooftop segment to maintain its lead position during the forecast period.

By installation type, the rooftop segment accounted for the largest share in 2024, contributing to more than half of the global solar EPC market revenue. Rooftop solar EPC (Engineering, Procurement, and Construction) projects have become a cornerstone of the global renewable energy transition by enabling decentralized, clean power generation directly at the point of use. These projects involve designing, sourcing, and installing solar photovoltaic (PV) systems on residential, commercial, and industrial rooftops. EPC companies manage everything from site assessment and system design to procuring panels, inverters, mounting structures, and wiring, followed by installation and commissioning. Their expertise ensures that systems are optimized for available space, sunlight exposure, and load requirements, maximizing energy yield and financial returns.

The medium (1 to 10 MW) segment to maintain its lead position during the forecast period.

By size, the medium (1 to 10 MW) segment accounted for the largest share in 2024, contributing to more than three-eighths of the global solar EPC market revenue. The demand for medium (1 to 10 MW) solar EPC projects is increasing due to the growing energy needs of commercial, industrial, and institutional consumers who seek cost-effective, reliable, and sustainable power solutions. This segment offers a sweet spot between small rooftop systems and large utility-scale plants, providing enough capacity to significantly reduce electricity bills while avoiding the complexity and land requirements of massive solar farms. Many businesses and industries are adopting medium-scale solar to enhance energy security, control costs, and meet corporate sustainability goals, driving strong demand for EPC services that can deliver turnkey solutions.

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The commercial and industrial segment to maintain its lead position during the forecast period.

By end-use, the commercial segment accounted for the largest share in 2024, contributing to more than two-fifths of the global solar EPC market revenue. The demand for solar EPC in commercial and industrial (C&I) applications is increasing rapidly due to rise in electricity costs and the need for energy cost predictability in businesses. Large energy consumers in manufacturing, retail, data centers, and offices are seeking to reduce operational expenses by generating their own clean power onsite. Solar EPC companies provide comprehensive services that simplify this transition, delivering customized solar solutions designed to maximize energy savings and ensure system reliability critical factors for business continuity.

Asia-Pacific to maintain its dominance by 2034

By region, Asia-Pacific held the highest market share in terms of revenue in 2024, accounting for more than two-fifths of the solar EPC market and is projected to register the highest CAGR of 12.3% during the forecast period. The demand for solar EPC (Engineering, Procurement, and Construction) projects in the Asia-Pacific region is rapidly increasing due to a combination of strong government support, rising energy needs, and a growing emphasis on sustainable development. Governments in key countries such as China, India, Japan, and Australia have implemented ambitious renewable energy targets and policies, including subsidies, tax incentives, and feed-in tariffs, which encourage investment in solar power. These supportive frameworks lower the financial barriers for solar project development, driving demand for experienced EPC companies capable of delivering turnkey solutions. 

Leading Market Players: -

• Jinko Solar Holding Co. Ltd.
• JA Solar Holdings Co. Ltd.
• Hanwha Solutions
• First Solar, Inc.
• Trina Solar Limited.
• Larsen & Toubro
• Canadian Solar
• Yingli Green Energy Holding Company Limited
• SolarEdge Technologies, Inc.
• SunPower Corporation.

The report provides a detailed analysis of these key players in the global solar EPC industry. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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