Utility Solar EPC Market Size - By Capacity (50 kW to 1 MW, 1 to 3 MW, 3 to 10 MW, 10 to 50 MW, > 50 MW), Global Outlook & Forecast, 2024 - 2032

Global Utility Solar EPC Market will witness over 10% CAGR between 2024 and 2032, driven by the increasing number of contracts awarded to leading companies. As governments and private sectors push for sustainable energy solutions, the demand for large-scale solar projects has escalated. Major players in the industry, such as First Solar, SunPower, and Fluor, are securing significant contracts, reflecting their expertise and reliability in delivering high-quality solar installations.

These contracts often span multiple regions and involve substantial investments, underscoring the global commitment to renewable energy. For instance, in January 2024, Babcock & Wilcox Enterprises, Inc. announced that its subsidiary, Babcock & Wilcox Solar Energy, Inc., secured contracts from Cypress Creek Renewables, LLC. These contracts involve the implementation of three utility-scale photovoltaic solar power installations, totaling 75 megawatts, in western Pennsylvania.

The rising demand is fueled by factors such as declining costs of solar technology, favorable government policies, and growing awareness of environmental issues. Additionally, advancements in solar panel efficiency and storage solutions make solar power a more viable option for utilities. As leading companies continue to innovate and execute large-scale projects, the Utility Solar EPC market is poised for robust growth, contributing significantly to the global energy transition.

The overall Utility Solar EPC Industry value is classified based on the capacity and region.

Based on capacity, the utility solar EPC market revenue from the > 200 MW segment will register a commendable CAGR from 2024 to 2032. This surge is driven by the global shift towards renewable energy and the need for large-scale solar installations to meet energy demands sustainably. Leading companies are increasingly awarded contracts for these massive projects, reflecting their capability to deliver complex solar solutions efficiently. The reduction in solar technology costs, combined with favorable governmental policies and incentives, further fuels this demand. As more utilities and corporations commit to reducing carbon footprints, the market for >200MW solar projects is poised for substantial growth, advancing the transition to green energy.

Europe utility solar EPC market will exhibit a notable CAGR from 2024 to 2032. European countries are committing to ambitious carbon reduction targets and green energy initiatives, leading to a surge in large-scale solar projects. Major EPC companies are securing numerous contracts to develop these projects, driven by declining solar technology costs and supportive government policies. The European Union's focus on sustainability and energy security further propels this demand. As Europe strives to meet its renewable energy goals, the Utility Solar EPC market is set for robust expansion, driving the continent's transition to clean energy.