Solar EPC Market Set to Reach $1.2 Trillion by 2034

Core Insights - The global market for Solar Engineering, Procurement, and Construction (EPC) services is expected to grow significantly, nearly tripling from $0.4 trillion in 2024 to $1.2 trillion by 2034, with a Compound Annual Growth Rate (CAGR) of 11.9% from 2025 to 2034 [1][2]. Market Drivers and Segments - Key drivers for this growth include global climate commitments, national net-zero targets, and government policies that lower financial barriers for solar project development, particularly in countries like India [4]. - Technological advancements in solar panel efficiency and decreasing module costs are enhancing the economic viability of large-scale solar installations, making them more competitive against traditional energy sources [5]. Market Segmentation - Technology: The photovoltaic solar segment accounted for 80% of global market revenue in 2024, due to its scalability and cost-effectiveness, making it a preferred solution for corporate carbon reduction and energy transition efforts [5]. - End-Use: The commercial and industrial (C&I) segment was the largest in 2024, capturing over 40% of market revenue as businesses adopt solar to manage electricity costs and meet sustainability goals [5]. - Installation Type: Rooftop installations held over 50% of total revenue in 2024, becoming central to decentralized power generation by providing clean power directly at the point of consumption [5]. - Project Size: Medium-sized projects (1 to 10 megawatts) represented the largest share by size in 2024, appealing to commercial and industrial consumers seeking energy cost savings without the complexities of large utility-scale farms [5].