Global Solar PV O&M Market Reaches 348 GWdc As Vendor Consolidation Accelerates—Wood Mackenzie Report

The global solar photovoltaic (PV) operations and maintenance (O&M) market has recorded strong growth, reaching a cumulative volume of 348 GWdc, an increase of 61 GWdc. The expansion reflects the rapid growth of solar installations worldwide and the increasing need for reliable long-term asset management. At the same time, the market is becoming more consolidated, with the top 15 O&M vendors accounting for 57% of the global portfolio, representing nearly 200 GWdc.

Independent service providers (ISPs) remain the largest market segment, holding a 40% share. Three ISP companies also feature among the top five global O&M vendors. However, developers and engineering, procurement and construction (EPC) companies are expanding their presence as asset owners increasingly look for vertically integrated services that combine project development, construction and operations.

Novasource Power Services retained its position as the world’s largest solar O&M provider, increasing its portfolio to 38.4 GWdc. Its strong presence across the Americas continues to support its leading position. RES Energy Global Services, SOLV Energy, Solarig Energy Services and Recurrent Energy followed among the top five global vendors. Engie recorded one of the strongest expansions during the period, doubling its managed fleet after adding 5.4 GWdc.

Regional markets show different trends based on their level of development and cost structures. In the Americas, total O&M volume surpassed 175 GWdc, with the United States accounting for 142 GWdc. The region has the highest O&M costs globally, mainly because of high labor costs for field technicians. Despite this, full-wrap utility O&M contract prices declined by 17% to 18% year-on-year. Module cleaning costs, however, increased because of higher labor expenses and margin pressures.

Asia Pacific remained the most cost-competitive O&M region. Its tracked portfolio grew 29% to 71 GWdc, supported strongly by India, which accounted for 47.2 GWdc. This made India the second-largest national solar O&M market globally. EPC companies also overtook ISPs in the Asia Pacific region, supported by significant portfolio additions from companies such as Sterling & Wilson.

Europe, the Middle East and Africa (EMEA) continued to have a fragmented O&M market, with mid-sized companies maintaining a significant presence. The Middle East and Africa emerged as an important growth area, with the assessed market nearly doubling to 5.4 GWdc. Several major companies also entered these markets. O&M pricing across EMEA remained broadly stable, changing by less than 4%.

Service strategies are also changing as solar assets become more sophisticated. Technical activities such as plant commissioning, audits and AC/DC maintenance are increasingly being handled by in-house teams. Meanwhile, routine and labor-intensive activities such as module cleaning, vegetation management and general site maintenance continue to rely heavily on outsourcing or hybrid service models.

For asset owners, service quality and pricing remain the most important factors when selecting O&M partners, ahead of company size and reputation. The market is also expanding beyond conventional solar services. Around 65% of surveyed O&M vendors now support energy storage systems as a core business area, reflecting the growing integration of battery storage with renewable energy projects worldwide.