Global Solar EPC Market Size Brief Analysis by Top Key Players - First Solar, Topsun, Enviromena, Trina, Canadian Solar, SunPower, ALSA, Sterling and Wilson, Akuo Energy, Hanwha Q Cells, Enerparc, TBEA, Conergy, Yingli Green Energy, Juwi, Swinerton, Eiffa
Rising measures to suffice with stringent regulatory directives with an aim to curtail emissions have streamlined industrial focus toward the incorporation of energy conservation technologies. Henceforth, effective operational variations & advancements along with increasing cost-competitiveness will stimulate the overall solar EPC market growth. In 2017, UN launched its Mission 2020 , to present new urgency to the ongoing global climate conversation by implying reduction in carbon emissions by 2020.
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Eminent solar EPC market participants include First Solar, Topsun, Enviromena, Trina, Canadian Solar, SunPower, ALSA, Sterling and Wilson, Akuo Energy, Hanwha Q Cells, Enerparc, TBEA, Conergy, Yingli Green Energy, Juwi, Swinerton, Eiffage, Bechtel and Belectric.
The global solar EPC market is estimated to accumulate substantial gains over the ensuing years owing to economic benefits of using solar power and the robust adoption of renewable energy resources by major corporates.
In an era of skyrocketing power bills, customers leave no stone unturned to minimize energy expenses. With several economies offering beneficial schemes to promote renewable energy, customers are more than happy to adopt green energy. The federal solar tax credit offers credibility to the above claim, as it has undergone a series of extensions to boost the solar industry to its full maturity. Until the end of 2019, the tax credit would be 30% of the cost of the solar panel system and in 2020 owners of new solar panel systems for residential and commercial property would be able to attain 26 percent deduction of the cost of their system from their taxes. These benefits can help customers save on energy bills and encourage more households to invest in solar panel systems, which will eventually boost the global solar EPC market growth.
Concentrated solar power deployments across the global solar EPC market is predicted to grow on account of ease of installation, low operating costs, minimal carbon emissions and higher efficiency. Moreover, decline in the price of plant components pertaining to the upliftment or revision of duties and taxes has favored the product deployment. Economic escalation along with shift in industrial trends have upsurged solar installations globally, which will further complement the technological adoption.
In the current industrial scenario, regulators have constantly been focusing on the enhancement of reforms, schemes, and plans to favor ground mounted installations. Green bonds, clean energy drives, renewable energy certificates, and portfolio standards are few regulatory schemes positively influencing the global solar EPC market. Furthermore, large-scale agreements with manufacturers to introduce effective technologies with significant expansion potential will further escalate the industry growth.
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Ongoing commercialization across emerging regions pose immense growth potential for industrial sustainable technologies. Mandates and reforms toward zero GHG emission and adoption of effective energy conservation solutions will positively sway the industry dynamics. In addition, favorable consumer prospects further influenced by fiscal benefits related to the installation of solar technology will strengthen the overall solar EPC market share.
In the recent years, residential deployments have witnessed escalation on account of positive regulatory regime coupled with ongoing technological enhancements. Schemes including subsidies, incentives for grid-tied deployments, FiT s, supported by stringent measures toward the manufacture of efficient technologies will further augment the product deployment. Furthermore, enactment of standards and building codes across specific regions to incorporate an energy efficient environment which will amplify the solar EPC market potential.
Solar EPC market across the APAC region has gained impetus owing to positive government reforms and growing renewable fund allocation. Favorable self-consumption schemes, regulatory support programs, investment subsidies, renewable incorporation targets and similar regulatory initiatives have substantially energized the industry dynamics. Ongoing economic expansion across emerging nations coupled with rising energy demand across developing power markets have further nurtured the business landscape.
Given the increasing global concerns surrounding climate change and GHG emissions, there has been a rise in government & industrial initiatives endorsing energy conservation, which can further propel Solar EPC demand. Recently, Digital Reality inked a virtual power purchase agreement on behalf of Facebook to back its renewable energy goals. In the same light, search engine giant Google also announced plans to build solar power plants totaling 413 Megawatts in Tennessee. The surging efforts to meet annual electricity consumption through solar energy will undoubtedly favor the solar EPC market growth over the coming years.
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