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Solar EPC Market by Analysis, Industry Outlook, Growth and Forecast To 2025 | Trina Solar, Canadian Solar Inc., First Solar, SunPower Corporation, Enviromena, Alsa Solar Systems LLC, Akuo Energy

03-16-2020 03:26 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

Solar EPC Market

Solar EPC Market

Large-scale utility installation will positively influence the global solar EPC market. The utility sector, that mainly deploys ground-mounted solar power systems, is touted to have been recorded as one of the most lucrative end-use sectors for the solar EPC market in 2018. With the escalating growth in smart cities and electric vehicles reaching the masses, there is increasing pressure on the utility sector for delivering sustainable energy to manufacturing industries and customers. Rising focus toward curbing CO2 emissions from large industries and power generating plants in tandem with favorable fiscal benefits on the grounds of the development of energy efficient solar systems will further augment solar EPC industry size from utility applications.

United States is touted to emerge as one of the most prominent regional markets for the solar EPC industry. As per estimates, the U.S. solar EPC market is projected to exceed $14 billion by 2025, driven by the fact that solar power has proven to be a strong driver of the region's economic growth. Reportedly, in 2014, the U.S. solar industry employed over 170,000 people, offering a job growth rate that positively influenced the overall economy.

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Regulatory measures to reduce dependence on conventional fossil fuels coupled with financial funding to integrate renewable energy will also stimulate product penetration. In addition to offering new jobs, the U.S. government, in 2017, proposed plans to decrease in their tax reforms by reducing corporate taxes in a bid to boost the clean energy business potential, that would further stimulate the U.S. solar EPC market growth.

Another region that has gained traction in solar EPC market is the Asia Pacific, on account of the rising investments in the renewable sector backed by favorable government initiatives. Investment subsidies, positive regulatory programs, renewable integration targets and government reforms have certainly reinforced the APAC solar EPC market in recent years.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o Trina Solar
o Canadian Solar
o First Solar
o SunPower Corporation
o Enviromena
o ALSA Solar Systems
o Akuo Energy
o Sterling and Wilson
o Enerparc AG
o Hanwha Q Cells
o Conergy
o TBEA
o Bechtel
o Yingli Green Energy
o Juwi AG
o Belectric
o Eiffage
o Topsun Energy Limited
o Swinerton Energy

China-based integrated solar systems provider, Trina Solar Ltd., has recently come up with an innovative solution, Trinahome, which will perfectly serve the small-to-medium sized enterprises (SMEs) as well as households, seeking to reduce their energy bills along with helping the environment. According to reports, renewable energy accounted for only 2% of energy mix in the nation by late 2018, however, the Malaysian government has set a target of increasing it to 20% by 2025.

Trina Solar believes the nation will show a higher growth rate and ample opportunity in solar installation in the upcoming time. During the same time period, it was also reported that the company is seeking to enter the Malaysian market to expand its business presence. The efforts by industry magnates to bring forth a spate of innovative solutions and expand their geographical reach will consequently augment the global solar EPC market.

Abu Dhabi-based Enviromena Power Systems had inked a power purchase agreement (PPA) in 2018 for installing a solar power system in the Al Barakah Dates factory. The factory will be installed with a 1-megawatt peak (MWp) system and will be the first of its kind to run on solar power. Enviromena will be installing 3,220 solar PV panels on a 10,000 square meter building, which will offset 100% of the factory's electricity needs.

The solar firm revealed that this system would result in saving AED 10 million ($2.72 million), along with 882 tons of carbon dioxide emissions, which is equal to removing about 200 vehicles from the road.

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A year ago, Canadian Solar had announced the introduction of its next generation solar modules BiKu, HiKu and HiDM. The HiKu poly modules are specially developed for the utility market, where power output could exceed 400 W. This module could reduce solar projects' EPC cost owing to its lower BOS and installation costs. The HiDM (High-Density Module) consists unique IP-granted design features from the company.

The 60-cell mono HiDM module's power output could reach 335 W, which is around 10% higher compared to a standard cell mono PERC module. The launch of such advanced solutions is certain to propel the commercialization potential of the solar EPC market in the years to come.

Analyzing the efforts undertaken by notable industry players, it is overt that the solar EPC market will register a remarkable growth rate in the upcoming years. The competitive spectrum of solar EPC market is quite diverse, and consists of prominent companies such as Swinerton, Eiffage, Juwi, Topsun, Yingli Green Energy, Belectric, Hanwha Q Cells, Bechtel, TBEA, Conergy, Enerparc, Akuo Energy, ALSA, Sterling and Wilson, SunPower and First Solar.

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