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What's Driving the Solar EPC Market Growth Trends? Top Key Players are Trina Solar, Canadian Solar, First Solar, SunPower Corporation, Enviromena, Akuo Energy, Sterling and Wilson, Hanwha Q Cells, Conergy, Bechtel, Yingli Green Energy, Eiffage

05-23-2020 12:06 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Decresearch

Solar EPC Market

Solar EPC Market

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.

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 industry in recent years.

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The global solar EPC market is poised to chart out a remarkable growth curve in the coming years owing to the rise in environmental concerns along with the stringent government mandates for reducing carbon emissions. Moreover, momentous upgrades and variations coupled with a rise in cost-competitiveness have shifted the industrial focus towards adoption of efficient energy conservation initiatives which will propel solar EPC industry in the years to come. Say for instance, in 2017, the United Nations had launched an initiative known as 'Mission 2020' with a goal of introducing 'new urgency' by implying reduction in greenhouse gas emissions by 2020.

Initiatives from such organizations to cut down on polluting emissions would further drive the demand for efficient energy solutions. Increased demand from industries for the installation of solar panels in an attempt to contribute towards global energy conservation in tandem with positive regulatory mandates which include FiT, investment tax credits, tax rebates, leveraging schemes, and subsidies will lead to solar EPC industry charting out a remarkable growth path in the ensuing years. The global solar EPC market outlook will also be complemented with the revamping of investment flow and trade policies across emerging countries.

Prominent companies partaking in the solar EPC market share have evidently been reinforcing their expertise with product innovations and portfolio expansion for enhancing their stance across this industry. A gist of the contribution by some of the notable companies in the solar EPC industry is mentioned below:

1. Trina Solar
2. Canadian Solar
3. First Solar
4. SunPower Corporation
5. Enviromena
6. Akuo Energy
7. Sterling and Wilson
8. Hanwha Q Cells
9. Conergy
10. Bechtel
11. Yingli Green Energy
12. Eiffage

Customers generally prefer roof-top PVs as they don't require a dedicated land area for installation and can efficiently occupy roof space that is widely available even in urban areas. Apparently, India's National Solar Mission shares similar goals on using roof-top PVs, as it officially announced plans to install 100 GW of solar by 2022, of which 40 GW would be credited to rooftop solar. In essence, the integration of decentralized generation units in order to cater to the growing demand for energy will massively augment solar EPC market from roof-top installations over 2019-2025.

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 industry 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.

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