Global Utility Solar PV EPC Market to Witness Robust Growth Through 2030

October 12, 2021


According to the report titled ‘Utility Solar PV EPC Market Size, By Capacity (≤10 MW, >10 MW to 50 MW, >50 MW to 200 MW, >200 MW), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 – 2030’, available with MarketStudyReport, utility solar PV EPC market is expected to witness robust growth during 2021-2030.

 

Rising demand for solar energy across the world is fueling the expansion of the utility solar PV EPC market. Moreover, over the projection period, a greater emphasis on clean energy at affordable costs is predicted to create booming opportunities for the market participants.

 

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Solar power, unlike oil and gas or coal, is an inexhaustible source of energy. Experts predict that fossil fuels will be phased out of the electrical sector by the mid-2030s owing to inclination towards renewable energy. In fact, renewable energy might potentially power the world by 2050, completely replacing fossil fuels and producing clean, inexpensive energy to enable breakthrough technologies like green hydrogen and electric vehicles.

 

Additionally, in recent years, the cost of solar power and other renewable energy sources has dropped, unlocking an energy reservoir that is already cheaper than fossil fuels and might satisfy much of the world's energy demands in coming years.

 

Notably, rising environmental awareness has sparked consumer interest in solar energy, which has boosted industry growth. To take advantage of the growing demand, industry players have implemented several strategic initiatives aimed at expanding consumer reach and amplifying profit inflow.

 

Based on capacity, global utility solar PV EPC market is segmented into ≤10 MW, >10 MW to 50 MW, >50 MW to 200 MW, and >200 MW.

 

As per regional analysis, Latin America market was valued at USD 2 billion in 2020 and is anticipated to boost tremendously by 2030. Meanwhile, Middle East & Africa industry is reckoned to record 9% CAGR during the study period.

 

The top players in worldwide utility solar PV EPC market include Larsen & Toubro Limited, SunPower Corporation, BELECTRIC, TBEA Co. Ltd., COBRA Group, Bharat Heavy Electricals Limited (BHEL), Topsun Energy Limited, Sterling and Wilson Solar Ltd., ACME Solar, Risen Energy Co. Ltd., Power Construction Corporation of China Ltd., Swinerton Renewable Energy, Ritis Meera Infra Energy LLP, KEC International Limited, and Tata Power Solar Systems Ltd. among others.

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