September 11, 2019
Worldwide solar EPC market is predicted to grow substantially by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Increasing measures to abide with strict emission control regulations have shifted the focus of the industries towards the incorporation of energy conservation technologies. Consequently, advancements and effective operational variations coupled with rising cost-competitiveness are the factors augmenting the solar EPC market. In 2017, the United Nations announced Mission 2020 to address the urgency for worldwide climate conservation and reduce carbon emissions by 2020.
Based on the technology used, solar EPC market from CSP deployment is presumed to gain momentum, owing to the features such as low operating costs, easy installation, higher efficiency, and minimal carbon emissions offered by the technology. Revision of taxes and duties leading to decline in plant component prices will further fuel the segmental growth, cites the study.
Ground mounted solar EPC segment is being driven by constant improvement of schemes, plans, and reforms by regulators. Renewable energy certificates, clean energy drives, portfolio standards, and green bonds are some regulatory schemes positively influencing the worldwide solar EPC market.
Rapid commercialization across developing regions pose huge growth potential for sustainable technologies. Directives and reforms towards zero GHG emission and adoption of effective energy conservation solutions will have a positive impact on market dynamics. Furthermore, financial benefits linked with the adoption of solar technology will propel the consumer demand for solar EPC, claims the report.
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Considering the end-use spectrum, solar EPC market from residential deployments is predicted to grow significantly, on account of favorable regulations and ongoing technological developments. Schemes including incentives and subsidies for grid-tied deployments supported by strict measures towards the manufacture of effective technologies will further aid the product deployment in the segment.
In terms of regional contribution, APAC solar EPC market has gained momentum due to positive government reforms and increasing renewable fund allocation. Regulatory support programs, favorable self-consumption schemes, renewable incorporation targets, and investment subsidies have significantly boosted the industrial dynamics. Current economic development across developing countries, along with growing energy demand drive the business landscape.
Prominent solar EPC market companies include Belectric, First Solar, Bechtel, Topsun, Juwi, Swinerton, Enviromena, Yingli Green Energy, Trina, Canadian Solar, Conergy, SunPower, TBEA, ALSA, Enerparc, Sterling and Wilson, HanwhaQ Cells, and Akuo Energy among others.