U.S. solar EPC market to gain commendable traction by 2025, global industry to be characterized by a rising number of rooftop installations
The global shift towards clean, affordable and reliable electricity along with rising focus towards curbing CO2 emissions will drive solar EPC market growth in the upcoming years. Reportedly, solar PV is recorded to be one of the most installed power generation technologies across the globe in recent years, having been accountable for the deployment of extensive new capacity than fossil fuels and nuclear combined. As per SolarPower Europe, in 2017, a total of 99.1 GW of on-grid solar systems were installed across the globe – depicting almost 30% y-o-y growth over the 76.6 GW capacity in 2016, thereby indicating that solar EPC industry is here to stay.
Solar EPC Market Size, By Ground Mounted, 2018 & 2025 (USD Million)
In terms of installations, it would be apt to quote that roof-top installations are likely to depict maximum instatement, specially across the commercial and residential sectors in the years to come. Roof-top solar is increasingly cost-effective for business owners, homeowners and communities. Affordable technology prices, supportive financing and the growing network of solar companies and financers are anticipated to help reduce the prices for household roof-top systems in the U.S.
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 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.
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Geographically, speaking the 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.
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 industry in recent years.
For instance, recently India’s Cabinet Committee on Economic Affairs (CCEA) approved a proposal to set up 12 GW of solar projects using locally-made equipment by 2023, an initiative the will certainly boost the region’s economic growth, in turn, paving the way for the expansion of APAC solar EPC industry.
A vital form of contracting procedure, solar EPC is extensively used to provide end-to-end services associated with construction, design, procurement and commissioning. Powered by the growing demand by emerging countries for clean, sustainable electricity and the robust efforts by industry players to develop new high-efficient systems, the global solar PV market is expected to emerge as one of the most remunerative verticals of the overall energy sphere.
Author Name : Mateen Dalal
The world is heavily treading toward the adoption of renewable energy sources, which will lucratively impel solar PV module market. There has been an increase in public awareness levels regarding the effects of GHG, released into environment after the burning of fossil fuels, which has prompted manufacturers to come up with suitable sustainable alternatives. This initiative will provide a push to solar PV module market growth. Several technological developments and the increasing number of manufacturing facilities has also resulted in reduced product cost, which will fuel the industry trends. According to Global Market Insights, Inc., “Worldwide Solar PV Module Market was valued USD 20 billion in 2016 and will surpass a revenue collection of USD 30 billion by 2024.”
North America Solar PV Module Market Size, By Product, 2016 (MW)
Many of the market players are engaged in collaborations with research institutes to bring about innovative technologies that will enhance the industry expansion. Growing investments in R&D activities, flexible integration, and better efficiency will boost the demand for thin film technology integrated products. In 2016, thin film covered more than 20% of the revenue share of technology segment in solar PV module market. The noteworthy participants in solar PV module market are First Solar, Canadian Solar, Trina Solar, JA Solar, Hanwha Q CELLS Co., Jinko Solar, SunPower, Yingli, ReneSola, Moser Baer, SFCE, Shine Solar, and Lanco.
Growing industrialization across the globe will fuel the need of renewable energy. Favorable government initiations in terms of financial support will prompt industry giants to adopt solar PV modules to enhance the growth of Solar Energy Market. Ground mounted systems are being deployed increasingly across the utility and commercial sectors subject to their numerous benefits. The ground mounted segment will exhibit an annual growth rate of more than 7% over the period of 2017 to 2024.
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The governments of various countries have lately been making huge efforts to enhance the grid connectivity of their nations. Speaking of which, the on-grid segment dominated the connectivity landscape of solar PV module industry by accounting for more than 55% of the revenue share in 2016. It is expected to record substantial growth rate over the coming timeframe.
Rural areas have witnessed a heavy deployment of micro-grids to fulfill the escalating need of off grid electricity, subject to which solar PV module market from off grid connectivity segment will generate a significant revenue over the coming seven years. To accomplish the need of sustainable energy, the U.S. has been installing micro grids on a large scale. U.S. solar PV module industry will register a CAGR of more than 6% over the coming years of 2017 to 2024. The attributing factor toward the market growth is deployment of stringent rules and regulations to control GHG emissions along with huge investments in power plants to increase the grid capacity.
To reduce carbon emissions in the environment, the government has been promoting the usage of roof top mounting system. Government support and favorable subsidies will propel solar PV module market from roof top mounting systems. The Asia Development Bank recently granted a subsidy of US 500 million for the development of roof top systems. Escalating installation of these systems across the residential sector will also influence the product demand.
Solar PV module industry from the residential sector collected a revenue of USD 4 billion in 2016 and is predicted grow lucratively over the years ahead. Monocrystalline products are also deployed across this sector, subject to which monocrystalline solar PV module market will grow at an annual growth rate of more than 6% over the period of 2017 to 2024. Additionally, the surging need to maintain energy efficiency will augment the product demand.
China covered more than 60% of Asia Pacific solar PV module market share in 2016 and will generate considerable revenue over the coming seven years. Shifting preference toward the adoption of renewable technology is likely to impel China solar PV module market.
Market players are focusing toward strategies such as product innovation and differentiation to gain more profit. The efforts of these companies coupled with government norms to promote clean energy will suitably impel global solar PV module market.
Author Name :Sunil Hebbalkar