Utility Solar PV EPC Market size to exceed $134bn by 2030
Published Date: July 16, 2021 Authors: Ankit Gupta, Riya Gupta
Utility Solar PV EPC Market size is projected to surpass USD 134 billion by 2030, as reported in the latest study by Global Market Insights Inc.
Utility solar PV EPC industry share is anticipated to observe substantial growth owing to the growing adoption of large-scale solar PV farms along with the rising demand for renewable energy sources. The utility-scale solar PV EPC industry defines the engineering, procurement, and construction of utility-scale solar PV farms, which include services for the development, operation & maintenance of solar farms.
Ongoing development of large-scale solar farms to fulfill the rising energy demand will stimulate the industry dynamics
The solar industry is witnessing a significant upsurge in the adoption of PV modules owing to rising clean energy requirements across the power grid. Growing emphasis on centralized electrical networks along with the deployment of large-scale renewable projects will fuel the demand for >10 MW to 50 MW capacity. Frequent power outages and the lack of efficient electrical infrastructure shift facilities toward self-sufficient power generation sources will fuel the utility solar PV EPC market expansion.
Browse key industry insights spread across 250 pages with 295 market data tables & 38 figures & charts from the report, “Utility Solar PV EPC Market Statistics, By Capacity (≤ 10 MW, >10 MW to 50 MW, >50 MW to 200 MW, > 200 MW), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 – 2030” in detail along with the table of contents:
Stringent government norms to minimize the overall conventional-powered generation sources will sway the business outlook
The growing inclination of developed economies toward non-conventional resources for power generation will sway the utility solar PV EPC market forecasts. With the introduction of cost-competitive renewable energy along with the involvement of stringent norms and directives, governments have designed and planned the reduction of emission content with the deployment of sustainable sources. For instance, the total fossil fuel additions reached 60 GW in 2020 from 64 GW in the previous year, further highlighting a continuous downward trend of conventional fuel expansion.
Ongoing announcement of tenders associated with solar PV farms across Europe will stimulate the overall industry dynamics
The Spain utility solar PV EPC market is anticipated to register over 3% CAGR through 2030. The new capacity additions in 2020 were led by the PPAs/merchant segment irrespective of any auctions and subsidies. For instance, the Spanish National Energy and Climate Plan (NECP) has set a target to achieve 74% of renewable energy generation and around 39.2 GW of PV capacity by 2030.
Despite the COVID-19 impact, the development, construction, operation & maintenance of solar PV infrastructure were operational followed by no prohibitions by the governments on the construction of renewable energy projects. In addition, the majority of renewable projects were deployed as per schedule and have not witnessed any delay.
Eminent players operating across the utility solar PV EPC market include SunPower Corporation, SUNGROW, TBEA, Larsen & Toubro Limited, Bharat Heavy Electricals Limited, Sterling and Wilson, Risen Energy, Swinerton Renewable Energy, KEC International Limited, Tata Power Solar Systems, Ritis Meera Infra Energy, Power Construction Corporation of China, ACME Solar, Eiffage, Topsun Energy Limited, JUWI AG, COBRA Group, STEAG GmbH, BELECTRIC, Trina Solar, First Solar, Canadian Solar, Q Cells, ALSA Solar Systems, AKUO Energy, Enerparc AG, Conergy Asia & ME, and Bechtel Corporation.