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United states solar EPC market to gain commendable traction by 2025

Author : Ronak Bora | Published Date : 2019-05-10 

The U.S. solar EPC market is predicted to grow over USD 14 billion by 2025. Government mandates to reduce dependence on fossil fuel coupled with positive financial mechanism to encourage installation of sustainable energy technologies will complement the product demand. Growing fund flow to replace the existing plants with clean energy technologies will further enhance the business portfolio. Regulators across the U.S., in 2017 proposed reduction in their broad tax reforms through decreasing corporate taxes with an aim to strengthen the clean energy industry potential.

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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 market 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.

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China-based integrated solar systems provider, Trina Solar Ltd., has recently come up with an innovative solution, Trinahome, which will perfectly serve the small-to-medium sized enterprises (SMEs) as well as households, seeking to reduce their energy bills along with helping the environment. According to reports, renewable energy accounted for only 2% of energy mix in the nation by late 2018, however, the Malaysian government has set a target of increasing it to 20% by 2025.

Trina Solar believes the nation will show a higher growth rate and ample opportunity in solar installation in the upcoming time. During the same time period, it was also reported that the company is seeking to enter the Malaysian market to expand its business presence. The efforts by industry magnates to bring forth a spate of innovative solutions and expand their geographical reach will consequently augment the global solar EPC market.

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The 60-cell mono HiDM module’s power output could reach 335 W, which is around 10% higher compared to a standard cell mono PERC module. The launch of such advanced solutions is certain to propel the commercialization potential of the solar EPC market in the years to come.

Analyzing the aforementioned efforts undertaken by notable industry players, it is overt that the solar EPC market will register a remarkable growth rate in the upcoming years. The competitive spectrum of solar EPC industry is quite diverse, and consists of prominent companies such as Swinerton, Eiffage, Juwi, Topsun, Yingli Green Energy, Belectric, Hanwha Q Cells, Bechtel, TBEA, Conergy, Enerparc, Akuo Energy, ALSA, Sterling and Wilson, SunPower and First Solar.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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