Utility solar PV EPC demand to rise with growing inclination towards renewable energy sources
The utility solar PV EPC market is slated to grow exponentially in the forthcoming years, owing to increasing government initiatives and investments to promote renewable energy and reduction in cost for installing solar photovoltaic (PV) power plants due to technological advances.
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For instance, the International Finance Corporation (IFC) has invested in over 55 solar power projects in various countries including countries like Thailand, India, the Philippines, Jordan, China, South Africa, Mexico, Honduras, and Chile, among others. These power plants hold a capacity of nearly 1,400 MW.
The presence of several stringent regulations pertaining to carbon emission from fossil fuel power stations would further influence the capacity expansion in utility-scale solar PV power plants. Citing an instance, the U.S. federal government has made resolutions to make CO2-free power sector by 2030 and zero-emission economy by 2050. These initiatives are led by government R&D programs, such as Advanced Research Project Agency-Energy, which aims to enhance clean energy technologies and utilize them for commercial purposes.
According to Global Market Insights, Inc., analysis report, global utility solar PV EPC market size is slated to cross over USD 134.5 billion projection by 2030.
The rise in efficiency standards of sustainable solar energy is reflecting their high preference over conventional fossil fuel. This is due to several advancements in solar PV power technologies, such as thin-film solar cells, floating PV solar panels, and others that are making them more efficient than other electricity-generating methodologies. These efficiency benefits are driving capacity addition in solar PV power worldwide.
According to International Energy Agency (IEA), the global solar PV capacity surpassed 107 GW in 2020. The increasing crude oil prices globally is another prominent factor expected to drive utility solar PV EPC demand.
Growing capacity installation in utility-scale solar projects especially in the developed regions would escalate the market share of the > 50 MW to 200 MW segment in the utility solar PV EPC industry. As per the IEA, the utility-scale solar PV net capacity globally is expected to witness an addition of 99 GW by 2022. Such massive power installation is attributed to the positive PV capacity outlook in China and the U.S.
Asia Pacific is predicted to witness a considerable demand utility solar PV EPC by 2030, on account of favorable government policies for uplifting sustainable power. Growing pollution levels and consistently rising demand for uninterrupted power accessibility are some prominent factors augmenting solar power capacity addition across the region. Booming solar PV power sector in China and growing authority efforts in India to establish clean energy infrastructures across the country would complement the utility solar PV EPC industry landscape.
Power Construction Corporation of China, TBEA, Bharat Heavy Electricals Limited, Sterling and Wilson, L&T, Risen Energy, Swinerton Renewable Energy, Tata Power Solar Systems, KEC International, SUNGROW, and SunPower Corporation are some notable companies of global solar PV EPC industry. These companies are focusing on strategic initiatives like partnerships, mergers, and new product development to enhance their market share.
Shifting focus towards the adoption of energy-efficient technologies, along with rising government incentive plans to boost renewable power sources would augment global solar PV EPC industry trends.
