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.
Solar EPC Market Size, By Ground Mounted, 2018 & 2025 (USD Million)
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.
Prominent companies partaking in the solar EPC industry share have evidently been reinforcing their expertise with product innovations and portfolio expansion for enhancing their stance across this industry. A gist of the contribution by some of the notable companies in the solar EPC market is mentioned below:
Trina
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 industry.
Enviromena
Abu Dhabi-based Enviromena Power Systems had inked an power purchase agreement (PPA) in 2018 for installing a solar power system in the Al Barakah Dates factory. The factory will be installed with a 1 megawatt peak (MWp) system, and will be the first of its kind to run on solar power. Enviromena will be installing 3,220 solar PV panels on a 10,000 square meter building, which will offset 100% of the factory’s electricity needs.
The solar firm revealed that this system would result in saving AED 10 million ($2.72 million), along with 882 tons of carbon dioxide emissions, which is equal to removing about 200 vehicles from the road.
Canadian Solar
A year ago, Canadian Solar had announced the introduction of its next generation solar modules BiKu, HiKu and HiDM. The HiKu poly modules are specially developed for the utility market, where power output could exceed 400 W. This module could reduce solar projects’ EPC cost owing to its lower BOS and installation costs. The HiDM (High-Density Module) consists unique IP-granted design features from the company.
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.