Utility Solar PV EPC Market 2022: Recent Developments & Emerging Trends To 2030
Rising inclination towards sustainable energy sources to generate electricity will increase global utility solar PV EPC market share.
Rising inclination towards sustainable energy sources to generate electricity will increase global utility solar PV EPC market share. Solar energy projects are on the rise across many regions because customers are looking for green alternatives to produce power.
According to the U.S. Energy Information Administration (EIA), in 2020, solar power was responsible for 3% of the total electricity generation in the U.S., powering over 18 million homes. The growing focus toward clean energy has augmented the demand for engineering, procurement, and construction (EPC) services among commercial clients to procure and maintain solar farms and cater to varying electricity needs.
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Solar EPC companies provide end-to-end services in a wide range of areas, such as designing the system, consultive sales, project management, and equipment procurement, among others. They maintain a close partnership with lenders to suggest easier financing options to their clients on their products and services.
Global utility solar PV EPC market size will record over 10% CAGR through 2030, projects Global Market Insights Inc.
Below mentioned is a detailed list of trends favoring the demand for utility scale solar EPC solutions:
- Utility scale solar projects are on the rise in UK:
The growing need for sustainable ways to produce electricity has compelled residential and commercial customers to construct PV solar farms. According to the U.S. EIA, an average residential customer in the U.S. consumes 909 kWh of electricity per month, which amounts to 10,909 kWh per year. Consumption in countries like the UK is also high.
The commercial sector is constructing solar farms to meet its daily electricity needs, thereby adding to UK utility solar PV EPC industry share. For example, the construction of a 350MW solar farm on the North Kent coast of England received approval from regional authorities. The farm will aim to lower the total carbon emissions by nearly 68,000 tons per year. Similar developments will fuel the demand for EPC services to operate and maintain these plants.
- Demand for solar power rises across households:
Solar projects have long been associated with fulfilling the energy demands of the commercial sector. However, in recent years, many residential complexes are switching to solar energy after knowing its importance and benefits for the environment.
Companies like Positive Solar Energy have already installed more than 4,500 solar panels for their residential customers in Albuquerque, Santa Fe and New Mexico, U.S. Over the next few years, EPC organizations will continue to provide affordable engineering services to households that require solar panels to fulfill their electricity needs.
- Europe solar PV EPC market will witness robust expansion:
Europe is becoming one of the primary users of solar energy due to the growing concerns regarding carbon emissions and excessive dependence on fossil fuels like crude oil for generating electricity. According to some reports, in 2019, fossil fuels were responsible for around 73% of Europe’s primary energy production, with oil accounting for 38%.
This has prompted the regional authorities to invest more toward viable sustainable alternatives to produce electricity. With many solar energy projects already underway in the U.K. and other European countries, the demand for utility solar EPC services will see a substantial rise.
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Global utility solar PV EPC industry size will expand due to the rising presence of organizations such as SUNGROW, SunPower Corporation, Bharat Heavy Electricals Limited, Sterling and Wilson, L&T, Risen Energy, Tata Power Solar Systems, and ACME Solar. These companies are offering their solutions to a wide range of large-scale solar projects across the world.
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