New York, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global solar EPC market size is projected to expand at ~18% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 46 billion by the end of 2035, up from a revenue of ~USD 20 billion in the year 2022.The rising capacity of renewables is the major force that is driving the market growth. The global energy crisis is driving a substantial rise in renewable power installations, with overall capacity expansion expected to nearly double in the course of the next five years, eventually displacing coal as the primary source of electricity generation.
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The capacity of renewable energy in the world is predicted to increase by 2 400 gigatonnes (GW) between 2022 and 2027 a figure that is comparable to China's current total power capacity. Moreover, the report from the International Energy Agency reveals that renewables will make up for more than 90% of global electricity expansion in the next five years, surpassing coal to become the main source of global electricity by early 2025.
Inclusion of Solar Energy as Corporate Social Responsibility to Boost the Growth of the Solar EPC Market
Solar power can drastically minimize the expenditure of a company on power. This not only improves financial performance but also demonstrates prudent resource management as part of CSR efforts. Enviro India, a well-known building management firm, has revealed that it has installed 1098 solar panels throughout its commercial and residential buildings in several cities in India. By producing 4,941 kW units of energy per day, the effort has drastically reduced energy consumption expenditures. Considering nearly 20 years of installation and maintenance expertise, Enviro's staff of technicians ensured that the panels were installed without any difficulty. Apart from cost saving, companies also invest in renewable energy spruces to enjoy a more favorable public perception.
Solar EPC Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Ambitious Goal of Adopting Sustainable Energy to Boost the Growth of the Market in the Asia Pacific Region
By 2030, India hopes to have 500 GW of renewable energy capacity. Moreover, the efforts are equally paramount by both private and public sectors. For instance, a leading energy provider in India, Reliance Industries intends to produce green hydrogen as an effort towards sustainability. To serve this motive, the company has a plan to install and commence 100 GW of solar energy generation and has also announced an investment of USD 9 million for the same. Periodic solar energy generation may also generate green hydrogen for local consumption, which is compatible with the company's aim of making hydrogen affordable and accessible in India.
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Rising Incentive Given by Government is to Elevate Market Growth in North America
Despite different climate-conscious individual and corporate benefits, the Residential Clean Energy Credit, often known as the Solar Investment Tax Credit (ITC), is the most significant. The Solar Investment Tax Credit has provided tax breaks to households that decide to rely on solar energy. On August 16, 2022, the Federal Government approved the Inflation Reduction Act of 2022 into law, making household solar energy even more appealing. According to the federal government, the ITC will provide a 26% tax credit for solar energy systems implemented between 2020 and 2022 in 2021. The ITC will rise to 30% for systems installed between tax years 2022 and 2032. Consider a 26% to 30% discount while determining whether to install solar panels.
Solar EPC, Segmentation by Technology
- Photovoltaic
- CSP
Out of two, the photovoltaic segment is going to be the largest revenue holder of the solar EPC market over the projected time frame. The growth of the segment is majorly attributed to the rising installation of PV capacity. According to the International Energy Agency, solar PV power generation capacity is expected to exceed coal by 2027, making it the world's largest. Moreover, cumulative solar PV capacity nearly triples, expanding by nearly 1 500 GW over the period, surpassing natural gas by 2026. Besides this, higher manufacturing of photovoltaics in the world is also contributing to market growth. solar PV manufacturing capacity has expanded by more than 70% in 2022, exceeding 450 GW for polysilicon and up to 640 GW for modules.
Solar EPC, Segmentation by Classification
- Rooftop
- Ground Mounted Solar Panels
The rooftop segment in solar EPC market is expected to be the largest segment by the end of 2035. Rising prices of electricity have increased the installation of rooftop solar EPC, especially in residential places. Besides this, the ground-mounted solar panels segment is also expected to garner significant market revenue over the projected time frame. The need for higher efficient energy and the need for producing solar energy at a large scale. The ground-mounted solar panels offer very high efficiency, and provide almost 22% efficiency. Moreover, the Ministry of New and Renewable Energy has granted the installation of 61.97 GW, of which around 52 GW its ground-mounted solar projects.
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A few of the well-known industry leaders in solar EPC market that are profiled by Research Nester are Canadian Solar, Inc., Bechtel Global Corp., BELECTRIC GmbH, Adani Group, ENERPARC AG, Blattner Energy, Sterling and Wilson Pvt. Ltd., Juwi GmbH, Tata Energy Solar, and JinkoSolar Holding Co., Ltd.
Recent Developments in the Solar EPC Market
- May 2022, Tata Power Solar, Tata Power's wholly-owned subsidiary and one of India's major integrated solar enterprises has announced to won the largest solar EPC project in India, which of 1 GW, the project was handover by SJVN Ltd. This EPC contract was created with the creative application of 'Make in India' cells and modules in mind. This project, which will stretch over 5000+ acres of land in Rajasthan, seeks to decrease approximately 22,87,128kg of carbon emissions and is estimated to generate approximately 2500 million units yearly. The project will be built under the MNRE's CPSU plan and will be finished in 24 months.
- October 2020, JinkoSolar Holdings Co., Ltd. has announced come intro agreement for the new project Kozani Projects created by Juwi Hellas Renewable Energy Sources S.A. which will be established in the North of Greece. The projects will employ transparent back sheet by DuPont and 204 MW modules by Swan bifacial.
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