Market Research Report
Utility Solar PV EPC Market Size, By Capacity (≤10 MW, >10 MW to 50 MW, >50 MW to 200 MW, >200 MW), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2030
|Published by||Global Market Insights Inc.||Product code||1018456|
|Published||Content info||250 Pages
Delivery time: 2-3 business days
|Utility Solar PV EPC Market Size, By Capacity (≤10 MW, >10 MW to 50 MW, >50 MW to 200 MW, >200 MW), Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2030|
|Published: July 13, 2021||Content info: 250 Pages||
The utility solar PV EPC market is expected to witness robust growth by 2030 owing to surging demand for solar power across the globe. Additionally, increasing focus on clean energy at low costs is anticipated to create massive growth potential for market participants over the forecast period.
Solar power is an inexhaustible or renewable source of energy, unlike oil & gas or coal. With the proliferating demand for renewable energy, experts project that fossil fuels would be eliminated from the electricity sector by mid-2030s. By the year 2050, renewable energy could potentially power the world, replacing fossil fuels entirely and generating clean and cheap energy to enable novel technologies, such as green hydrogen and electric vehicles.
Moreover, a decline in the costs of solar power and other renewable energy sources in the past few years has unlocked an energy reserve, most of which is already more economical than fossil fuels and could significantly accommodate the global energy demand in the near future. Consequently, mounting prominence of solar power across the globe has considerably boosted market demand.
Notably, increasing climate consciousness has propelled consumer interest in solar power, which has been favorable for market development worldwide. In order to capitalize on the booming demand, industry players have been adopting various strategic initiatives to enhance consumer reach, thereby fostering industry outlook.
For instance, in July 2021, Canadian Solar, a manufacturer of solar PV modules with expertise in large-scale solar projects, announced that it was awarded the first utility-scale battery storage project in Colombia. Colombia's Ministry of Energy and Mines awarded the project in the public tender it had launched via its affiliate UPME - the Mining and Energy Planning Unit.
The project is located in northern Colombia in the city of Barranquilla and would include a 45 MWh lithium-ion battery energy storage system. It is slated to commence commercial operation by mid-2023.
In addition, the project has been granted a 15-year revenue structure with the government of Colombia and has been indexed to the nation's producer price or inflation index. As a result, industry and government efforts towards integrating solar power into infrastructures have driven industry expansion worldwide.
For in-depth assessment, the utility solar PV EPC market has been segmented on the basis of capacity and region. In the regional landscape, the Latin America utility solar PV EPC market was valued at over USD 2 billion in 2020 and is speculated to witness substantial growth by 2030, progressing at a considerable CAGR over the forecast period.
In 2020, Middle East & Africa held a considerable share in the overall market revenue and is estimated to see steady growth by 2030. The Middle East & Africa utility solar PV EPC market is calculated to grow at a CAGR of over 9% through the projected timeframe.