Utility Solar PV EPC Market to hit $134 billion by 2030, Says GMI

Utility Solar PV EPC Industry is set register over 10% CAGR between 2021 and 2027 owing to increasing capital expenditure coupled with the growing deployment of large-scale projects.

Selbyville, Delaware, July 19, 2021 (GLOBE NEWSWIRE) --

The Utility Solar PV EPC Market is expected to cross USD 134 billion by 2030, as reported in the latest study by Global Market Insights Inc. Ongoing grid modernization along with the installation of sustainable generation sources across the grid will drive the industry landscape. Increasing renewable integration to minimize the overall GHG emissions coupled with ongoing government initiatives and targets for the adoption of energy-efficient solutions will positively influence the business dynamics.

The ≤ 10 MW rated capacity segment will grow at a CAGR of over 6% through 2030. The availability of resources, cost competitiveness, and growing market potential will continue to drive the industry demand in the coming years. The European Union has witnessed the deployment of ≤ 10 MW rated capacity solar farms. Furthermore, the region witnessed new capacity additions, which were led by solar power purchase agreements irrespective of auctions and subsidies.

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The adoption of solar PV is anticipated to replace fossil fuel-generated sources in the upcoming timeframe owing to its lower capital expenditure along with favourable economies of scale associated with large-scale project development. Government incentives including auctions, tariffs, and tax exemptions will augment the ongoing investments across the solar industry. Rapid technological innovations and growing public awareness will further transform the utility-scale PV from a risk-driven & expensive industry to a highly efficient & economical industry.

Some prime findings of the utility solar PV EPC market report include:

  • A paradigm shift toward the deployment of utility-scale projects along with large-scale investments by public and private partners will drive the industry outlook.
  • Shifting trends toward sustainable energy over conventional fuel will boost the industry demand.
  • Major players operating across the market include Cobra Group, Sterling and Wilson, ACME Solar, and TBEA.
  • Increasing demand for smart grid modernization along with the redevelopment of the utility solar PV EPC network will further augment the business scenario.

Browse key industry insights spread across 250 pages with 295 market data tables & 38 figures & charts from the report, “Utility Solar PV EPC Market Statistics, By Capacity (≤ 10 MW, >10 MW to 50 MW, >50 MW to 200 MW, > 200 MW), Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2021 – 2030” in detail along with the table of contents:


North America utility solar PV EPC market exceeded USD 8 billion in 2020. The government's efforts to integrate clean energy generation sources to achieve upcoming renewable energy mix targets will continuously drive the overall industry scenario. For instance, the U.S. government introduced the Investment Tax Credit (ITC) scheme, which will help in limiting the high upfront costs associated while installing a utility-scale solar PV plant. In addition, the government measures to provide suppliers with credits and other rebates have further created a favourable scenario for panel manufacturers across the region.

During the pandemic, the industry witnessed a marginal or no delay in the overall project development and construction activities. In addition, upcoming government targets to minimize global carbon footprints along with large-scale deployment of renewable projects will thrust the utility-scale solar PV EPC market expansion.

Browse the Toc of this report @ https://www.gminsights.com/toc/detail/utility-solar-pv-epc-market

Browse Related Report:

Concentrated Solar Power Market Forecasts by Technology (Parabolic Trough, Linear Fresnel Reflector, Power Tower), Capacity (≤ 50 MW, > 50 MW to ≤ 100 MW, > 100 MW), Storage (With Storage {Molten Salt}, Without Storage), Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share & Forecast, 2021 – 2027


About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.


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