According to the business intelligence report titled ‘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’, available with MarketStudyReport, global utility solar PV EPC market is anticipated to witness a healthy growth rate during 2021-2027.
 

Rising focus on clean energy at reduced prices has led to an augment in utility solar PV EPC market over the forecast period. Furthermore, the increasing demand for renewable energy, reduced expenditure on solar power and other renewable energy sources, and increasing climate awareness has aided market augmentation in recent years.

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Apart from the aforementioned, technological innovations like green hydrogen and electric vehicles will further infuse growth in the industry. However, the availability of other energy alternatives and a longer payback period may hinder this growth in the upcoming period.

Moving to the regional landscape, the marketplace spans North America, Europe, Asia Pacific, Latin America, and Middle East and Africa landmasses. Among these, Middle East and Africa accounted for a sizeable market in 2020 share and is expected to showcase a steady growth rate of more than 9% during the assessment timeline. Meanwhile, the LATAM market held a value of USD 2 billion in 2020 and is slated to observe an upward growth trend through 2027.

Elaborating on the competitive landscape of global utility solar PV EPC industry, R&D investments, partnerships, mergers, and acquisitions are some of the strategies adopted by major players in order to maintain or improve their stance in the business sphere.

For instance, Canadian Solar, a manufacturer of solar PV modules, announced in June 2021 that it had gained ownership of the first utility scale battery storage project awarded by Colombia’s Ministry of Energy and Mines in affiliation with its subsidiary UPME -The Mining and Energy Planning Unit.

Jinko Solar Holding Co., Ltd., JA Solar Holdings, Emmvee Photovoltaic Power Private Limited, Trina Solar Co., Ltd, SunPower Corporation, Hanwha Q Cells, TBEA Co., Ltd (previously Tebian Electric Apparatus), Sungrow Power Supply Co., Ltd, and Shanghai Aerospace Automobile Electromechanical Co., Ltd. are the other major players influencing global utility solar PV EPC market trends.