Ocean View, DE -- (SBWire) -- 04/14/2020 --The US is touted to emerge as one of the most prominent regional markets for the solar EPC market. As per estimates, the U.S. market is projected to exceed $14 billion by 2025, driven by the fact that solar power has proven to be a strong driver of the region's economic growth. Reportedly, in 2014, the U.S. solar industry employed over 170,000 people, offering a job growth rate that positively influenced the overall economy.
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Regulatory measures to reduce dependence on conventional fossil fuels coupled with financial funding to integrate renewable energy will also stimulate product penetration. In addition to offering new jobs, the U.S. government, in 2017, proposed plans to decrease in their tax reforms by reducing corporate taxes in a bid to boost the clean energy business potential, that would further stimulate the U.S. solar EPC market growth.
Another region that has gained traction in solar EPC market is the Asia Pacific, on account of the rising investments in the renewable sector backed by favorable government initiatives. Investment subsidies, positive regulatory programs, renewable integration targets and government reforms have certainly reinforced the APAC solar EPC industry in recent years.
The Major Key Players in the Market are as follows: Trina Solar, Canadian Solar, First Solar, SunPower Corporation, Enviromena, Akuo Energy, Sterling and Wilson, Conergy, Bechtel,Yingli Green Energy, Eiffage
The solar energy sector is witnessing unprecedented growth in deployment on a global scale. With numerous countries ramping up their renewable energy efforts, global solar EPC market is heading forward with strong growth momentum.
Against the backdrop of the urgency to curtail harmful emissions and intensifying threats related to energy security, multiple countries across the globe are shifting towards renewable energy sources. Deployment of solar power on large-scale, across both developed as well as developing countries, is supporting market trends. Global solar EPC market is predicted to exceed an annual installation of 100 GW by 2025.
The residential sector is scaling up its solar power deployment efforts, which offers massive growth potential for solar power EPC market. Regulatory push for the deployment of renewable power along with subsidies and incentives for grid deployment has prompted rapid deployment of solar power in the residential sector. Roof-top solar power installations have become commonplace in the renewable energy space due to various fiscal benefits offered by federal agencies to accelerate installation of solar power. Moreover, enactment of strict building codes and standards across the globe pertaining to the establishment of energy efficient environments is positively impacting solar EPC market outlook in the residential sector.
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Brisk industrial activity worldwide is fueling the need for reliable power parallelly, which brings forth the need for sustainable industrial technologies. Regulatory bodies have been constantly directing efforts towards deployment of renewable energies in the industrial sector. Such measures include renewable energy certificates, green bonds, clean energy drives, and portfolio standards, which are likely to bolster growth prospects of solar EPC market.
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Solar EPC Market : Key Companies - Trina Solar, Canadian Solar, First Solar, SunPower Corporation, Enviromena, Akuo Energy, Sterling and Wilson, Conergy, Bechtel, Eiffage
Enactment of strict building codes and standards across the globe pertaining to the establishment of energy efficient environments is positively impacting solar EPC market outlook in the residential sector