The solar engineering, procurement and construction (EPC) market across the U.S. is projected to exceed $14 billion by 2025, according to a new report by Global Market Insights, Inc.
Regulatory measures to decrease the dependence on conventional fuels, favored by financial funding to boost renewable energy integration will stimulate the product penetration. Growing fund allocation to replace the existing power plants with sustainable technologies will further augment the industry portfolio. In 2017, the U.S. government proposed a decrease in their tax reforms by reducing their corporate taxes with a target to reinforce the clean energy business potential.
The report notes that the solar EPC market across the Asia Pacific has gained impetus on account of growing renewable investments and favorable government initiatives across the region. Positive regulatory programs, investment subsidies, self-consumption schemes, renewable integration targets and similar government reforms have strengthened the industrial peripheral. Ongoing economic escalation across emerging regions coupled with increasing demand for electricity across developing energy markets have further instituted a favorable business outlook.
According to the report, PV deployments owing to rapid expansion and restructuring across the solar industry is anticipated to witness substantial growth over the forecast timeline. Positive regulatory mandates including FiT, subsidies, leveraging schemes, tax rebates, and investment tax credits have integrated a positive business scenario. Moreover, the revamping of investment flow and trade policies across emerging nations will further complement the global solar EPC market outlook.
Growing environmental concerns coupled with stringent government mandates to curtail carbon emissions have shifted industrial focus towards the adoption of efficient energy conservation initiatives which in turn will boost the overall solar EPC market. Furthermore, momentous upgrades and variations along with rising cost-competitiveness will drive the industry potential. United Nations in 2017, launched the “Mission 2020” initiative with an aim to introduce “new urgency” through implying a decrease in greenhouse gas emissions by 2020.
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