With the rising environmental concerns and the world coming together to reduce carbon emission and move towards green energy, solar power has emerged as one of the foremost options. Realizing its benefits and potential, the industry is increasingly moving towards strengthening energy conservation measure. This in turn is driving the growth of global solar EPC market.
Although the supporting infrastructure needs to catch up with its advancement, the increasing photovoltaic deployments are already making headway. With the necessary restructuring these deployments are expected to witness considerable growth in the near future. Moreover, the support from the government in terms of favorable policies and tax rebates are further going to accelerate the growth of this market. The smart city mission is also a contributor to this growth. Moreover, the increasing FDI in the sector is augmenting the growth. Driven by these factors, the industry witnessed an increase in solar rooftop capacity addition from 38 MW in 2012 to 3855 MW in 2018, expanding at a compound annual growth rate (CAGR) of almost 116 per cent.