Solar EPC sector continues to fragment - IHS Markit

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The market research firm noted that the three leading EPC firms in 2018, Sterling and Wilson, TBEA Xinjiang Sunoasis and Sungrow Power Supply Co had global market shares of 2.9%, 1.6% and 1.3%, respectively. Image: NextEra

According to the latest ‘Solar EPC and O&M Provider Tracker’ report from IHS Markit, the EPC sector has yet to experience any effective market leaders or consolidation. 

IHS Markit noted that the largest 30 EPC companies installed 19GW of non-residential PV in 2018, which accounted for just 21% of the total global market, down from 23% in 2017, highlighting the ongoing fragmentation of the sector. 

The market research firm noted that the three leading EPC firms in 2018, Sterling and Wilson, TBEA Xinjiang Sunoasis and Sungrow Power Supply Co had global market shares of 2.9%, 1.6% and 1.3%, respectively.

The big change was India-based Sterling and Wilson overtaking long-term market leader, TBEA, installing 2.7GW of PV systems in 2018, up 127% from the previous year. 

Josefin Berg, research & analysis manager, Solar & Energy Storage, at IHS Markit  said, “Sterling and Wilson’s rising market share come partly as the result of the company’s continued leadership in India’s expanding photovoltaic (PV) market. EPC solar installations in the country rose by 39 percent last year. However, Sterling and Wilson also benefitted from large overseas projects, most notably the 1.2-gigawatt (GW) Sweihan project in Abu Dhabi—which will be the world’s largest solar plant when operating.”

IHS Markit also noted that the non-residential PV market outside of China increased 34% in 2018, driven by growth in India, Australia, Europe, the Middle East and Latin America, expanding the global footprint for the EPC and O&M business. 

As a result, seven of the 15 largest companies outside of China—including Sterling and Wilson, ACS, Acciona and BayWa—installed projects in more than one geographical region.

Read Next

May 5, 2021
SHV Energy, a Netherlands-based liquified petroleum gas (LPG) distributor, has acquired a majority stake in Indian solar developer SunSource Energy.
April 13, 2021
Renewables firm Global Energy Services (GES) has started construction work on three solar projects in Spain with a combined capacity of 131MWp
March 29, 2021
More than 180GW of solar will be deployed globally this year as the sector defies headwinds including higher module prices and supply chain constraints, IHS Markit has said.
March 18, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar is guiding a significant increase in PV module and energy storage shipments, resulting in full year 2021 revenue of between US$5.6 billion to US$6.0 billion, over 70% higher than revenue reported for 2020.
February 23, 2021
Mytilineos is looking to transfer its global experience of solar and storage project development to help decarbonise the Greek electrical system and hit 3GW of PV capacity by 2030.
January 27, 2021
Corporations bought 18% more clean energy last year compared with 2019, according to new research, with tech giant Amazon and oil and gas group Total leading the global energy transition.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 11, 2021
Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021