Reshuffling among top EPC players as new markets arise

15 October 2020 Josefin Berg

At IHS Markit, we have gone through the annual exercise of ranking solar phovoltaic EPC providers in the previous year, noting a new wave of consolidation and some reshuffling among the market leaders. In 2019 the 30 largest EPC providers installed 28 GW of non-residential PV, representing 26% of the total market. This increase from 21% in 2018 stems mainly from a growing concentration in the Chinese PV market, as well as integrator concentration in rapidly growing markets like Spain and Vietnam. Large project sizes also contributed to greater market shares among the largest companies. More than 140 PV parks larger than 100 MW in size were completed in 2019, representing 30% of the global PV market (excluding residential systems). In 2018, parks above 100 MW counted for less than a quarter of non-residential PV addition

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From our analysis, in 2019, PowerChina installed 2.5 GW of PV to sail to the top of the ranking, from a fourth position in 2018. This was possible through one gigawatt installed in China, another gigawatt in Vietnam, and several projects in Latin America. At second position, we find inverter supplier, Sungrow, which took a 6% share of the Chinese market as it continued to grow its EPC business. Following PowerChina and Sungrow, we have Prodiel and Sterling and Wilson, thanks to their leading regional positions in Latin America and Africa and the Middle East, respectively. These four EPC providers installed 8 GW of PV combined in 2019, each taking a 2% share of the global EPC market.

In the three largest non-residential PV markets - China, the United States and India - we observe that local companies dominated the EPC rankings also in 2019. An 11% year-on-year decline in PV additions in China contributed to a consolidation among EPC providers in this traditionally fragmented market. Of the 29 GW of non-residential PV plants added in 2019, the largest EPCs - Sungrow, PowerChina and TBEA Xinjiang Sun Oasis - installed 13%, up from 9% in 2018. As we project China to add more PV in 2020 than in 2019, these providers' market shares are likely to be diluted again. In the United States, the five largest EPCs installed 27% or new non-residential PV capacity in 2019. At 10% market share, Swinerton Renewable Energy, maintained its position as the preferred EPC contractor in the country. First Solar and Cypress Creek Renewables, both among the top five companies in 2019, have both stated that they will exit the EPC segment. This creates opportunities for established, local EPCs, as well as for the emerging group of international companies that are eyeing the growing US PV market. In the highly price sensitive Indian PV market, the top 5 integrators installed 37% of the PV plants in 2019. The local EPC/developer Azure Power, which is owned by foreign investors, took the lead in the country. As India's PV market risks being cut in half in 2020, as a result of COVID-19, further consolidation among the main EPCs is probable. Of these three major markets in 2019, only the United States is likely to see an increasing participation of international EPCs, as margins are more attractive.

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