Rays Power Infra, an India-based integrated solar power company, announced that it has been ranked among the top 10 EPC companies worldwide, outside USA and China, as per the Solar EPC and O&M Provider Tracker – Q1 2017 by IHS Technology.
India’s growing PV demand attracts more companies to the EPC sector though the market continues to be concentrated. The combined market share of India’s five largest EPC companies has shrunk from 63% to 46%, owing to the market’s overall growth, Rays Power Infra said.
On the contrary, TBEA and First Solar remain the largest EPC providers globally, but both are losing market share by not being able to grow at the pace of the worldwide market. The companies installed less than 100 MW more in 2016 as compared to 2015, at the same time as global non-residential PV demand grew by 38%.
Ketan Mehta, CEO, Rays Power Infra, said, “This indeed marks a great milestone for all of us at Rays. It is interesting to consider that, as per the IHS Technology’s tracker, though China and the United States remain key markets for the largest PV projects, India is surfacing as a new growth market outside of those regions.”
“Rays Power Infra ranks at numero uno 5, followed by Juwi, Mahindra Susten, Conergy, ACCIONA and TSK across India, Japan, Thailand, UK, Australia, Rest of Americas, Rest of Europe, rest of Asia Pacific and rest of Africa and the Middle East,” Mehta added.
IHS’ ongoing analysis of the PV market includes the regular surveying and interviewing of PV systems integrators.