What Is The Definition Of The Global Power EPC Market?
Power EPC (engineering, procurement, and construction) is a service model used for the development of power generation projects, including the design, procurement of equipment, and construction of facilities. It offers a comprehensive solution that manages all aspects of a project from inception to completion. This approach ensures streamlined project execution, adherence to timelines, and optimization of resources for efficient power plant operations.
Power EPC Global Market Report 2024 provides data on the global power epc market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The power epc market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Power EPC Market Size And Annual Growth Rates?
The power EPC market has shown strong growth in recent years. It is projected to increase from $647.24 billion in 2023 to $684.90 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.8%. The historical growth can be attributed to supportive government policies and incentives for clean energy projects, rapid urbanization, industrial expansion, private sector investment in power generation, and efforts to electrify sectors such as transportation and heating. The market is expected to grow to $862.29 billion by 2028, at a CAGR of 5.9%. The anticipated growth is fueled by rising global energy consumption, the shift toward renewable energy sources, growing concerns about climate change, upgrades in grid infrastructure to accommodate new generation sources, and the increasing frequency of extreme weather events. Key trends in the forecast period include innovations in power generation technologies, advanced energy storage solutions, smart grid technologies, the development of emerging markets, increased R&D in energy storage, and the integration of digital technologies.
Which Key Drivers Are Propelling The Power EPC Market's Growth?
The growing energy demand is expected to propel the growth of the power EPC market. Factors such as a rising global population, rapid industrialization, and urbanization are increasing energy consumption. Power EPC services are essential in efficiently designing, building, and managing large-scale power generation and distribution projects. For example, in July 2024, the International Energy Agency forecasted a 4% growth in global electricity demand in 2024. Consequently, the growing energy demand is driving the power EPC market.
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What Are The Key Segments Within The Global Power EPC Market?
The power epc market covered in this report is segmented –
1) By Type: Thermal Power Source, Combined Cycle Power Source, Gas based, Nuclear Power Source, Renewable, Other Types
2) By Equipment: Gas Turbines, Steam Turbines, Bailors, Generators, Control Systems, Other Equipment
3) By Application: Power Generation, Power Transmission And Distribution, Other Applications
How Are New Trends Impacting The Size Of The Template Power EPC Market?
Companies in the power EPC market are advancing renewable energy solutions to gain a competitive advantage. These technologies focus on harnessing natural, replenishable processes for power generation. In June 2022, India-based Tata Power Solar Systems Limited completed a 66 MW EPC project for Vibrant Energy, producing 110,029 units of energy annually and reducing carbon emissions by up to 900,000 metric tons. Spanning 191 acres with 127,268 solar modules, the project was executed in a record nine months, underscoring its efficiency and environmental impact.
Which Region Drives The Highest Growth In The Power EPC Market?
Asia-Pacific was the largest region in the power EPC market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the power EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
