What Is The Current and Historic Market Size Analysis Of The Power EPC Market?
The power epc market has seen considerable growth due to a variety of factors.
• The power epc market has been experiencing robust growth over the past few years. The market is predicted to expand from $684.9 billion in 2024 to reach $726.75 billion the following year, marking a compound annual growth rate (CAGR) of 6.1%.
Factors contributing to the remarkable growth during the historic period include favorable government policies and offers aimed at clean energy schemes, rapid urbanization, and industrial growth. Additionally, the rise in private sector investment in power generation, a heightened emphasis on energy security and dependability, and drives to implement electrification in areas such as transportation and heating have played a significant factor.
What are the Market Size and Expected Growth Rates for the Power EPC Market?
The power epc market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, robust expansion is anticipated in the power epc market, with its size predicted to reach $911.62 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.8%.
The prospective growth can be linked to several factors, including increased energy usage globally, a shift towards renewable energy, heightened focus and apprehension regarding climate change, improvements and extensions in grid infrastructure to incorporate new sources of power, and greater incidences of extreme weather phenomena. The forecast period also expects emerging trends such as innovations in power generation, advanced energy storage mechanisms, maturation of smart grid technologies, development in new markets, research and development, and energy storage innovations and the integration of digital technologies.
Which Key Drivers Are Propelling The Power EPC Market's Growth?
The power EPC market is predicted to expand due to the increasing energy demand. This surge in energy demand is attributed to multiple factors such as a rising global population, swift industrialization, urbanization, technological evolution, and improved living standards. All these elements contribute to escalated energy intake across the residential, commercial, and industrial sectors. Power EPC services play a critical role in the energy sector to effectively strategize, construct and control large-scale power generation and distribution ventures. For instance, the France-based International Energy Agency projected in July 2024 that the global electrical demand is set to rise by approximately 4% in 2024, an increase from 2.5% in 2023. The global electricity supply is also predicted to rise from 30% in 2023 to 35% in 2025. Hence, the swelling demand for energy is fuelling the growth of the power EPC market.
What Are The Key Segments Within The Global Power EPC Market?
The power epcmarket 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
Subsegments:
1) By Thermal Power Source: Coal-Fired Power Plants, Natural Gas Power Plants, Oil-Fired Power Plants
2) By Combined Cycle Power Source: Natural Gas Combined Cycle (NGCC), Integrated Gasification Combined Cycle (IGCC)
3) By Gas-Based: Open Cycle Gas Turbine (OCGT), Gas Engine Power Plants
4) By Nuclear Power Source: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Small Modular Reactors (SMR)
5) By Renewable: Solar Power Plants, Wind Power Plants, Hydropower Plants, Geothermal Power Plants, Biomass Power Plants
6) By Other Types: Hydrogen Power Systems, Waste-to-Energy Plants
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What Trends Are Shaping The Power EPC Market?
Leading corporations in the energy construction services sector are concentrating efforts to create innovative products like renewable energy solutions in a bid to stand out in the market. These solutions consist of multiple techniques and practices that utilize natural, constantly renewing processes for power generation. For example, in June 2022, Tata Power Solar Systems Limited, which operates out of India and specializes in providing solar energy services, initiated the commissioning of Vibrant Energy's 66 MW EPC project. This initiative is projected to generate 110,029 units of energy each year. Furthermore, it will lead to a drastic decrease in carbon emissions by up to 9 lakh metric tons. The project, spanning over 191 acres and made up of 1,27,268 solar modules, was finished in a mere nine months.
Who Are the Key Players In The Power EPC Market?
Major companies operating in the power EPC market are:
• PowerChina
• General Electric Company
• ABB Ltd.
• Mitsubishi Heavy Industries Ltd.
• Siemens Energy AG
• Larsen & Toubro Limited
• Hitachi Energy Ltd.
• Bechtel Corporation
• Skanska AB
• Jacobs Solutions Inc.
• Fluor Corporation
• Doosan Enerbility Co. Ltd.
• Worley Limited
• KBR Inc.
• Technip Energies
• AtkinsRéalis Group Inc.
• JGC Holdings Corporation
• Black & Veatch
• Petrofac Limited
• Tata Projects
• Babcock & Wilcox Enterprises Inc.
• Sapura Energy Berhad
What Are The Regional Insights Into The Power EPC Market?
Asia-Pacific was the largest region in the power EPC market in 2024 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.
