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Power EPC Market- insightSLICE

The growing demand for electricity and increasing investments in the renewable energy sector are driving the Power EPC market growth.

SANTA ROSA, CALIFORNIA, UNITED STATES, May 8, 2023/EINPresswire.com/ -- The Global Power EPC Market Share, Trends, Analysis and Forecasts, 2023-2032 presents extensive information on the latest trends, factors driving the market growth, potential opportunities, and challenges that may impact the industry's market dynamics. It offers a detailed examination of the different market segments, such as product power generation, power status, service, end-user, and competitive landscape.

The global power EPC market size was estimated to be US$ 191.64 Billion in 2022 and is expected to reach US$ 363.12 Billion by 2032 at a CAGR of 6.6%. Power EPC (Engineering, Procurement, and Construction) is a service provided by engineering and construction companies that specialize in the design, procurement, and construction of power projects. This includes power plants, substations, transmission lines, distribution networks, and renewable energy installations such as solar and wind farms.

The Power EPC companies provide a complete range of services from feasibility studies, engineering design, procurement of equipment and materials, construction, and commissioning of the project. Power EPC companies work on both large-scale and small-scale power projects, including gas-fired, coal-fired, nuclear, and renewable energy projects.

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Power EPC companies work with power utilities, independent power producers, governments, and other organizations that require power generation or transmission infrastructure. These companies have extensive experience in managing complex projects, ensuring compliance with regulatory standards, and optimizing the use of resources. The Power EPC market is a significant segment of the engineering and construction industry, driven by the increasing demand for power and the need to modernize the existing power infrastructure.
Growth driving factors of Global Power EPC Market

Following are some of the major factors driving the market –

Growing demand for electricity:

The increasing population, urbanization, and industrialization have led to a surge in the demand for electricity worldwide. The rising demand is driving the growth of the Global Power EPC market. For example, in India, the Ministry of Power has set a target of providing electricity to all households by 2022 under the "Saubhagya" scheme. This has led to a surge in the installation of new power plants and is expected to drive the growth of the Power EPC market in the country.

Increasing investments in the renewable energy sector:

Governments across the world are increasingly investing in renewable energy sources such as solar, wind, hydro, and biomass. The shift towards renewables is driving the growth of the Global Power EPC market, as companies are involved in the construction of renewable energy projects. For instance, Siemens Gamesa, a renewable energy company, was awarded a contract to build a 2.6 GW wind power project in the US. This is expected to drive the growth of the Power EPC market in the US.

Need for modernizing the existing power infrastructure:

The aging power infrastructure in many countries is leading to frequent power outages and is increasing the maintenance costs. The need to modernize this infrastructure is driving the growth of the Global Power EPC market. For example, in Saudi Arabia, the state-owned oil company, Saudi Aramco, awarded a contract worth USD 1.3 billion to a consortium of companies to modernize the power infrastructure of the company. This is expected to drive the growth of the Power EPC market in the country.

The leading market segments of Global Power EPC Market

Based on power generation, thermal segment is currently the largest. The Thermal segment includes power plants that generate electricity by burning fossil fuels such as coal, natural gas, and oil. The primary reason why the Thermal segment is the largest is that it has been the most widely used method of power generation for many years due to its reliability, availability, and low cost.

The Thermal segment has a well-established supply chain, and there is a significant installed base of Thermal power plants worldwide. Additionally, the Thermal segment provides base-load power, which is essential for meeting the constant demand for electricity. However, the increasing concern about climate change and the need for sustainable energy sources is driving the growth of the Renewable segment, which includes power generation from sources such as solar, wind, and geothermal. While the Renewable segment is currently smaller than the Thermal segment, it is expected to grow rapidly in the coming years as the world shifts towards a cleaner and more sustainable energy mix.

Geographically, in North America, the increasing adoption of renewable energy sources, particularly wind and solar, and focus on infrastructure development and modernization are expected to drive the market's growth. The European market is expected to grow due to increasing investments in renewable energy, especially in offshore wind power projects, and the region's ambitious targets to reduce greenhouse gas emissions. In the Asia-Pacific region, the increasing demand for electricity, infrastructure development, and the shift towards renewable energy sources, particularly solar and wind, are driving the growth of the Power EPC market.

In the Middle East and Africa, increasing investments in the energy sector, development of renewable energy sources such as solar and wind, and the presence of significant oil and gas reserves are driving the market's growth. Finally, in South America, the increasing demand for electricity, focus on infrastructure development, and shift towards renewable energy sources such as hydropower and wind are expected to drive the market's growth.

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The key players of the Global Power EPC Market are:

ABB Ltd. (Switzerland), Black & Veatch (USA), Doosan Heavy Industries & Construction Co., Ltd. (South Korea), General Electric Company (USA), Hyundai Engineering & Construction Co., Ltd. (South Korea), Larsen & Toubro Limited (India), Mitsubishi Electric Corporation (Japan), Mitsubishi Heavy Industries, Ltd. (Japan), Schneider Electric SE (France), Siemens AG (Germany), Skanska AB (Sweden), Sterling and Wilson Private Limited (India), Sumitomo Electric Industries, Ltd. (Japan), TechnipFMC plc (UK), Toshiba Corporation (Japan) and Others.

Market Segmentation

Based on Power Generation

• Nuclear
• Hydroelectric
• Renewables
• Thermal

Based on Power Status

• Transmission
• Distribution

Based on Service

• Engineering
• Procurement
• Construction
• Commissioning

Based on End-user

• Residential
• Commercial
• Industrial

Based on Region

• North America
> United States
> Canada
> Rest of North America

• Europe
> Germany
> United Kingdom
> Italy
> France
> Spain
> Rest of Europe

• Asia Pacific
> Japan
> India
> China
> Australia
> South Korea
> Rest of Asia Pacific

• Middle East & Africa
> UAE
> Saudi Arabia
> South Africa
> Rest of the Middle East & Africa

• South America
> Brazil
> Rest of South America

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