According to Custom Market Insights (CMI), The Global Power Engineering, Procurement, and Construction (EPC) Market size was estimated at USD 129 Billion in 2021 and is expected to hit around USD 170 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 4% from 2022 to 2030.
The report examines the Power Engineering, Procurement, and Construction (EPC) market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Power Engineering, Procurement, and Construction (EPC) market.
Power Engineering, Procurement, and Construction (EPC) Market: Overview
Power on a large scale involves energy infrastructure projects, and the construction of power production, transmission, and distribution projects are undertaken under the terms of an EPC contract. Engineering, procurement, and commissioning are referred to as EPC. Engineering and procurement involve developing a project’s thorough engineering plan and acquiring all the tools and raw materials required. Delivering a working facility to the client includes the construction of these projects.
Browse the full “Power Engineering, Procurement, and Construction (EPC) Market Size, Trends, and Insights By Power Generation (Thermal, Renewables, Hydroelectric, Nuclear), By Equipment (Steam Turbines, Gas Turbines, Boilers, Control Systems, Generators, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/power-engineering-procurement-and-construction-market/
Due to the rising need for power globally, there is an increase in the demand for power plant EPC. In addition, the demand for electricity generation has increased due to global urbanization and industrialization, which is expected to drive the global power plant EPC market throughout the forecast period. Furthermore, it is projected that developments in renewable energy, gas turbines, and digital technologies would increase investments in the worldwide power generation sector. This will likely fuel the global power plant EPC market throughout the forecast year.
Urbanization and population growth have increased the requirement for power. The need for control has also increased as industrial development worldwide has increased. As a result, significant investments are being made in power plants’ global engineering, procurement, and construction (EPC) industry.
The global Power Engineering, Procurement, and Construction EPC market are categorized into power generation and equipment. Due to rising investments, low power production costs for renewables, and the government’s determination to reduce their dependency on fossil fuel-based power generation, the renewables category is anticipated to experience the fastest growth in the power EPC market over the forecast period.
Future government attempts to boost the amount of renewable energy, and new, efficient technologies like supercritical and ultra-supercritical coal power plants are likely to open up several prospects for the power EPC sector
In contrast, the solar sector of the worldwide EPC market for renewable energy is expanding at the quickest rate. Adding around 100 gigawatts (GW) of solar power annually, solar is one of the renewable energy sources that has grown dramatically over the previous four years. Favorable government regulations, the falling cost of solar panels, and worldwide commitments to cut carbon emissions are just a few of the key drivers that have helped the market expansion in both developed and emerging economies.
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From 2022 to 2030, Asia Pacific will lead the worldwide power plant EPC market because of the region’s rapid industrialization and automation expansion. The tendency is expected to persist during the forecast period, especially in nations like China, Japan, India, and South Korea. Japan and India are following China’s investments in renewable energy facilities.
It is anticipated that the Middle East & Africa, and Latin America will be lucrative regions of the global power plant EPC market during the projected period. This is because these regions’ markets are growing significantly. On the other hand, the market is anticipated to grow slowly in North America and Europe. Since the markets in North America and Europe are well-developed, there will probably be few investments made there in the foreseeable future.
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Power Engineering, Procurement, and Construction market. Our analysts overview each player’s financial statements, product benchmarking, and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
- Fluor Ltd
- John Wood PLC
- Kiewit Corporation
- McDermott International Inc.
- Bechtel Corporation
- Saipem SpA
- Larsen & Toubro Limited
- KBR Corp.
- Tekfen Holding
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