PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238829
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238829
Power EPC Market size was valued at USD 128,050.1 Million in 2022, expanding at a CAGR of 4.2% from 2023 to 2030.
Power Contracts for the engineering, procurement, and construction (EPC) of power facilities using both renewable and non-renewable raw materials are referred to as EPC. EPC contracts are turnkey agreements in which an outside consultant or contractor, who is solely responsible for constructing the desired units by client requirements, manages all aspects of a project from the initial stage of development to the creation of the final facility, ready for operation.
The continued demand for non-renewable sources of energy, which until a few years ago were solely responsible for a significant portion of power generation, and rising investments in the development of facilities that use renewable sources of energy are two factors contributing to the projected growth of the global power EPC market. The demand for a steady energy supply is being driven by rising automation and increased reliance on power-run devices in industries like healthcare, building construction, food and apparel, among others. The world's population, which is presently over 7 billion, is expanding, which has a big impact on the increase in energy demand. EPC contracts are preferred over other types of facility construction because they make use of contractors' expertise to build a unit that enables more efficient output than a business without the required resources. EPC contractors produce better results and are preferred for large-scale investments because they have access to the best market-wide subcontractors, raw material suppliers, and cost-effective procurement channels, in addition to having high accessibility to specialized technological tools and human resources. However, the growing investments in wind energy are predicted to offer excellent growth prospects, and the phase-out of coal-based power may limit the worldwide market growth. The growth of the global market may be hampered by the fluctuating price of oil and gas.
Based on power generation, the market is divided into nuclear, hydroelectric, renewables and thermal. The renewables segment is expected to grow at the highest CAGR over the forecast period. In recent years, renewable energy sources have advanced considerably. By the end of 2021, there were 3,064 gigawatts (GW) of global renewable generation capacity, which increased the stock of renewable energy by 9.1%, the fastest annual development since the 1970s. Except for large hydropower, solar PV, and wind, the global renewable energy production capacity is the main driver of two-thirds of the increase in renewables. China alone is responsible for nearly half of the rise in renewable electricity globally in 2021, followed by the US, the EU, and India. Thus, driving segmental growth over the forecast period.
The Asia Pacific is expected to dominate the market during the forecast period. More than 50% of the world's population and 60% of its major cities reside in Asia-Pacific. Future power consumption on the continent will rise as millions of new users acquire access to electricity as a result of rapid population growth and industrialization. For instance, the primary energy consumption in the region grew from 220,48 exajoules in 2013 to 272.45 exajoules in 2021, according to the BP Statistical Review of World Energy 2022. Moreover, in the region, China leads the region's power EPC market, and the energy industry is changing course by switching to cleaner and more sustainable energy sources to reduce carbon emissions and achieve net zero emissions by 2060. For instance, China will have the most installed renewable energy potential worldwide in 2021. China's National Energy Administration projects that by the end of 2021, the installed renewable capacity in the nation will equal 1.063 terawatts, or about 44.8% of all installed generation capacity. China established a goal of 1.2 terawatts of installed renewable capacity by 2030, which it is anticipated to easily achieve, directly assisting the growth of the renewable power EPC market in the country. Thus, the aforementioned facts support the market expansion in the region.
In May 2021, HyDealEspaa revealed its collaboration with TecnicasReunidas, TSK, Vinci Construction, and PowerChinaGuizhou, four EPC companies.
This proposed research study on the Power EPC market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the Power EPC market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Power EPC market
The impact of COVID-19 on the Power EPC market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Power EPC market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Power EPC market, we have also included a competitive landscape and key innovator analysis for the Power EPC market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Power EPC market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Power EPC market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: