Press release
Power Engineering, Procurement & Construction (EPC) Market Size 2023-2030: John Wood PLC, Kiewit Corporation, McDermott International Inc., Bechtel Corporation, ABB Ltd
Power Engineering, Procurement & Construction (EPC) Market
The Power Engineering, Procurement, & Construction (EPC) market size was estimated at USD 696 billion in 2023 and is projected to reach USD 958 billion in 2030 at a CAGR of 4.67% during the forecast period 2023-2030.
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The power engineering, procurement and construction (EPC) market can be segmented by power generation into thermal, hydroelectric, nuclear, and renewables. It can be segmented based on equipment into steam turbines, gas turbines, boilers, control systems, generators, others and based on region into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The market is driven by the increasing demand for electricity generation and energy consumption, as well as the changing power generation industry dynamics.
The Power EPC market is facing some challenges, such as the increasing competition from local players, the rising cost of raw materials, and the shortage of skilled labour. However, the market is expected to grow in the forecast years due to increasing demand for electricity generation and power consumption.
The prominent players in the Power Engineering, Procurement, & Construction (EPC) market are
Fluor Ltd
John Wood PLC
Kiewit Corporation
McDermott International Inc.
Bechtel Corporation
Saipem SpA
Larsen & Toubro Limited
KBR Corp.
ERGIL
Tekfen Holding
Tecnimont
Sime
Flexitallic
General Electric Company
Siemens Energy AG
ABB Ltd
Doosan
Clarke Energy
Anesco
Prado Power
Recent Developments
In June 2022, Tata Power Solar Systems commissioned an engineering, procurement, and construction (EPC) project of 66 megawatts (MW) for Vibrant Energy. This project will generate 110,029 units of energy annually and a reduction of carbon emissions by up to 9 lakh tonnes.
In May 2022, Mitsubishi Heavy Industries Ltd (MHI) and the SEPCOIII consortium signed an agreement with Aluminium Bahrain BSC (Alba) to expand Power Station 5 at Alba, adding a new 680.9 megawatts (MW) Combined Cycle Gas Turbine Power Block.
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Scope of the Report:
The Power Engineering, Procurement, & Construction (EPC) Market is segmented into various segments such as power generation, equipment, and region:
Based on Power Generation, the Power Engineering, Procurement, & Construction (EPC) Market is segmented into:
Thermal
Hydroelectric
Nuclear
Renewables
Based on the Equipment, the Power Engineering, Procurement, & Construction (EPC) Market is segmented into:
Steam Turbines
Gas Turbines
Boilers
Control Systems
Generators
Based on region, the Power Engineering, Procurement, & Construction (EPC) Market is segmented into:
Asia Pacific
Japan
China
India
Australia
South Korea
Vietnam
New Zealand
Philippines
Thailand
Malaysia
Hong Kong
Taiwan
Singapore
Indonesia
Sri Lanka
Rest of Asia-Pacific
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Spain
Sweden
Austria
Finland
Belgium
Turkey
Russia
Poland
Hungary
Czech Republic
Switzerland
Netherlands
Rest of Europe
South America
Brazil
Argentina
Chile
Colombia
Rest of South America
Middle East & Africa
South Africa
U.A.E.
Saudi Arabia
Oman
Qatar
Iran
Egypt
Rest of Middle East and Africa
Asia Pacific to Dominate the Market
Asia Pacific is estimated to account for the largest market share during the forecast period. The increasing demand for power along with rapid population growth and industrialization is driving the growth of the market.
China dominates the power EPC market in the region, and the energy sector is transitioning towards a cleaner and sustainable energy source to reduce carbon emission and achieve net zero carbon emission.
Delvens Industry Expert's Standpoint
The growth of the power EPC market is being driven by factors such as the increased demand for renewable energy sources such as solar and wind and the growing trend of privatization of power utilities. Moreover, the increasing focus on energy efficiency is creating new opportunities for the power EPC market. In addition to that, the rising demand for smart grid technologies is also contributing to the growth of the market. However, the rising cost of raw materials and the shortage of skilled labour can act as a barrier to the growth of the market during forecast period.
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