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Power EPC Market 2024 - By Share, Growth, Demand, Trends, Opportunities And Outlook 2033
Power EPC Market Size
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According to The Business Research Company's, The power EPC market size has grown strongly in recent years. It will grow from $647.24 billion in 2023 to $684.90 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to supportive government policies and incentives for clean energy projects, rapid urbanization, and industrial expansion, increasing investments by private sector players in power generation, increasing focus on energy security and reliability, and initiatives to electrify sectors such as transportation and heating.
The power EPC market size is expected to see strong growth in the next few years. It will grow to $862.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to rising global energy consumption, the shift towards renewable energy sources, increasing awareness and concerns about climate change, upgrades and expansions in grid infrastructure to accommodate new generation sources, and increasing occurrences of extreme weather events. Major trends in the forecast period include innovations in power generation technologies, advanced energy storage solutions, smart grid technologies, development of emerging markets, R&D and innovation in energy storage, and integration of digital technologies.
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Market Drivers and Trends:
The growing energy demand is expected to propel the growth of the power EPC market going forward. The growing energy demand is due to several factors such as increasing global population, rapid industrialization, urbanization, technological advancements, and higher standards of living, all of which contribute to greater energy consumption across residential, commercial, and industrial sectors. Power EPC services are used in the energy sector to efficiently design, build, and manage large-scale power generation and distribution projects. For instance, in July 2024, according to the International Energy Agency, a France-based intergovernmental organization, global electricity demand is forecast to grow by around 4% in 2024, up from 2.5% in 2023. Global electricity supply is forecast to rise from 30% in 2023 to 35% in 2025. Therefore, the growing energy demand is driving the power EPC market.
Major companies operating in the power EPC market are focusing on developing advanced products, such as renewable energy solutions to gain a competitive edge in the market. Renewable energy solutions encompass a range of technologies and practices designed to generate power from natural processes that are continuously replenished. For instance, in June 2022, Tata Power Solar Systems Limited, an India-based provider of solar energy services, took up the commissioning of a 66 MW EPC project for Vibrant Energy. The project will produce 110,029 units of energy annually. The installation will lead to a reduction of carbon emissions of up to 9 lakh metric tons. The project is spread over 191 acres comprising 1,27,268 solar modules and has been completed within a record nine-month period.
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Major Key Players of the Market:
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
Power EPC Market 2024 Key Insights:
• The power EPC market size is expected to see strong growth in the next few years. It will grow to $862.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• The Growing Energy Demand Propelling The Growth Of The Power EPC Market
• Power EPC Companies Innovate With Renewable Energy Solutions To Enhance Market Competitiveness
• Asia-Pacific was the largest region in the power EPC market in 2023 and it is expected to be the fastest-growing region in the forecast period
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