The Growing Energy Demand Propelling The Growth Of The Power EPC Market: Major Factor in the Transformation of the Power EPC Market in 2025

How Will the Power EPC Market Grow, and What Is the Projected Market Size?
In recent times, there has been robust growth in the size of the power epc market. It is projected to rise from $684.9 billion in 2024 to $726.75 billion in 2025, signifying a compound annual growth rate (CAGR) of 6.1%. The significant growth witnessed in the historic period can be linked to encouraging governmental policies and incentives for renewable energy projects, swift urban and industrial expansion, heightened investments in power generation by the private sector, a heightened sense of the importance of energy security and reliability, and measures initiated to electrify sectors such as transportation and heating.

In the upcoming years, the power epc market is anticipated to witness significant growth, expanding to $911.62 billion in 2029, with a compound annual growth rate (CAGR) of 5.8%. This growth during the projection period can be credited to rising global energy use, a transition towards renewable energy, growing consciousness and anxieties about climate change, improvements and enlargements in grid infrastructure to facilitate new source of generation, and escalating occurrences of severe weather conditions. The projection period is also likely to see prevalent trends such as power generation technology advancements, superior energy storage solutions, smart grid technologies, advancements in emerging markets, R&D and innovation in energy storage, along with the incorporation of digital technologies.

What Key Elements Are Boosting Growth in the Power EPC Market?
The power EPC market's growth is projected to be fuelled by the escalating demand for energy. Factors contributing to this increasing energy requirement include global population growth, rapid industrialization, urbanization, technological progress, and improved living standards. These factors result in greater energy usage across residential, industrial, and commercial sectors. In the energy sector, power EPC services are employed to effectively design, implement, and supervise large power generation and distribution projects. For example, projections from the International Energy Agency, a France-based intergovernmental organization, suggest a 4% increase in global electricity demand by July 2024, a rise from 2.5% in 2023. Additionally, the global electricity supply is predicted to increase from 30% in 2023 to 35% in 2025, highlighting the crucial role of growing energy demand in driving the power EPC market.

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Who Are the Major Industry Players Fueling Power EPC Market Expansion?
Major companies operating in the power EPC market are 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

Which Key Developments Are Influencing the Power EPC Market?
To gain a competitive advantage in the power EPC market, key players are concentrating on the invention of advanced products, including renewable energy solutions. Renewable energy solutions cover a variety of technologies and techniques aimed at producing power from natural processes that are consistently renewed. For example, Tata Power Solar Systems Limited, a solar energy service provider based in India, undertook the commissioning of a 66 MW EPC project for Vibrant Energy in June 2022. The project, which will annually generate 110,029 units of energy, is spread over 191 acres, comprises 1,27,268 solar modules, and was finished in an impressive nine-month timeframe. The installation will lead to a decrease in carbon emissions by up to 9 lakh metric tons.

How Is the Segmentation of the Power EPC Market Defined?
The power epcmarket covered in this report is segmented -

1) By Type: Thermal Power Source, Combined Cycle Power Source, Gas based, Nuclear Power Source, Renewable, Other Types
2) By Equipment: Gas Turbines, Steam Turbines, Bailors, Generators, Control Systems, Other Equipment
3) By Application: Power Generation, Power Transmission And Distribution, Other Applications

Subsegments:
1) By Thermal Power Source: Coal-Fired Power Plants, Natural Gas Power Plants, Oil-Fired Power Plants
2) By Combined Cycle Power Source: Natural Gas Combined Cycle (NGCC), Integrated Gasification Combined Cycle (IGCC)
3) By Gas-Based: Open Cycle Gas Turbine (OCGT), Gas Engine Power Plants
4) By Nuclear Power Source: Pressurized Water Reactors (PWR), Boiling Water Reactors (BWR), Small Modular Reactors (SMR)
5) By Renewable: Solar Power Plants, Wind Power Plants, Hydropower Plants, Geothermal Power Plants, Biomass Power Plants
6) By Other Types: Hydrogen Power Systems, Waste-to-Energy Plants

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What Is the Leading Region in the Power EPC Market?
Asia-Pacific was the largest region in the power EPC market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the power EPC market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Power EPC Global Market Report?

- Market Size Analysis: Analyze the Power EPC Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Power EPC Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Power EPC Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Power EPC Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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