Press release
Power EPC Companies Innovate With Renewable Energy Solutions To Enhance Market Competitiveness Trend: A Crucial Influence on the Power EPC Market's Transformation in 2025
Power EPC
Rising energy needs are anticipated to boost the growth trajectory of the power EPC market in the future. Factors contributing to these increasing energy needs include global population growth, swift industrial development, urbanization, technological advances, and a rise in living standards, which collectively account for heightened energy use in residential, commercial, and industrial sectors. Power EPC services play a significant role in the energy industry, allowing the effective planning, construction, and management of large-scale power generation and distribution projects. As per a projection from the International Energy Agency, a France-based intergovernmental organization, in July 2024, the demand for global electricity is predicted to increase by approximately 4% in 2024, an advancement from 2.5% in 2023. The estimate for the global electricity supply is set to climb from 30% in 2023 to 35% in 2025. Hence, the escalating energy demands are prompting growth in the power EPC market.
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What Is the projected market size and growth rate for the power epc market?
In recent years, the power epc market has seen robust growth. Projections indicate an increase from $684.9 billion in 2024 to $726.75 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. Key growth drivers in the historic period include governmental support and incentives for clean energy initiatives, rapid urbanization and industrial expansion, increased private sector investment in power generation, emphasis on energy security and reliability, and efforts to electrify sectors such as transportation and heating.
Anticipated to experience substantial growth over the forthcoming years, the power epc market is predicted to expand to a market cap of $911.62 billion by 2029, enjoying a compound annual growth rate of 5.8%. The prospective surge during this forecast period is credited to enhanced global energy use, the transition to alternative energy sources, an escalating consciousness and worries relating to climate change, improvements, and extensions with respect to grid infrastructure to accommodate new energy sources, and a rise in extreme weather instances. Emerging market trends during this period include breakthroughs in power generation technologies, advanced energy retention solutions, intelligent grid technologies, the progress of nascent markets, research and development in energy storage, along with the integration of digital innovations.
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What new trends are reshaping the power epc market and its opportunities?
Leading firms in the power EPC market are concentrating their efforts on the creation of innovative products, such as solutions centered on renewable energy, in order to remain competitive. These renewable energy solutions include a variety of technologies and practices aimed at harnessing power from perpetually renewable natural processes. 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. This project, spread across 191 acres and encompassing 1,27,268 solar modules, is projected to generate 110,029 energy units annually. In addition to contributing to a notable reduction in carbon emissions (up to 9 lakh metric tons), the project was completed within a remarkable timeframe of just nine months.
What major market segments define the scope and growth of the power epc market?
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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Which geographical regions are pioneering growth 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.
Which key market leaders are driving the power epc industry growth?
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
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What Is Covered In The Power EPC Global Market Report?
•Market Size Forecast: Examine the power epc market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the power epc market for a structured understanding.
•Key Players Overview: Analyze major players in the power epc market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the power epc market.
•Segment Contributions: Evaluate how different segments drive overall growth in the power epc market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the power epc market.
•Industry Challenges: Identify potential risks and obstacles affecting the power epc market.
•Competitive Landscape: Review strategic developments in the power epc market, including expansions, agreements, and new product launches.
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