Press release
Power Plant EPC Market to Reach USD 163.33 Billion by 2030
Power Plant EPC Market
The global Power Plant Engineering, Procurement, and Construction (EPC) market is on a steady growth trajectory, projected to expand from USD 131.01 billion in 2023 to USD 163.33 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period. This growth is fueled by increasing energy demands, a global shift towards renewable energy sources, and significant infrastructure investments across various regions.
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◉ Competitive Landscape: Key Players Steering the Market
The Power Plant EPC sector is characterized by the presence of several prominent players who are instrumental in driving innovation and efficiency. Notable companies include Doosan Heavy Industries and Construction, TATA Projects, Thermax Global, Worley Parsons, SK Engineering and Construction, China National Electric Wire and Cable I/E Corp, Datang International Power Generation Company Limited, ShanDong Energy Group CO. Ltd., China Energy Engineering Corporation, Bharat Heavy Electricals Ltd., Larsen and Toubro Ltd., Sterlite Power Transmission Ltd., Technip, Saipem, Samsung Engineering, and Petrofac. These companies are actively engaged in various projects, leveraging advanced technologies to enhance power generation efficiency and sustainability.
◉ Regional Demand Surge: Asia-Pacific Leading the Charge
The Asia-Pacific region dominates the Power Plant EPC market, accounting for approximately 48% of the global share in 2020. This dominance is attributed to rapid industrialization, urbanization, and significant investments in power infrastructure by countries like China, India, and Japan. China, for instance, has made substantial investments in renewable energy, including the development of the Tengger Desert Solar Park, as part of its commitment to the Paris Climate Change Accord.
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◉ Vietnam: Growth Opportunities in Renewable Energy Projects
Vietnam is emerging as a key player in the renewable energy sector, with the government implementing policies to attract foreign investment in solar and wind energy projects. The country's commitment to sustainable energy is creating lucrative opportunities for EPC contractors specializing in renewable energy infrastructure.
Thailand: Trends in Power Infrastructure Development
Thailand is focusing on upgrading its power infrastructure to meet the rising electricity demand. The government's initiatives to promote renewable energy and modernize the grid are driving the EPC market, with several projects underway to enhance power generation capacity and efficiency.
Japan: Consolidation in Nuclear and Renewable Energy Sectors
Japan is witnessing consolidation in its power sector, particularly in nuclear and renewable energy. Companies are collaborating to develop advanced technologies and streamline operations, aiming to achieve energy security and reduce carbon emissions.
South Korea: Updation of Power Plants with Advanced Technologies
South Korea is investing in the modernization of its power plants, incorporating advanced technologies to improve efficiency and reduce environmental impact. The government's support for smart grid development and renewable energy integration is propelling the EPC market forward.
Singapore: Opportunities in Smart Energy Solutions
Singapore is exploring smart energy solutions to enhance its power infrastructure. The government's focus on sustainability and innovation is attracting EPC contractors to participate in projects involving smart grids, energy storage, and renewable energy integration.
United States: Growth in Renewable Energy and Grid Modernization
The United States is experiencing growth in renewable energy projects and grid modernization efforts. Government incentives and policies supporting clean energy are encouraging EPC contractors to engage in the construction of solar, wind, and energy storage facilities.
China: Trends in Large-Scale Renewable Projects
China continues to lead in large-scale renewable energy projects, with significant investments in solar, wind, and hydroelectric power. The government's commitment to reducing carbon emissions is driving the EPC market, with numerous projects aimed at expanding renewable energy capacity.
Europe: Consolidation and Investment in Green Energy
Europe is witnessing consolidation in the power sector, with increased investment in green energy projects. Countries are collaborating to develop cross-border renewable energy initiatives, and EPC contractors are playing a crucial role in constructing and managing these complex projects.
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◉ Power Plant EPC Market Segment Analysis:
by Type
Thermal Power Source
Gas based
Nuclear Power Source
Renewable
Others
by Equipment
Gas Turbines
Steam Turbines
Generators
Others
◉ Key Recent Developments in the Power Plant EPC Industry
China: Invested US$ 360 billion in renewable energy in 2020, creating 13 million jobs and aiming to generate 20% of its electricity from renewable sources by 2030.
United States: Developed the Ivanpah Solar Facility in the Mojave Desert, comprising three solar thermal power plants that collectively generate up to 392MW of power.
South Korea: Constructed the Sihwa Lake Tidal Power Station, the world's largest tidal power facility, generating 552.7 GWh of electricity annually.
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