Press release
Power EPC Market Size Projected To Reach $911.62 Billion By 2034 With A Cagr Of 5.8%
Power EPC
What Is the Projected Growth of the Power EPC Market?
The power EPC market size will grow from $684.9 billion in 2024 to $726.75 billion in 2025 at a CAGR of 6.1%. Growth factors include government support for clean energy, urbanization, industrial expansion, investments in power generation, and electrification initiatives.
The power EPC market is expected to grow to $911.62 billion by 2029 at a CAGR of 5.8%. Growth is driven by increasing global energy consumption, renewable energy shift, climate change awareness, grid infrastructure upgrades, and extreme weather events. Major trends include innovation in power generation, energy storage solutions, smart grids, market development, R&D in energy stor
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What Are the Different Power EPC Market Segments?
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 Are the Primary Drivers Shaping the Power EPC Market?
The growing energy demand is anticipated to fuel the expansion of the power EPC market. Factors such as population growth, rapid industrialization, urbanization, technological progress, and improved living standards contribute to the increasing energy consumption across various sectors. Power EPC services are utilized in the energy sector to effectively design, construct, and manage large-scale power generation and distribution projects. For example, in July 2024, the International Energy Agency forecasted a 4% increase in global electricity demand for 2024, compared to 2.5% in 2023, and a rise in global electricity supply from 30% in 2023 to 35% in 2025, further boosting the power EPC market.
Which Companies Are Leading in the Power EPC Market?
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
What Power EPC Market Trends Are Gaining Traction Across Different Segments?
Major Companies in the power EPC market are advancing renewable energy solutions to stay competitive. These solutions use natural, replenishable processes to generate power. For instance, in June 2022, Tata Power Solar Systems Limited, an India-based provider of solar energy services, commissioned a 66 MW EPC project for Vibrant Energy. The project will produce 110,029 units of energy annually, reducing carbon emissions by 9 lakh metric tons and covering 191 acres with 1,27,268 solar modules.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power EPC Market?
2. What is the CAGR expected in the Power EPC Market?
3. What Are the Key Innovations Transforming the Power EPC Industry?
4. Which Region Is Leading the Power EPC Market?
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