Power EPC Market Is Booming Worldwide Due to Rising Infrastructure and Energy Projects Forecast 2025-2032 | Coherent Market Insights

Industry Overview

The power engineering, procurement, and construction (EPC) sector is undergoing rapid transformation driven by renewable integration, grid modernization, and digitalization. Recent data shows global project pipelines expanding by 12% in 2024, with utilities and IPPs investing in modular delivery models. Our proprietary Power EPC Market report underscores how industry dynamics are shifting toward decarbonization mandates and cross-border interconnections, offering robust market opportunities for stakeholders.

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Market Size and Overview

The Global Power EPC Market size is estimated to be valued at USD 732.23 Bn in 2025 and is expected to reach USD 1,130.41 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 6.4% from 2025 to 2032. This forecast reflects accelerating demand for utility-scale solar and high-voltage DC transmission corridors. The Power EPC Market size also factors in emerging microgrid deployments and hydrogen-ready plant EPC contracts in Europe and Asia Pacific.

Key Takeaways

Regions:

• North America: Strong transmission grid upgrades driven by a USD 25 Bn federal stimulus in 2024.
• Latin America: Utility-scale solar EPC contracts jumped 18% in Brazil and Chile.
• Europe: Cross-border HVDC projects account for 22 GW under execution in 2025.
• Asia Pacific: China leads with 110 GW of renewables EPC orders in 2024.
• Middle East: GCC nations target 75% gas-to-renewable transition by 2027.
• Africa: South Africa and Kenya announced 8 GW of solar/wind EPC tenders.

Market Segments:

• By Project Type:
- Generation: Solar PV (e.g., 15 GW auctioned in India 2024), onshore wind, hydro.
- Transmission & Distribution: HVDC links, smart substations.
• By Feed Type:
- Renewable: Solar, wind, hydro with turnkey balance-of-plant EPC.
- Conventional: Gas turbines (e.g., 5 GW new combined-cycle in U.S.), coal, nuclear.
• By End-User:
- Utilities: Grid expansion and refurbishment.
- Independent Power Producers: EPC+O services for merchant plants.
- Industrial: Captive power for data centers and manufacturing.

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Growth Factors

• Renewable Capacity Targets: Countries announced 1,200 GW new solar and wind by 2030, driving a 14% uptick in EPC tenders in 2024.
• Grid Modernization: U.S. DOE allocated USD 15 Bn for smart grid EPC contracts, boosting market share for turnkey providers.
• Decarbonization Mandates: Europe's Fit for 55 accelerated hydrogen-ready plant EPC awards by 20% in late 2024.
• Cost Competitiveness: Modular EPC delivery cut average project costs by 8% in 2024, supporting market growth.

Market Trends

• Digital Twin Adoption: Over 30% of new power projects in 2025 leverage digital‐twin EPC frameworks to optimize lifecycle costs, fueling Power EPC Market trends toward predictive maintenance.
• Modular Contracts: EPC bidders increasingly offer plug-and-play substations, slashing delivery cycles by 25% in Asia Pacific.
• ESG Integration: Investment criteria now mandate carbon-footprint reporting, reshaping supplier selection and market opportunities.
• Hybrid EPC Models: Alliances between EPC firms and equipment OEMs (e.g., Siemens AG and GE) drive bundled solutions, reinforcing market dynamics.

Actionable Insights

• Production Capacity: Global solar inverter output reached 180 GW in 2024; EPC pricing dropped 5% YoY.
• Pricing Indicators: Average turnkey contract value for 50 MW solar farms declined from USD 0.84/W in 2023 to USD 0.78/W in 2024.
• Exports & Imports: China exported USD 4.2 Bn in substation modules in 2024; Europe imported USD 2.3 Bn of HVDC converters.
• Use-Case Demand: Data-center captive projects rose by 22% in North America; ammonia-to-power EPC orders emerged at USD 1.1 Bn in 2024.
• Micro-Indicators: APAC tender volumes grew by 12% in Q4 2024, with average bid size at USD 210 Mn.
This actionable data underpins market revenue forecasts and sharper market analysis.

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Key Players

Siemens AG
General Electric
Fluor Corporation
Bechtel Corporation
McDermott International
ABB Ltd.
Kiewit Corporation
Black & Veatch
Jacobs Engineering Group
Technip Energies
Worley Limited
Larsen & Toubro
Saipem
VINCI
SK Engineering

Competitive Strategies:

• Siemens AG bundled its digital EPC platform with lifecycle services, securing a 15% increase in global contract wins in 2024.
• Bechtel Corporation formed a strategic JV with EDF for small modular reactor EPCs, accelerating commissioning timelines by 20%.
• Black & Veatch partnered with GE Renewable Energy to deliver modular HVDC substations, reducing supply-chain lead times by 25%.

FAQs

1. Who are the dominant players in the Power EPC Market?
Leading companies include Siemens AG, General Electric, and Bechtel Corporation, each commanding significant industry share across generation and grid segments.

2. What will be the size of the Power EPC Market in the coming years?
Our market forecast predicts growth from USD 732.23 Bn in 2025 to USD 1,130.41 Bn by 2032 at a 6.4% CAGR.

3. Which end-user industry has the largest growth opportunity?
Utilities and independent power producers are set to capture the largest market share given large-scale renewables and transmission modernization pipelines.

4. How will market development trends evolve over the next five years?
Expect rising digital twin integration, modular EPC contracts, and ESG-driven project mandates shaping market dynamics and growth strategies.

5. What is the nature of the competitive landscape and challenges in the Power EPC Market?
Intense competition on pricing and technology, coupled with supply-chain disruptions and tightening regulations, present both market challenges and opportunities.

6. What go-to-market strategies are commonly adopted in the Power EPC Market?
Bundled digital-EPC offerings, strategic joint ventures, and modular delivery frameworks are prevalent to secure large-scale, high-value contracts.

✍️ Author of this marketing PR:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.

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