Power EPC Market: Major Trends Reshaping the Future of the Industry

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What Will the Power EPC Industry Market Size Be by 2025?
The size of the power epc market has seen robust growth over the past few years. It is projected to increase from $684.9 billion in 2024 to $726.75 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. The substantial growth experienced in the historical period can be traced back to encouraging governmental policies and incentives geared towards clean energy projects. Other contributing factors include fast-paced urbanization and industrial growth, increased private-sector investment in power generation, a prioritized focus on energy security and reliability, as well as efforts to electrify industries such as transportation and heating.

What's the Long-Term Growth Forecast for the Power EPC Market Size Through 2029?
Expectations are high for robust expansion in the power epc market over the coming years. The market size is projected to escalate to $911.62 billion by 2029, progressing at a compound annual growth rate (CAGR) of 5.8%. The predicted growth is a response to various factors, including the increased global energy consumption, a transition towards renewable energy sources, heightened awareness and concern about climate change, modernization, and extension of grid infrastructures to assimilate new power generation sources, and growing instances of severe weather conditions. The foreseeable trends in this period will be cutting-edge innovations in power generation technologies, refined energy storage solutions, smart grid advancements, the rise of emerging markets, research and development in energy storage, and the incorporation of digital technology.

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What Are the Key Growth Drivers Fueling the Power EPC Market Expansion?
The power EPC market is anticipated to expand significantly as energy requirements continue to rise around the world. This increased demand for energy is fueled by numerous factors, including a rapidly growing global population, swift industrial expansion, urbanization, technological progress, and a higher standard of living, all of which lead to more energy usage in residential, commercial, and industrial sectors. Power EPC services play a vital role in the energy industry by effectively designing, constructing, and overseeing large-scale power generation and distribution projects. As per the International Energy Agency, a France-based intergovernmental organization, the global demand for electricity is predicted to grow by approximately 4% in 2024, a sharp increase from 2.5% in 2023. Projections also show a rise in the global electricity supply from 30% in 2023 to 35% in 2025. In this light, it is clear that the rise in energy demand is a major driver of growth for the power EPC market.

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What Are the Key Trends Driving Power EPC Market Growth?
Key players in the power EPC industry are focusing their efforts towards the creation of innovative products like renewable energy solutions to establish themselves competitively in the market. These renewable energy solutions utilize various technologies and methodologies to produce energy using natural resources that are being constantly replenished. As an example, Tata Power Solar Systems Limited, a solar energy service provider from India, took on the task of commissioning a 66 MW EPC project for Vibrant Energy in June 2022. The project, which covers 191 acres and consists of 1,27,268 solar modules, will generate 110,029 units of energy every year. It's projected to reduce carbon emissions by up to 9 lakh metric tons. Remarkably, the project was completed in a record-breaking nine months.

How Is the Power EPC Market Segmented?
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 Companies Are Leading the Charge in Power EPC Market Innovation?
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 Regions Are Leading the Global Power EPC Market in Revenue?
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.

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