Press release
Power Generation EPC Market Size, Share Analysis, Growth Trends and Forecast | Key Players:- DOOSAN Corporation, TATA Projects, WorleyParsons Limited.
Power Generation EPC
Market growth is driven by rising global electricity demand, rapid expansion of renewable energy projects, and increasing investments in power infrastructure modernization. Additionally, growing focus on energy security, replacement of aging power plants, adoption of clean and efficient power generation technologies, and supportive government policies and public-private partnerships are further supporting the expansion of the power generation EPC market.
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United States: Key Industry Developments
✅ December 2025: Bechtel Corporation secured a major EPC contract for a 500 MW solar-plus-storage project in California, integrating advanced grid modernization tech to support renewable integration amid rising clean energy mandates. The initiative boosts power generation capacity by 20% in the Southwest region, addressing aging infrastructure and Trump administration's energy independence push.
✅ October 2025: Fluor Corporation completed Phase 1 of a natural gas-fired power plant EPC upgrade in Texas, enhancing efficiency by 15% with carbon capture tech for compliance with updated EPA emissions standards. This development targets industrial demand growth and positions the U.S. as a leader in hybrid fossil-renewable power solutions.
✅ August 2025: Black & Veatch announced EPC services expansion for offshore wind farms off the East Coast, increasing transmission infrastructure capacity to meet DOE's grid resilience goals. The move aligns with federal investments exceeding $10 billion in 2025 for renewable power EPC projects nationwide.
Asia Pacific / Japan: Key Industry Developments
✅ November 2025: Mitsubishi Heavy Industries won EPC bid for a 300 MW hydrogen-ready gas turbine plant in Hokkaido, Japan, featuring AI-optimized operations for net-zero transition. This launch supports Japan's Green Growth Strategy, reducing reliance on imported fuels by 25%.
✅ September 2025: JERA Co. launched an EPC project for floating offshore wind in the Sea of Japan, deploying 1 GW capacity with advanced subsea cables for stable power export. The development accelerates Japan's 2040 carbon neutrality targets amid rising energy security needs.
✅ July 2025: Toshiba Energy Systems partnered on EPC for a small modular nuclear reactor prototype near Tokyo, emphasizing seismic-resistant designs and digital twin tech for efficient power generation. This initiative bolsters Japan's baseload power amid phasing out coal plants.
Recent M&A Activity:-
Constellation Energy - solidified its leadership in the Power Generation EPC Market through the acquisition of Calpine on December 9, 2025, valued at $16.4 billion, enhancing its portfolio of gas-fired and renewable power assets to meet surging demand for reliable baseload capacity amid AI-driven electrification trends.
NRG Energy - accelerated its EPC capabilities by acquiring LS Power's Premier Power Portfolio on December 9, 2025, for £12 billion, bolstering its natural gas and flexible generation assets to support grid stability and expansion in competitive wholesale markets.
Blackstone Infrastructure - boosted its EPC project pipeline with the acquisition of TXNM Energy on December 9, 2025, valued at £11.5bn, strengthening its position in utility-scale power infrastructure and transmission networks across North America.
Essential Utilities - enhanced its integrated power and water EPC operations via a $30 billion merger with American Water Works announced in 2025, enabling synergies in large-scale engineering, procurement, and construction for hybrid energy-water projects.
Market segmenatation:-
Non-Renewable: Nuclear and Fossil
Fossil fuels (primarily coal and gas) hold 41.2% market share in 2024, driven by demand in emerging economies and established infrastructure.
Nuclear commands around 10-15% globally, favored for baseload reliability but limited by high costs and regulatory hurdles.
Renewable: Breakdown by Type
Renewables dominate with 45-55% total share in 2024, propelled by solar, wind investments in China, US, and Europe.
Solar and wind together capture 30%+, with hydro/tidal at 8-10%, and others (biomass/geothermal) at 5-7%, reflecting tech maturity and policy support.
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Growth Drivers:-
Surging Global Energy Demand:- As industries and cities expand, the world needs more reliable power-boosting EPC projects to build new generation capacity and upgrade aging plants.
Shift to Clean & Renewable Energy Sources:- Governments and companies are pursuing wind, solar, and hydro projects, driving EPC firms to design and construct cleaner and greener power plants.
Government Policies & Incentives:- Supportive policies, subsidies, and renewable targets are encouraging investments in power infrastructure, giving confidence to EPC developers and investors.
Retirement of Old Fossil Fuel Plants:- As older plants are phased out, EPC contracts for modern, efficient gas, hybrid, and renewable facilities increase to fill the gap and ensure grid stability.
Advancements in Technology & Modular Construction:- New tech like modular build systems and digital design tools are helping EPC providers deliver projects faster, safer, and with lower costs.
Regional insights:-
-North America commands the largest share of the Power Generation EPC Market, estimated at around 28% in recent assessments, driven by advanced infrastructure, substantial investments in renewable energy projects, regulatory support for clean power transitions, and strong demand from utilities in the US and Canada.
-Europe follows as the second-largest region, benefiting from stringent environmental regulations, ambitious net-zero targets, rising adoption of offshore wind and solar EPC services in countries like Germany, the UK, and France, and established engineering expertise, though exact shares vary by report amid steady market expansion.
-Asia Pacific ranks third in market share at approximately 39%, yet exhibits the fastest growth potential with high CAGRs in nations such as China, India, and Japan, fueled by rapid urbanization, massive power capacity additions, government subsidies for renewables, and expanding industrial demand.
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Key Players:- DOOSAN Corporation, TATA Projects, WorleyParsons Limited, SK E&C CO., LTD, KBR Inc, Kiewit Corporation, Rosatom, Bechtel Corporation, McDermott, SAIPEM SpA, Larsen & Toubro Limited, among others.
Key highlights of Top 5 Players
DOOSAN Corporation:- Korean leader in thermal power plants with advanced USC boilers; holds 33% market share in global steam turbine EPC orders (7.3GW secured). Excels in non-renewable projects across Asia.
Bechtel Corporation:- US-based giant with 100+ years in mega power projects; estimated 10-12% global EPC share. Renowned for nuclear and gas-fired plants worldwide.
Larsen & Toubro Limited:- Indian powerhouse dominating South Asia EPC; 8-10% regional power market share. Strong in hydro, solar via integrated engineering strengths.
SK E&C CO., LTD:- South Korean firm focused on clean coal and renewables; captures 7% share in Asia-Pacific EPC. Leads in modular construction for efficiency.
KBR Inc:- US engineering expert in LNG-to-power; holds 6% global share with tech-driven solutions. Key player in Middle East fossil fuel projects.
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