• Reports

      Reports

      Stay ahead and make informed decisions with Delvens insightful analysis on key business and technological trends.

      How We Can help you
      • Healthcare
      • Automotive
      • Chemicals & Materials
      • Aerospace & Defense
      • Semiconductors & Electronics
      • Food & Beverages
      • Pharmaceutical
      • IT & Telecom
      • Energy
      • Consumer Goods & Services
  • Best Practice Guide

      Best Practice Guides

      The Delvens Best Practice Team offers practical tactics, procedures, and resources to help you address the major growth-related dos and don'ts.

      How We Can help you
      • Healthcare
      • Automotive
      • Chemicals & Materials
      • Aerospace & Defense
      • Semiconductors & Electronics
      • Food & Beverages
      • Pharmaceutical
      • IT & Telecom
      • Energy
      • Consumer Goods & Services
  • Expertise

      Expertise

      Delvens' decades of experience helps you to strategize, plan, optimize and win.

      See What we can do
      • Syndicated Research
      • Custom Research
      • Consulting
      • Implementation Support
      • Audio-Video Infographic Workshops
      • Subscription Model
      • Bundle Reports Model
      • Best Practice Guides
  • Innovation

      Innovation

      Gain thought-provoking insights on some of the biggest trends in the world to guide you in the phase of innovation.

      Let's Innovate

      Latest Chronicles

      Pharma Businesses

      Pharma businesses that are rewired will win in the digital era

      13th July 2023

      Featured Chronicle

      ESG

      Why ESG is more important than ever!

      4th November 2022
  • Innovation
  • Explore

      Explore

      From accelerating growth and providing strategic vision to the world's biggest brands, to lunch-break sneaker shopping on Melrose, and thirsty Thursdays at the local pubs. We have a Hustling atmosphere because growing together should be fun, or why do it?

      Let's Explore Something

      About

      • Who We Are
      • Why Choose Us
      • Research Methodology
      • Careers
      • Contact

      Help

      • Customer FAQs
      • How To Order
      • Delivery Method
      • Return Policy
      • Privacy Policy
      • Terms of Use
  • Newscast

      Blogs

      The Pros and Cons of Cloud Computing

      The Pros and Cons of Cloud Computing

      13th July 2023
      Let's Read

      Press Room

      Healthcare AI Innovation

      Healthcare AI innovation: a new era of patientcare

      13th July 2023
      Let's Understand

      Article

      Electric Vehicle Thermal Management System (EVTMS) Market

      19th May 2023
      Let's Study
  • Newscast
      • Blog
      • Article
      • Pressroom
Energy Icon

Power Engineering, Procurement & Construction (EPC) Market – Trends Forecast Till 2030

Power Engineering, Procurement, & Construction (EPC) Market, by Power Generation (Thermal, Hydroelectric, Nuclear, and Renewables), By Equipment (Steam Turbines, Gas Turbines, Boilers, Control Systems, Generators, Others), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).

  • Published Date : August 2023
  • Base Year Estimate : 2022
  • Report ID : D-EN-PEPCM-1474
  • Format :
  • Number of Pages : 402
  • Domain : Energy
  1. Energy
  2. Power Engineering, Procurement & Construction (EPC) Market – Trends Forecast Till 2030
Buy Now Get Free Sample Now
REPORT SYNOPSIS
Market Snapshot Market Overview Delvens Industry Expert's Standpoint Market Portfolio Key Findings Regional Analysis Competitive Landscape Recent Developments Reasons to Acquire Report Scope
Table Of Content Frequently Asked Questions

Market Snapshot

Market Overview

The Power Engineering, Procurement, & Construction (EPC) market size was estimated at USD 696 billion in 2023 and is projected to reach USD 958 billion in 2030 at a CAGR of 4.67% during the forecast period 2023-2030.

Power engineering, procurement and construction (EPC) is a type of contract used to undertake the construction of power generation, transmission and distribution projects. EPC stands for engineering, procurement and construction. Engineering involves the detailed design of a project, including the selection of equipment and materials, and the preparation of construction drawings and specifications. Procurement involves the identification and acquisition of all the equipment and materials necessary to complete the project. Construction involves the actual construction of the project, including the erection of building and structures, the installation of equipment, and the commissioning of the project.

EPC contracts are typically used for large-scale and complex power projects, as they allow the client to outsource the entire projects, as they allow the client to outsource the entire project to a single contractor. This can save time and money, and it can also help to ensure that the project is completed on time and within budget.

There are various benefits to EPC contracts such as single point of responsibility, increased efficiency and reduced risk. However, there are certain drawbacks as well including, increased cost, less flexibility and increased risk of delays. Overall, EPC contracts can be a good option for clients who are looking to build a large-scale and complex power project.

The power engineering, procurement and construction (EPC) market can be segmented by power generation into thermal, hydroelectric, nuclear, and renewables. It can be segmented based on equipment into steam turbines, gas turbines, boilers, control systems, generators, others and based on region into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The market is driven by the increasing demand for electricity generation and energy consumption, as well as the changing power generation industry dynamics.

The Power EPC market is facing some challenges, such as the increasing competition from local players, the rising cost of raw materials, and the shortage of skilled labour. However, the market is expected to grow in the forecast years due to increasing demand for electricity generation and power consumption.

The COVID-19 pandemic significantly impacted the market as growth declined due to the lockdowns imposed. Commodity prices for fossil fuels (including oil, natural gas, and coal) declined due to decreased demand globally, and limitations in personnel mobility slowed project development and implementation of new energy infrastructure across the globe.

Delvens Industry Expert's Standpoint

The growth of the power EPC market is being driven by factors such as the increased demand for renewable energy sources such as solar and wind and the growing trend of privatization of power utilities. Moreover, the increasing focus on energy efficiency is creating new opportunities for the power EPC market. In addition to that, the rising demand for smart grid technologies is also contributing to the growth of the market. However, the rising cost of raw materials and the shortage of skilled labour can act as a barrier to the growth of the market during forecast period.

Market Portfolio

Key Findings

  • Based on power generation, the market is segmented into thermal, hydroelectric, nuclear and renewables. The thermal segment is the largest segment followed by the hydroelectric segment. Thermal power plants are the most common type of power plant in the world. They use fossil fuels, such as coal, natural gas, and oil, to generate electricity. Thermal power plants are mature technology, and they are relatively efficient. The renewables segment is expected to grow at the fastest pace during the forecast period. Renewable energy sources, such as solar and wind, are becoming increasingly popular as they are a clean and sustainable source of electricity, but they are also intermittent.
     
  • Based on equipment, the market is segmented into steam turbines, gas turbines, boilers, control systems, generators and others. The turbine segment is the largest segment, followed by the generators segment. The turbines segment is expected to grow at the fastest pace during the forecast period, driven by the increasing demand for renewable energy sources, such as solar and wind.
     
  • The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is the largest market for power EPC, followed by North America and Europe. The growth of the power EPC market in Asia-Pacific is being driven by the rapid economic growth in the region, urbanization and commercialization which is leading to an increase in the demand for electricity.

Regional Analysis

Asia Pacific to Dominate the Market

  • Asia Pacific is estimated to account for the largest market share during the forecast period. The increasing demand for power along with rapid population growth and industrialization is driving the growth of the market.
     
  • China dominates the power EPC market in the region, and the energy sector is transitioning towards a cleaner and sustainable energy source to reduce carbon emission and achieve net zero carbon emission.

 

Competitive Landscape

  • Fluor Ltd
  • John Wood PLC
  • Kiewit Corporation
  • McDermott International Inc.
  • Bechtel Corporation
  • Saipem SpA
  • Larsen & Toubro Limited
  • KBR Corp.
  • ERGIL
  • Tekfen Holding
  • Tecnimont
  • Sime
  • Flexitallic
  • General Electric Company
  • Siemens Energy AG
  • ABB Ltd
  • Doosan
  • Clarke Energy
  • Anesco
  • Prado Power