Newark, April 30, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 690 Billion Power EPC market will reach USD 1,103 Billion by 2033. Rapidly growing global population, rapid urbanization and government initiatives promoting the growth of Power EPC in the market may fuel the growth of the Power EPC Market. Investing in renewable energy presents an avenue to bolster energy security and diminish reliance on imported fossil fuels. Numerous nations acknowledge the significance of broadening their energy portfolio and lessening dependence on geopolitically unstable regions for energy procurement. By allocating resources to domestic renewable energy initiatives, countries fortify their energy self-sufficiency, foster growth in local economies, and generate employment opportunities.
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Key Insight of the Power EPC Market
Power EPC Market Size by Power Generation (Thermal, Hydroelectric, Nuclear, Renewables), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
APAC emerged as the largest global Power EPC market, accounting for 49.54% of the total market. Further, it is expected to be the fastest-growing region in the global market. Owing to rapidly growing industrialization, urbanization, construction activities in highest populous countries: India, and China. Additionally, the rapidly growing population and APAC is the largest consumer of energy consumption in the global market.
Renewables have dominated the market accounting for 36.32% of the total market.
Renewables have dominated the market accounting for 36.32% of the total market. Further, it is also expected to be the fastest-growing in the market. Owing to rapid awareness towards global awareness and increasing adverse impacts of the fossils on earth. Additionally, rising government initiatives for the same and renewables offering lower-carbon alternatives to fossil fuels have also made renewables dominate the Power Generation in the Market.
Latest Development:
• In October 2023, NTPC Green Energy Ltd (NGEL), acting on behalf of North Eastern Electric Power Corp. Ltd (NEEPCO), issued a tender for an Engineering, Procurement, and Construction (EPC) package, which includes land, for the development of 300 MW solar projects. The project's scope encompasses land acquisition, substation connectivity, design, engineering, manufacturing, supply, installation, commissioning, and operation and maintenance of grid-connected solar PV systems.
• In June 2022, Tata Power Solar Systems successfully executed an EPC project totalling 66 megawatts (MW) for Vibrant Energy. This undertaking is forecasted to generate 110,029 energy units annually and is expected to reduce carbon emissions by up to 9 lakh tonnes.
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Market Dynamics
Drivers: Rising demand for energy and power
The increasing demand for energy and power catalyses the growth of the Power EPC Market. As energy needs rise across various sectors such as residential, commercial, industrial, and infrastructure development, there's a corresponding surge in the requirement for the construction of power generation, transmission, and distribution infrastructure. This heightened demand prompts organizations and governments to invest in expanding their power capacity and modernizing existing infrastructure.
Restraint: High setup and installation costs
A significant obstacle linked with Power EPC is the substantial setup and installation expenses involved. This hurdle often leads to delays or abandonment of major EPC projects in the market. Furthermore, organizations grappling with tight budget constraints to acquire these services pose another significant drawback, impeding the expansion of the Power EPC Market.
Opportunity: Government initiatives promoting the growth of Power EPC in the market
Investing in renewable energy presents an avenue to bolster energy security and diminish reliance on imported fossil fuels. Numerous nations acknowledge the significance of broadening their energy portfolio and lessening dependence on geopolitically unstable regions for energy procurement. By allocating resources to domestic renewable energy initiatives, countries fortify their energy self-sufficiency, foster growth in local economies, and generate employment opportunities.
Challenge: Diminishing various conventional sources of electricity
The move from traditional electricity sources like coal and fossil fuels to renewable options like solar, wind, and hydroelectric power marks a substantial transformation. While this transition opens avenues for the Power EPC Market to construct renewable energy infrastructure, it also demands industry adaptation, including retooling and retraining, to synchronize with emerging technologies and approaches.
Some of the major players operating in the Power EPC market are:
• Fluor Ltd
• John Wood PLC
• Kiewit Corporation
• McDermott International Inc
• Bechtel Corporation
• Saipem SpA
• Larsen & Turbo Limited
• Doosan Heavy Industries & Construction
• TATA Projects
• Thermax Global
Key Segments cover in the market:
By Power Generation:
• Thermal
• Hydroelectric
• Nuclear
• Renewables
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About the report:
The global Power EPC market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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