Power EPC Market: The Role of Non-Renewable Energy in Projected Market Growth

Power EPC Market - The ongoing reliance on non-renewable energy sources, which were historically responsible for a large share of power generation, is a key factor contributing to the projected growth of the global Market.

According to TechSci Research report, “Global Power EPC Market - By Country, Competition, Forecast and Opportunities, 2028. The Global Power EPC Market is expected to register a CAGR of 4.73 %. Aging power infrastructure requires upgrades and modernization to meet evolving energy needs, incorporate advanced technologies, and ensure grid reliability. The transition toward cleaner energy sources, such as solar, wind, and hydropower, drives the demand for EPC services to design, build, and integrate renewable energy facilities into the grid.

Countries and regions are setting ambitious energy transition goals to reduce carbon emissions and enhance sustainability. This drives the development of renewable energy projects and associated EPC services. As energy systems become more decentralized and diversified, the expansion and enhancement of transmission and distribution networks are critical to ensuring grid stability and reliability. Advances in energy storage, smart grids, digitalization, and automation are transforming the power sector.

EPC companies play a pivotal role in implementing these technologies to optimize power generation, distribution, and consumption. Favorable policies, incentives, and subsidies for renewable energy deployment and infrastructure development drive investments in EPC projects. Providing electricity to regions with limited or no access to power is a global goal. EPC companies contribute by developing off-grid and mini-grid solutions to extend electricity to remote areas.

The rise of electric vehicles (EVs) creates additional demand for power generation and charging infrastructure. EPC services are needed to establish charging stations and support the electrification of transportation. The shift toward decentralized energy systems, microgrids, and local power generation creates opportunities for EPC companies to design and implement innovative solutions.

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Growing recent developments in Global EPC Market are propelling the market growth in the forecast period. Some of them are following: -

An construction agreement for the 500 MW Dugar Hydroelectric Project in the Himachal Pradesh district of Chamba was signed in August 2022 between NHPC Ltd and the state of Himachal Pradesh.

The largest pension fund in Norway, KLP, and Norfund, who run the Norwegian Climate Investment Fund, have agreed to pay Rs. 2.8 billion (USD 35.05 million) for a 49% stake in a 420 MW solar power facility in Rajasthan.

A 225MW hybrid power project in Rajasthan was launched in August 2022 by Tata Power Green Energy Ltd (TPGEL), a completely owned subsidiary of Tata Power.

 To develop the 750 MW West Seti and 450 MW SR-6 Hydroelectric Projects in Nepal, NHPC and the Investment Board Nepal (IBN)signed an agreement in August 2022.

 For collaboration in the field of renewable energy, NTPC and MASEN (the Moroccan Agency for Sustainable Energy) signed a Memorandum of Understanding in July 2022.

SJVN announced a partnership with the Assam government in June 2022 to construct hydroelectric and renewable energy projects in the state.

in June 2022. (Phase-II), the interests of establishing a 600 MW solar project under the Central Public Sector Undertaking programme, NHPC and Adani Infra Limited entered into an engineering, procurement, and construction (EPC) contract in June 2022.

The Global Power EPC Market is divided into Type, Component and Region. Based on Type, the market is further bifurcated into Thermal, Oil & Gas, Renewable, Nuclear, and Others. Based on Component, the market is divided into Engineering Design, Procurement, and Construct. Based on Region, market is separated into North, West, South, East.

Key market players in the Global Power EPC Market include:

General Electric (GE)

Siemens AG

ABB Group

Mitsubishi Hitachi Power Systems (MHPS)

Doosan Heavy Industries & Construction

Bechtel Corporation

China Energy Engineering Corporation (CEEC)

Black & Veatch

The Tata Power Company Limited

Samsung C&T Corporation.

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“Global energy industry is primarily reliant on natural gas, Yet, the government's worldwide objective of expanding renewables' contribution of the country's energy mix to 20% by 2030 creates considerable potential for EPC firms to bid on renewable energy projects in India. Generally, analysts are positive about the Global power EPC market's development potential and see it as a chance for EPC firms to expand their operations in Global and contribute to the country's energy transformation initiatives ,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Power EPC Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Thermal, Oil & Gas, Renewable, Nuclear, Others), By Component (Engineering Design, Procurement, Construct) By Region, Competition 2018-2028 evaluated the future growth potential of Global Power EPC Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Power EPC Market.

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