Power EPC Market 2024

The power engineering, procurement, and construction (EPC) market size has grown strongly in recent years. It will grow from $647.24 billion in 2023 to $684.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed during the historical period can be attributed to several key factors, including supportive government policies and incentives for clean energy projects, rapid urbanization and industrial expansion, increased investments by private sector players in power generation, a heightened focus on energy security and reliability, and initiatives aimed at electrifying sectors such as transportation and heating.

The power engineering, procurement, and construction (EPC) market size is expected to see strong growth in the next few years. It will grow to $862.29 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth during the forecast period can be attributed to several factors, including rising global energy consumption, a transition towards renewable energy sources, increasing awareness and concerns regarding climate change, upgrades and expansions in grid infrastructure to support new generation sources, and a growing frequency of extreme weather events. Key trends expected to influence this period include innovations in power generation technologies, advancements in energy storage solutions, the implementation of smart grid technologies, the development of emerging markets, increased research and development in energy storage, and the integration of digital technologies.

The increasing demand for energy is expected to drive growth in the power engineering, procurement, and construction (EPC) market in the foreseeable future. This rising energy demand stems from several factors, including a growing global population, rapid industrialization, urbanization, technological advancements, and improved living standards, all contributing to heightened energy consumption across residential, commercial, and industrial sectors. Power EPC services are essential in the energy sector for the efficient design, construction, and management of large-scale power generation and distribution projects. For instance, in July 2024, the International Energy Agency, a France-based intergovernmental organization, projected that global electricity demand would grow by approximately 4% in 2024, an increase from 2.5% in 2023. Additionally, global electricity supply is anticipated to rise from 30% in 2023 to 35% in 2025. Therefore, the increasing demand for energy is propelling the growth of the power EPC market.

Leading companies in the power engineering, procurement, and construction (EPC) market are concentrating on developing advanced products, such as renewable energy solutions, to gain a competitive edge. Renewable energy solutions encompass a variety of technologies and practices aimed at generating power from natural processes that are continuously replenished. For example, in June 2022, Tata Power Solar Systems Limited, an India-based provider of solar energy services, undertook the commissioning of a 66 MW EPC project for Vibrant Energy. This project is expected to produce 110,029 units of energy annually and will contribute to a reduction of carbon emissions by up to 900,000 metric tons. The project spans 191 acres and consists of 127,268 solar modules, completed within a record timeframe of nine months.

In June 2022, SNC-Lavalin, a Canada-based engineering company, acquired Flex Process for an undisclosed amount. This acquisition is viewed as a strategic initiative to enhance SNC-Lavalin's multidisciplinary services in energy transition sectors, including hydrogen production and carbon capture technologies. Flex Process is a UK-based provider of power EPC services.

Major companies operating in the power engineering, procurement, and construction (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.

Asia-Pacific was the largest region in the power engineering, procurement, and construction (EPC) market in 2023 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.

The countries covered in the power engineering, procurement, and construction (EPC) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Power engineering, procurement, and construction (EPC) is a service model utilized for the development of power generation projects, encompassing the design, procurement of equipment, and construction of facilities. This model provides a comprehensive solution that manages all project aspects from inception to completion, ensuring streamlined execution, adherence to timelines, and optimization of resources for efficient power plant operations.

The primary types of power engineering, procurement, and construction (EPC) include thermal power sources, combined cycle power sources, gas-based sources, nuclear power sources, renewable energy sources, and others. Thermal power sources involve generating electricity by converting heat energy into electrical power, commonly serving as baseload generation to provide a consistent and reliable electricity supply to meet continuous energy demands. The key equipment involved includes gas turbines, steam turbines, boilers, generators, control systems, and more. These components are applied across various applications, including power generation, transmission, and distribution, among others.

The power engineering, procurement, and construction (EPC) market research report is one of a series of new reports that provides power engineering, procurement, and construction (EPC) market statistics, including power engineering, procurement, and construction (EPC) industry global market size, regional shares, competitors with a power engineering, procurement, and construction (EPC) market share, detailed power engineering, procurement, and construction (EPC) market segments, market trends and opportunities, and any further data you may need to thrive in the power engineering, procurement, and construction (EPC) industry. This power engineering, procurement, and construction (EPC) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The power engineering, procurement, and construction (EPC) market includes revenues earned by entities by providing services such as sourcing and purchasing equipment, managing and executing the construction of power plants, and finalizing and starting up the power plant. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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