Power Plant EPC Market: Global Industry Analysis and Forecast (2021-2027) Trends, Statistics, Dynamics, Segmentation by Type, Equipment, and Region.

Power Plant EPC Market was valued at US $ 119.2 Bn. in 2020. Global Power Plant EPC Market size is estimated to grow at a CAGR of 3.2%.
Power Plant EPC Market Overview:
The Power Plant EPC refers to engineering, procurement and construction process. The core to this concept is that one organization, the contractor, handles practically all parts of the project and serves as the owner's single point of contact and accountability. The contractors carry out detailed design and layout of a project right from manufacture of systems and functional testing to procurement of materials and equipment to deliver a functioning asset or facility to their clients. As a result of significant shifts in the business and technology areas of this industry, the use of EPC contracts in the power generation industry has been steadily evolving over the last several years. EPC contracts are used in almost all power production projects.



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2020 is considered as a base year to forecast the market from 2021 to 2027. 2020’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2027. 2020 is a year of exception and analyzed especially with the impact of lockdown by region.
Power Plant EPC Market Dynamics:
The advanced and efficient technologies such as supercritical and ultra-supercritical coal power plants, and the government's initiative to enhance renewable energy's contribution, is expected to generate several opportunities for the power plant EPC market during the forecast period. The growing power-related projects across the globe are expected to drive the power plant EPC market growth during the forecast period.

The growing concerned about energy supply and availability are leads governments to invest more capital in the power generation sector. The growing population along with growth in urbanization and industrialization across the globe are also creating huge demand for more power generation, which in turn expected to boost the power plant EPC market growth during the forecast period.

The power plant EPC market is showing northward direction growth, thanks to the growing investment in gas turbines, nuclear power source, renewable energy, and digital technologies across the globe. In 2020, 13% of global primary energy came from renewable technologies. To reduce CO2 emissions and air pollution, the governments across the globe are shifting their focus towards low-carbon sources of energy nuclear and renewable technologies. The growing renewable energy usages for power generation are expected to fuel the power plant EPC market growth during the forecast period.



Renewable Energy projects across the globe:

Renewable energy demand is increasing by the day, with countries all over the world pushing for a larger dependence on renewable energy sources. To fulfil these aims, large projects utilising innovative approaches to create unprecedented amounts of solar, wind, hydroelectric, and geothermal electricity have been built.

Biggest renewable projects currently in operation:

1. Tengger Desert Solar Park – China

China's government has pledged to meet the Paris Climate Change Accord's goals and has spent US$ 360 billion on renewable energy in 2020, creating 13 million jobs in the process. China has aims to generate 20% of its electricity from renewable sources by 2030.

2. Ivanpah Solar Facility – USA

In the Mojave Desert, three solar thermal power plants cover 14.2 kilometres of the California/Nevada border. The BrightSource built a power-tower concentrated solar system for the plants. The three fields create up to 392MW of power when used together. A fossil-fueled plant with the same capacity would release up to 400,000 metric tonnes of CO2 per year. It also uses a closed-loop system with a dry-cooling process that uses air rather than water to condense steam, allowing it to consume 95 percent less water than conventional solar thermal systems.

3. Sihwa Lake Tidal Power Station - South Korea

The 43.8km sq. artificially constructed Sihwa Lake, located along South Korea's west coast, and was formed in 1994 as part of a land reclamation project using a 12.7km long seawall at Gyeonggi Bay. The seawall's sluice gates open and close on a regular basis to circulate seawater and avoid contamination of the lake. The tidal barrage, which cost $560 million to build, is the world's largest tidal power facility. It generates 552.7 GWh of electricity every year, enough to power a 500,000-person metropolis. An oil-fired power plant's equivalent output would emit 315,000 tonnes of CO2.

The market is primarily constrained by a lack of effective output. Defects, delays, and failures to achieve performance standards in power plants are expected to suffer financial losses for the organisations. Some performance issues, such as failing to reach the specified minimum noise or emissions levels, are rendering it difficult to operate the plant. Nonetheless, the sanctions along with subsides and compensation available to the organisation in the event of these failures are expected to fuel the power plant EPC market growth during the forecast period.
Power Plant EPC Market Segment Analysis:
Based on the Type, the Power Plant EPC Market is segmented into Thermal Power Source, Gas based, Nuclear Power Source, Renewable, and Others. The Thermal Power Source segment held the largest market share, accounting for 47.1% in 2020. The thermal power source segment comprises of power from coal, natural gas, and oil sources. Globally, thermal power sources generated more than 50% of the electricity in 2020. Asia-Pacific is the largest market for thermal power plants, and China has generated 56370 MW power generation from thermal power plants in 2020. Taiwan, for example, is building the world's largest thermal power plant. It is a coal-fired power station with a 5,788MW installed capacity.
Power Plant EPC Market Regional Insights:
Asia Pacific region held the largest market share accounted for 48% in 2020. The region’s growth is attributed to the growing use of EPC in industrialization and automation industry in the region. China takes the lead in terms of renewable energy plant investments, followed by India and Japan. The growing investment in power generation from India and China are boosting the power plant EPC market growth during the forecast period.

India's power generation market is undergoing a massive transition, as the country has witnessing high electricity demand in region. The rising demand for electricity and the resulting supply deficit, several regions of India are experiencing severe power outages. As a result, the government of India has enacted programmes to boost power generation, transmission, and distribution in order to address the issue of electrical reliability, which in turn, driving the power plant EPC market growth in the region.

The Middle East and Africa region is expected to witness a significant growth at a CAGR of 3.4% during the forecast period. For instance, Saudi Arabia has launched a project to develop the world's largest solar power project, valued at $200 billion, in order to emancipate the nation off oil. The Saudi Arabia along with the Middle East, is expected to benefit from this solar power project.

The objective of the report is to present a comprehensive analysis of the global Power Plant EPC Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Power Plant EPC Market dynamic, structure by analyzing the market segments and projecting the Power Plant EPC Market size. Clear representation of competitive analysis of key players by Equipment, price, financial position, product portfolio, growth strategies, and regional presence in the Power Plant EPC Market make the report investor’s guide.
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Power Plant EPC Market


Report Coverage
Details


Base Year:
2020
Forecast Period:
2021-2027


Historical Data:
2016 to 2020
Market Size in 2020:
US $ 119.2 Bn.


Forecast Period 2021 to 2027 CAGR:
3.1%
Market Size in 2027:
US $ 148.6 Bn.


 Segments Covered:
by  Type
• Thermal Power Source
• Gas based
• Nuclear Power Source
• Renewable
• Others


by Equipment
• Gas Turbines
• Steam Turbines
• Generators
• Others



Power Plant EPC Market by Region
• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa
Power Plant EPC Market Key Players
• Doosan Heavy Industries and Construction
• TATA Project
• Thermax Global
• Worley Parsons
• SK Engineering and Construction
• China National Electric Wire and Cable I/E Corp
• Datang International Power Generation Company Limited
• ShanDong Energy Group CO. Ltd.
• China Energy Engineering Corporation
• Bharat Heavy Electricals Ltd.
• Larsan and Toubro Ltd.
• Sterlite Power Transmission Ltd.
• Technip
• Saipem
• Samsung Engineering
• Petrofac

Frequently Asked Questions:

1] What segments are covered in the Power Plant EPC Market report?
Ans. The segments covered in the Power Plant EPC Market report are based on Type and Equipment.

2] Which region is expected to hold the highest share in the Power Plant EPC Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Power Plant EPC Market.

3] What is the market size of the Power Plant EPC Market by 2027?
Ans. The market size of the Power Plant EPC Market by 2027 is US$ 148.6 Bn.

4] What is the forecast period for the Power Plant EPC Market?
Ans. The forecast period for the Power Plant EPC Market is 2020-2027.

5] What was the market size of the Power Plant EPC Market in 2020?
Ans. The market size of the Power Plant EPC Market in 2020 was US$ 119.2 Bn.