Power Engineering, Procurement & Construction (EPC) Market Report 2024 by Delvens offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance, 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.
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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 Prominent Players in the Power Engineering, Procurement, & Construction (EPC) Market are
· 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 and More
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Recent Developments
In June 2022, Tata Power Solar Systems commissioned an engineering, procurement, and construction (EPC) project of 66 megawatts (MW) for Vibrant Energy. This project will generate 110,029 units of energy annually and a reduction of carbon emissions by up to 9 lakh tonnes.
In May 2022, Mitsubishi Heavy Industries Ltd (MHI) and the SEPCOIII consortium signed an agreement with Aluminium Bahrain BSC (Alba) to expand Power Station 5 at Alba, adding a new 680.9 megawatts (MW) Combined Cycle Gas Turbine Power Block.
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.
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.
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Frequently Asked Questions
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· What is the compound annual growth rate (CAGR) of the Power Engineering, Procurement, & Construction (EPC) Market?
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