Power Engineering, Procurement & Construction (EPC) Market Growth Trend & Forecast with latest research study released by Delvens evaluating the market risk side analysis, highlighting opportunities, and leveraging strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing investment structure of the Global market, 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 to 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.
Recent Developments
- 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.
- 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.
The Prominent Players in the Power Engineering, Procurement & Construction (EPC) Market:
- 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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