China Power EPC Market Size (2024 - 2029)

China Power EPC Market Size Summary

The Chinese power EPC market is poised for growth, driven by factors such as industrialization, urbanization, and an expanding manufacturing sector. Despite the dominance of government companies in the power sector, which may hinder market expansion, the market is expected to benefit from the government's push towards increasing renewable energy contributions. The conventional thermal segment, particularly coal-based power plants, has historically dominated the market, and this trend is anticipated to continue in the near term. However, the government's commitment to enhancing renewable energy sources like hydro, solar, and wind power by 2030 is expected to create new opportunities within the market.

China's burgeoning population and rising energy demand have led to numerous ongoing and upcoming power projects, which are set to further propel the power EPC market. The country relies heavily on conventional thermal power, with coal being the primary source of electricity generation. Despite the environmental concerns associated with coal-fired power plants, they remain a significant part of China's energy mix. The government's long-term strategy includes a shift towards closed-cycle nuclear power to mitigate pollution. Key projects, such as the Baihetan hydropower project, underscore China's commitment to diversifying its energy portfolio. The market is moderately consolidated, with major players like China National Electric Wire & Cable I/E Corp and China Energy Engineering Corporation (CECC) playing pivotal roles.