Power Engineering, Procurement, And Construction (EPC) Market Size (2024 - 2029)

The Power Engineering, Procurement, and Construction market is projected to experience significant growth over the forecast period, driven by increased electricity generation and rising energy consumption demands. The market's expansion is further supported by substantial investments in the power sector, particularly in renewable energy. However, challenges such as the phasing out of coal-based power plants and volatile crude oil prices may impede growth. Despite these challenges, advancements in technology and government initiatives to boost renewable energy present opportunities for market development. The Asia-Pacific region is anticipated to dominate the market due to rapid urbanization and escalating electricity demand, especially in China and India.

Home Market Analysis Energy & Power Research Power Research Power EPC Industry Market Size

Market Size of Power Engineering, Procurement, And Construction (EPC) Industry

Power Engineering, Procurement, And Construction (EPC) Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 730.03 Billion
Market Size (2029) USD 926.86 Billion
CAGR (2024 - 2029) 4.89 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific

Major Players

Power Engineering, Procurement, And Construction (EPC) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Power EPC Market Analysis

The Power Engineering, Procurement, And Construction Market size is estimated at USD 730.03 billion in 2024, and is expected to reach USD 926.86 billion by 2029, growing at a CAGR of 4.89% during the forecast period (2024-2029).

  • Over the long term, factors such as increased electricity generation, energy consumption demand, and changing power generation industry dynamics are expected to drive demand for the power EPC market. Moreover, investments in the power sector, including increased government spending on renewable energy, are further expected to boost the market.
  • On the other hand, the phasing out of coal-based power plants, which account for a major share in power generation around the globe, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the power EPC market.
  • Nevertheless, new and efficient technologies like supercritical and ultra-supercritical coal power plants and government initiatives to increase renewable energy's share are expected to create several opportunities for the power EPC market in the future.
  • Asia-Pacific is expected to be the largest market during the forecast period. It is due to the high urbanization growth rate and growing electricity demand, mainly from China and India.

Power EPC Industry Segmentation

Power Engineering, Procurement, and Construction (EPC) refers to a comprehensive approach in the energy sector. It involves designing, engineering, procuring, and constructing power plants, including conventional and renewable energy projects. The EPC model is commonly employed for large-scale energy infrastructure projects, such as thermal power plants, hydroelectric plants, wind farms, solar farms, and transmission and distribution networks.

The Power Engineering, Procurement, and Construction (EPC) market is segmented by power generation, power transmission and distribution (T&D), and geography. The market is segmented by power generation into thermal, hydroelectric, nuclear, and renewables. Only qualitative analysis is provided for power transmission and distribution (T&D). The report also covers the market size and forecasts across major regions. The market sizing and forecasts for each segment are based on revenue (USD), except for Power Transmission and Distribution (T&D), for which only qualitative analysis will be provided.

Power Generation
Thermal
Hydroelectric
Nuclear
Renewables
Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
Italy
Spain
France
Rest of Europe
Asia-Pacific
China
India
Japan
Australia
South Korea
Rest of Asia-Pacific
South America
Brazil
Argentina
Chile
Rest of South America
Middle-East and Africa
Saudi Arabia
United Arab Emirates
South Africa
Nigeria
Egypt
Rest of Middle-East and Africa
Need A Different Region Or Segment?
Customize Now

Power Engineering, Procurement, And Construction (EPC) Market Size Summary

The power engineering, procurement, and construction (EPC) market is poised for significant growth over the forecast period, driven by increasing electricity generation and energy consumption demands. The market is expected to expand as investments in the power sector rise, particularly with heightened government spending on renewable energy. However, challenges such as the phasing out of coal-based power plants and volatile crude oil prices may impede growth. Despite these hurdles, advancements in technologies like supercritical and ultra-supercritical coal power plants, along with government initiatives to boost renewable energy, are anticipated to create numerous opportunities for the market. The Asia-Pacific region is projected to be the largest market, fueled by rapid urbanization and growing electricity demand, especially in China and India.

Globally, there is a strong shift towards renewable energy sources due to increasing awareness of the environmental impacts of fossil fuels. The declining costs and technological advancements in renewable energy have made it a competitive alternative to conventional energy sources, attracting investments from EPC companies. Renewable energy projects are seen as a way to enhance energy security and reduce dependence on imported fossil fuels, with many countries diversifying their energy mix. Supportive government policies and incentives further bolster the renewable energy sector, creating a favorable environment for EPC projects. The Asia-Pacific region, with its robust economic growth and infrastructure development, is set to dominate the market, driven by industrial demand, government initiatives, and renewable energy deployment.

Explore More

Power Engineering, Procurement, And Construction (EPC) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2028

    3. 1.3 Installed Capacity and Forecast in GW, until 2028

    4. 1.4 Primary Energy Consumption, in MTOE, 2011-2022

    5. 1.5 Recent Trends and Developments

    6. 1.6 Government Policies and Regulations

    7. 1.7 Market Dynamics

      1. 1.7.1 Drivers

        1. 1.7.1.1 Growing Energy Demand

        2. 1.7.1.2 Renewable Energy Transition

      2. 1.7.2 Restraints

        1. 1.7.2.1 Phasing out of Conventional Sources of Electricity

    8. 1.8 Supply Chain Analysis

    9. 1.9 Porter's Five Forces Analysis

      1. 1.9.1 Bargaining Power of Suppliers

      2. 1.9.2 Bargaining Power of Consumers

      3. 1.9.3 Threat of New Entrants

      4. 1.9.4 Threat of Substitute Products and Services

      5. 1.9.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation

      1. 2.1.1 Thermal

      2. 2.1.2 Hydroelectric

      3. 2.1.3 Nuclear

      4. 2.1.4 Renewables

    2. 2.2 Power Transmission and Distribution (T&D) - (Qualitative Analysis Only)

    3. 2.3 Geography Regional Market Analysis {Market Size and Demand Forecast till 2028 (for regions only)}

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 Italy

        4. 2.3.2.4 Spain

        5. 2.3.2.5 France

        6. 2.3.2.6 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 India

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Australia

        5. 2.3.3.5 South Korea

        6. 2.3.3.6 Rest of Asia-Pacific

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Chile

        4. 2.3.4.4 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 United Arab Emirates

        3. 2.3.5.3 South Africa

        4. 2.3.5.4 Nigeria

        5. 2.3.5.5 Egypt

        6. 2.3.5.6 Rest of Middle-East and Africa

Power Engineering, Procurement, And Construction (EPC) Market Size FAQs

The Power Engineering, Procurement, and Construction (EPC) Market size is expected to reach USD 730.03 billion in 2024 and grow at a CAGR of 4.89% to reach USD 926.86 billion by 2029.

In 2024, the Power Engineering, Procurement, and Construction (EPC) Market size is expected to reach USD 730.03 billion.

Power EPC Market Report Snapshots

Power EPC Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)