Market Size of US Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Power EPC Market Analysis
The US power EPC market is expected to record a CAGR of more than 4.5% during the forecast period, 2022-2027. The COVID-19 pandemic negatively impacted the US power market in Q1 2020. Lockdown measures imposed by the government in the country reduced immediate electricity demand in commercial and industrial categories in Q1 2020. Increasing power generation capacity is likely to drive the US power EPC market during the forecast period. However, the up-gradation of conventional power plants is difficult and costly, which is expected to slow down the growth of the US power EPC market.
- The thermal type sub-segment, which constitutes sources such as coal, oil, and natural gas that contributed more than 60.0% of the total electricity generated in the United States in 2020, is likely to dominate the US power EPC market.
- The United States has some of the most significant renewable energy sources, such as solar and wind. The US government has plans to meet 20% of its energy demand from renewable by 2030, which may create several opportunities for the US power EPC market in the future.
- Government policies and support for electricity generation may drive the market during the forecast period. Heavy investments in the transmission network are being made, further driving the power EPC market in the United States.
US Power EPC Industry Segmentation
The scope of the US power EPC market report includes:
| Type | |
| Thermal | |
| Gas | |
| Renewable | |
| Nuclear | |
| Other Types |
US Power EPC Market Size Summary
The US power EPC market is poised for growth, driven by an increase in power generation capacity and substantial investments in transmission networks. Despite the initial setbacks caused by the COVID-19 pandemic, which reduced electricity demand in commercial and industrial sectors, the market is expected to recover and expand. The thermal power sub-segment, encompassing coal, oil, and natural gas, is anticipated to maintain its dominance due to its significant contribution to the country's electricity generation. The US government's commitment to meeting a portion of energy demand through renewable sources like solar and wind by 2030 is expected to create new opportunities within the market. However, the challenges associated with upgrading conventional power plants may pose obstacles to growth.
Government policies and financial support are crucial in propelling the US power EPC market forward. Initiatives such as the Building a Better Grid Initiative by the US Department of Energy aim to enhance the nation's grid infrastructure, which is already one of the most extensive globally. The ongoing capital investments to modernize the grid, alongside planned deployments of wind and solar energy projects, are set to drive market expansion. Additionally, the availability of loans for transmission network upgrades underscores the government's commitment to achieving a cleaner energy future. The market remains moderately fragmented, with key players like Siemens AG, John Wood Group PLC, Bechtel Corporation, Fluor Corporation, and JGC Holding Corporation actively participating in significant projects, further contributing to the market's growth trajectory.
US Power EPC Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Thermal
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2.1.2 Gas
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2.1.3 Renewable
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2.1.4 Nuclear
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2.1.5 Other Types
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US Power EPC Market Size FAQs
What is the current US Power EPC Market size?
The US Power EPC Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)
Who are the key players in US Power EPC Market?
Fluor Corporation, Bechtel Corporation, JGC Holdings Corporation, Siemens AG and John Wood Group PLC are the major companies operating in the US Power EPC Market.
