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Global Power EPC Market Size to Hit US$ 848.7 Bn by 2028

Facts & Factors
Facts & Factors

[223+ Pages Report] According to Facts and Factors, the Global Power EPC Market size was valued at around USD 654.5 billion in 2021 and is estimated to grow about USD 848.7 billion by 2028, at a CAGR of approximately 4.9% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are McDermott International Ltd, Bechtel Corporation, Fluor Corp., Kiewit Corporation, and KBR Inc., and others.

SAN FRANCISCO, U.S., Sept. 27, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Power EPC Market Size, Share, Growth Analysis Report By Power Generation (Nuclear, Hydroelectric, Renewables, and Thermal), By Power Status (Transmission, and Distribution), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Power EPC Market size & share was valued at approximately USD 654.5 billion in 2021. The market is expected to grow above a CAGR of 4.9% and is anticipated to reach over USD 848.7 billion by 2028.”

The report analyses the market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Power EPC market.

Power EPC Market Overview:

Power EPC refers to engineering, procurement, and construction contracts related to power development with the help of multiple sources including renewable and non-renewable raw materials. EPC contracts are turnkey contracts where the entire aspects of a project from the initial phase of the development to the creation of the final facility, ready for operation, are handled by an external consultant or a contractor that is entirely responsible for building the desired units as per client requirements. These facilities are different from build-to-order units that are specific to client requirements and can be modified. However, in EPC contracts, the contractor becomes responsible for the entire project development once the contract is signed, and only after the completion of the project, it is handed over to the client.

The contractor carries out facility creation at a prefixed cost and a deadline. EPC contracts allow the contractor to have more authority over decisions pertaining to subcontractors and the design of the project. Since the risks associated with these contracts are a part of the contractor's liabilities, they can control the final cost of construction.

Get a Free Sample PDF of this Research Report for more Insights with Table of Content, Research Methodology, and Graphs - https://www.fnfresearch.com/sample/power-epc-market

(A free sample of this report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the Following:

  • Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.

  • The COVID-19 Pandemic Outbreak Impact Analysis is included in the package

  • About 223+ Pages Research Report (Including Recent Research)

  • Provide detailed chapter-by-chapter guidance on Request

  • Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022

  • Includes Tables and figures have been updated

  • The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis

  • Facts and Factors research methodology

(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)

Market Dynamics:

Growth Drivers

  • Growing contractual businesses to propel market growth

The global power EPC market is projected to grow owing to the rising investment toward developing facilities that use renewable sources of energy and the ongoing demand for non-renewable sources of energy, which up until a few years ago have been solely responsible for a major share of power generation. Growing digitalization and higher dependence on power-run devices in healthcare, building construction, food & clothing, along with other essential sectors are propelling the demand for constant energy supply. The growing population, which is currently over 7 Billion, is a major contributor to the rise in demand for energy. EPC contracts are preferred over other forms of facility creation since it utilizes the expertise of contractors to create a unit that allows more efficient output in comparison to a company that lacks the necessary resources. Since contractors functioning with the EPC model are aware of the best in the market subcontractors, raw material vendors, and cost-effective procurement channels, which is coupled with high accessibility to specific technological tools and human resources, EPC contractors deliver better results and are more preferred for large-scale investments.

Restraints

  • Phasing out of coal-based power to restrict the market growth

The phasing out of coal-based power may restrict the global market growth whereas growing investments in wind energy are projected to provide excellent growth opportunities. The fluctuating oil & gas prices could challenge the global market expansion.

Key questions answered in this report:

  • What is the market size and growth rate forecast for Power EPC industry?

  • What is the main driving factors propelling the Power EPC Market forward?

  • What are the leading companies in the Power EPC Industry?

  • What segments does the Power EPC Market cover?

  • How can I receive a free copy of the Power EPC Market sample report and company profiles?

Browse the full “Power EPC Market Size, Share, Growth Analysis Report By Power Generation (Nuclear, Hydroelectric, Renewables, and Thermal), By Power Status (Transmission, and Distribution), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/power-epc-market

Power EPC Market: COVID-19 Impact Analysis

The total value of the global market suffered a significant blow during the first and second quarters of 2020 because of the tighter regulations. The worldwide market continued its downward trend throughout the year 2021 due to an increase in the price of fuels such as oil and gas, which led to an increase in the cost of transportation and building. Due to a lack of available staff, there were setbacks in terms of completing projects on schedule. Despite this, it is possible that the worldwide market would report substantial growth in the long run, provided that a few obstacles are overcome.

Key Insights from Primary Research

  • As per the analysis, the Power EPC market is likely to grow above a CAGR of around 4.9% between 2022 and 2028.

  • The Power EPC market size was worth around US$ 654.5 Billion in 2021 and is estimated to hit approximately US$ 848.7 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.

  • Based on power generation segmentation, thermal was predicted to show maximum market share in the year 2021

  • Based on power status segmentation, transmission was the leading revenue-generating status in 2021.

  • On the basis of region, Asia-Pacific was the leading revenue generator in 2021.

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Power EPC Market: Segmentation Analysis

The global power EPC market is segmented based on power status, power generation, and region.

Based on power status, the global market is divided into transmission and distribution. The global market generates the highest revenue from the transmission segment since transmission lines generally require high investment and providers incorporate third-party to help them build the unit. For instance, out of 20,000 circuit miles transmitting high power lines, the operation of over two-thirds is undertaken by utilities owned by investors.

Based on power generation, the global market is divided into nuclear, hydroelectric, renewables, and thermal. Currently, the global market is dominated by thermal sources of power generation however, renewables are projected to lead the global market growth in the next few years owing to the efficiency achieved in delivering the required units of power supply. As per a July 2022 report by World Economic Forum, India’s investment in renewable energy reached a record landmark with a total of USD 14.5 Billion in the financial year 2020-2021.

Regional Analysis:

Asia-Pacific is projected to generate the highest revenue in the global power EPC market owing to rising investments in the renewable sector. India's investment in renewable sources of power generation in the financial year 2021-2022 went up by 125% as compared to the FY 2020-2021. Countries like Japan, China, India, and neighboring regions that are working toward becoming dominant nations in the next few years are investing heavily in power generation by collaborating with domestic players along with international investors may lead to a high regional market share. The Middle East is an extremely important revenue-generating region for the global market owing to the dominating oil & gas sector in middle-eastern countries. Some of the top power EPC companies operating in the gulf area include Larsen & Toubro Hydrocarbon Engineering with the most noteworthy contract with the Kuwait Oil Company and an estimated value of USD 720 million.

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Report Scope:

Report Attribute

Details

Market Size in 2021

USD 654.5 Billion

Projected Market Size in 2028

USD 848.7 Billion

CAGR Growth Rate

4.9% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

McDermott International Ltd, Bechtel Corporation, Fluor Corp., Kiewit Corporation, KBR Inc, and others.

Key Segment

By Power Generation, Power Status, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Players

The report contains qualitative and quantitative research on the global Power EPC Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.

Some of the main players in the global Power EPC market include:

  • McDermott International Ltd

  • Bechtel Corporation

  • Fluor Corp.

  • Kiewit Corporation

  • KBR Inc.

Recent Industry Developments:

  • In November 2021, China National Chemical Engineering (CNCE), and National Petroleum Construction Company (NPCC), initiated the signing of a memorandum of understanding (MoU) to enhance cooperation to explore opportunities in the oil & gas sector in the United Arab Emirates (UAE)

  • In May 2021, HyDealEspaña announced its partnership with four EPC firms, namely TécnicasReunidas, TSK, Vinci Construction, and PowerChinaGuizhou.

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The global Power EPC market is segmented as follows:

By Power Generation

  • Nuclear

  • Hydroelectric

  • Renewables

  • Thermal

By Power Status

  • Transmission

  • Distribution

By Region

  • North America

  • Europe

  • Asia Pacific

  • The Middle East & Africa

  • Latin America

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Key Offerings:

  • Market Size, Trends, & Forecast by Revenue | 2022−2028

  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities

  • Market Segmentation – A detailed analysis by Power Generation, Power Status, and Region

  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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About Facts & Factors:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds.

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