The global power generation EPC market is expected to grow at a CAGR of 7.1% during the forecast period (2022-2029)
The term EPC stands for ‘Engineer, Procure and Construct.’ Key to this concept is that a single organization, namely the contractor, undertakes virtually every aspect of the project and provides a single point of communication and accountability for the owner.
The use of EPC contracts in the power generation industry has steadily evolved over the past few years due to the tremendous changes that have taken place in the business and technology areas of this industry. Almost all power generation projects use EPC contracts.
All projects must be time bound to be profitable; however, the market still suffers from inherent delays for a variety of reasons, especially for larger and more complex projects that are delayed due to land acquisition complications or environmental clearance issues.
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Countries are increasingly concerned about energy supply and are investing massive amounts of capital in the power generation sector. With the increase in economic and population growth, the demand for power generation continues to rise and hence the power generation sector attracts huge investments globally. The high stakes in the power sector will blow the market for EPC contracts in the power generation industry.
The lack of productive production is a major obstacle for the market. Defects, delays and non-compliance with performance requirements are likely to have serious consequences for the owner in terms of lost revenue. Some performance failures may even make it impossible to operate the plant, such as failure to meet required minimum noise or emission levels.
The remedies/sanctions available to the owner for these breaches must be sufficient to compensate him for the losses suffered.
The Global Power Generation EPC market report segments the market by Type and geography. By nature, the market can be segmented into non-renewable and renewable. Thermal or coal-based power generation holds the maximum market share in EPC projects.
The main reason why the thermal power source dominates the power generation market is the relatively low cost of fuel and the secure mechanism, the overall thermal power generation system is cost effective.
Due to growing environmental awareness, the use of (thermal) coal as an energy source is of increasing concern, as it produces a considerable amount of carbon dioxide which is responsible for greenhouse effects.
The production of thermal energy also requires a large amount of water, which also limits its use. EPC contracts for renewable energy generation sources are increasing because they are environmentally friendly and do not deplete natural resources.
By geography, the market has been segmented into North America, South America, Asia-Pacific, Europe, and Rest of the World. Asia-Pacific is leading the global power generation EPC market due to the resources in this region and the governments of countries like India and China are investing heavily in power generation EPC projects.
Size of market competition
The company profiles mentioned in the report are Doosan Groups, Tata Projects, Worley Parsons and SK Engineering & Construction. Many companies are reluctant to enter into EPC contracts for power generation due to heavy losses suffered by contractors in the past due to individual jurisdictions.
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What are the key application segments in this report?
o Thermal energy source
o Combined cycle power source
o Nuclear power source
• Asia Pacific
• North America
• South America
• Rest of the world
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