Power Plant EPC Market: Introduction

  • Growing population and urbanization have augmented the demand for power. Also, rise in industrial development all over the globe has boosted the demand for power. As a result, the global power plant engineering, procurement, and construction (EPC) market is witnessing high investments
  • The engineering, procurement and construction contractors carry out detailed design and layout of a project right from manufacture of systems and functional testing to procurement of materials and equipment. Then, they deliver a functioning asset or facility to their clients.
  • Investments in the power generation sector in various countries are increasing to fulfill the energy demand in these countries. This, in turn, is anticipated to boost the global power plant EPC market during the forecast period.
  • EPC contractors largely focus on comprehensive engineering from manufacture of key power equipment, such as boilers, turbines, and generators, to engineering, construction, and commissioning activities

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Key Drivers of Global Power Plant EPC Market

  • Demand for power plant EPC is increasing across the globe, due to rise in the demand for power worldwide. Growth in urbanization and industrialization worldwide has augmented the demand for electricity generation, which is anticipated to boost the global power plant EPC market during the forecast period.
  • Moreover, advancements in gas turbines, renewable energy, and digital solutions are anticipated to boost investments in the global power generation industry. This, in turn, is likely to propel the global power plant EPC market during the forecast period.

Key Developments

  • On December 23, 2019, Doosan Heavy Industries & Construction (DHIC) signed an agreement to supply gas turbines to Korea Western Power Co. The new power plant would be located in the Gimpo city of the Gyeonggi province. The construction is scheduled to commence by 2020 and it would be completed by 2022. The company plans to carry out a demonstration project on a large gas turbine for power plants, which the company has developed in-house. DHIC has planned to ship gas turbines and install them at the Gimpo CHP plant by 2021 and it would implement a two-year demonstration project once the construction is over.

Asia Pacific to Hold a Major Share of Global Power Plant EPC Market

  • Based on region, the global power plant EPC market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
  • Asia Pacific is anticipated to dominate the global power plant EPC market from 2019 to 2027, owing to growth in industrialization and automation in the region. The trend is projected to continue during the forecast period, especially in countries such as China, India, Japan, and South Korea.
  • China is witnessing high investments in renewable power plants, followed by India and Japan.
  • Middle East & Africa and Latin America are anticipated to be attractive regions of the global power plant EPC market during the forecast period. The market in these regions is expanding at a significant pace.
  • Saudi Arabia has announced a plan to build the world’s largest solar power project worth US$ 200 Bn, which would end the country’s dependence on oil. This solar power plant would supply enough electricity not only to Saudi Arabia but much of the Middle East.
  • The market in North America and Europe is estimated to expand at a sluggish pace during the forecast period. The market in North America and Europe is mature and hence, it is likely to witness low investments in the near future.

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Key Players Operating in Global Market:

Top companies operating in the global power plant EPC market are:

  • Doosan Heavy Industries & Construction
  • TATA Projects
  • Thermax Global
  • Worley Parsons
  • SK Engineering & Construction

Global Power Plant EPC Market: Research Scope

Global Power Plant EPC Market, by Type

  • Thermal Power Source
  • Combined-cycle Power Source
  • Gas-based
  • Nuclear Power Source
  • Renewable
    • Hydro
    • Solar
    • Wind
  • Others

Global Power Plant EPC Market, by Equipment

  • Gas Turbines
  • Steam Turbines
  • Boilers
  • Generators
  • Control Systems
  • Others

Global Power Plant EPC Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Australia
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Venezuela
    • Rest of Latin America
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Qatar
    • Nigeria
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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