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
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.
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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
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