Market Size of Power Engineering, Procurement, And Construction (EPC) Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 730.03 Billion |
| Market Size (2029) | USD 926.86 Billion |
| CAGR (2024 - 2029) | 4.89 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Power EPC Market Analysis
The Power Engineering, Procurement, And Construction Market size is estimated at USD 730.03 billion in 2024, and is expected to reach USD 926.86 billion by 2029, growing at a CAGR of 4.89% during the forecast period (2024-2029).
- Over the long term, factors such as increased electricity generation, energy consumption demand, and changing power generation industry dynamics are expected to drive demand for the power EPC market. Moreover, investments in the power sector, including increased government spending on renewable energy, are further expected to boost the market.
- On the other hand, the phasing out of coal-based power plants, which account for a major share in power generation around the globe, and volatile crude oil prices leading to delays in several upstream projects are expected to hinder the growth of the power EPC market.
- Nevertheless, new and efficient technologies like supercritical and ultra-supercritical coal power plants and government initiatives to increase renewable energy's share are expected to create several opportunities for the power EPC market in the future.
- Asia-Pacific is expected to be the largest market during the forecast period. It is due to the high urbanization growth rate and growing electricity demand, mainly from China and India.
