Market Size of United Kingdom Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.08 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Power EPC Market Analysis
United Kingdom’s electricity system is witnessing a period of significant change as the country is undergoing a transitionfromalarge-scaleconventionalfossilfueldominated generationmix to intermittentrenewablegeneration. The installedpowergenerationcapacityoftheUnitedKingdom is expected to growat a CAGR of approximately 2.08% during the forecast period of 2019-2024. The growth is anticipated on account of a rising development of power generation systems, spurred by increasing demand for electricity in the country. However, the phasing out of coal-based power plants in the country, which had a major effect on demand for EPC services, a major source of revenue is being removed and in turn, is expected to hinder the growth of the market studied in the coming years.
- Over 13 GW capacity through interconnectors is planned for the UK to countries, such as France, Irelands, and the Netherlands with several projects expected to be commissioned in the coming years. This, in turn, is expected to significant opportunities for EPC services in the country in the future.
- The renewable energy sector is expected to witness a significant growth in the coming years owing to the country’s efforts and policies to increase the share of renewable energy sources in the energy mix.
