Market Size of US Power EPC Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Power EPC Market Analysis
The US power EPC market is expected to record a CAGR of more than 4.5% during the forecast period, 2022-2027. The COVID-19 pandemic negatively impacted the US power market in Q1 2020. Lockdown measures imposed by the government in the country reduced immediate electricity demand in commercial and industrial categories in Q1 2020. Increasing power generation capacity is likely to drive the US power EPC market during the forecast period. However, the up-gradation of conventional power plants is difficult and costly, which is expected to slow down the growth of the US power EPC market.
- The thermal type sub-segment, which constitutes sources such as coal, oil, and natural gas that contributed more than 60.0% of the total electricity generated in the United States in 2020, is likely to dominate the US power EPC market.
- The United States has some of the most significant renewable energy sources, such as solar and wind. The US government has plans to meet 20% of its energy demand from renewable by 2030, which may create several opportunities for the US power EPC market in the future.
- Government policies and support for electricity generation may drive the market during the forecast period. Heavy investments in the transmission network are being made, further driving the power EPC market in the United States.
